This is a quote from the book "Chancellor Alistair Darling on brink of second bailout for banks" by The Times
...ons, offering banks cheaper state guarantees to raise money privately or buying up “toxic assets”, The Times has learnt.

The Bank of England revealed yesterday that, despite intense pressure, th e banks curbed lending in the final quarter of last year and plan even tighter restrictions in the coming months. Its findings will alarm the Treasury.

The Bank is expected to take yet more aggr essive action this week by cutting the base rate from its current level of 2 per cent. Doing so would reduce the cost of borrowing but have little effect on the availability of loans.

Whitehall ...

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