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On 1 October 2008 HBOS was approaching a point at which it was no longer able to meet its liabilities as they fell due and so sought Emergency Liquidity Assistance (ELA) from the Bank of England. This Report produced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) explains why HBOS failed in October 2008 and sets out conclusions and recommendations.
Executive summary and recommendations