“Paul Tucker, the deputy governor of the Bank of England, told an October meeting of the chief executives of Britain’s largest banks that there was a serious chance none of their businesses would survive to the end of the year.  The explicit warning given to the chief executives shows that officials feared a crisis even greater than that in the wake of the collapse of Lehman Brothers in September 2008. The meeting led directly to the creation of working groups at banks to gauge the potential for a full-scale collapse of the financial system.”

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9484419/Bank-of-England-deputy-governor-Paul-Tucker-warned-banks-they-could-collapse-before-Christmas.html

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