![]() ![]() Bank staff stayed up all night to produce a lifeboat, which has averted a collapse. ![]() By the Tuesday, some LDI funds said they would have to start winding up the next day, which would have presented a big risk to the financial system. LDI managers warned they would possibly have to sell up to £50billion of gilts into an illiquid market. On the Sunday evening, instead of Antiques Roadshow and Countryfile, Bank staff were hunched over their screens, stomachs churning as sterling fell on Asian markets. The first misgivings were heard over leveraged Liability Driven Investments or LDIs immediately after the Budget. Scandal: The Liability Driven Investments debacle raises some very serious questions for the pension watchdogs ![]()
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