Meanwhile, on the other side of the Atlantic, the impact of the funding crisis on a string of big European lenders was devastating. HBOS and RBS in Britain, Fortis and Dexia in the Benelux, Hypo Real Estate in Munich, Anglo Irish Bank, UBS, Credit Suisse and dozens of others all faced failure. Given that there weren’t any deposits, no one needed to run. You just stopped transacting in money markets and pulled in your horns.
