I've just been kind of getting more detail on precisely what was it that lay behind the bank's intervention

and incredibly unusual intervention for them to go in and start buying up specific government bonds

because they notice dysfunction in the market essentially

out part of the market not working.

Well what are the pragmatic consequences?

What's the pragmatic story that lies beneath that?

Well I'm told that what they were responding to is what internally has been described as a run dynamic.

What does that mean?

It's very similar in kind of wholesale terms to what we saw with Northern Rock when there was that run on that bank back in 2007.

It's a vicious cycle essentially, people trying to withdraw money, which in turn leads leads sometimes inevitably to financial collapse and I'm told

that there were a number a sway of pension funds that were it not for the

government's intervention would have essentially collapsed, been insolvent by this afternoon.

That's how fast moving this crisis in the pensions market was. It's the guilt market that lies underneath the defines benefits pension schemes

Well, you know, they kind of touches on the main episode thing, because I've been, I don't know, maybe in a bit of Malays myself, but I don't know how that's going to go with the fact that this is a bonus though.

No, let's talk about the Malays. Let's talk about the Malays.

Let's talk about the Malays. You want to talk about the Malays. Let's talk about the Malays.

You want to talk about the Malays?

Yeah, so, um,

real Malays hours.

Real Malays hours.

Real Malays hours.

I mean, uh, yeah, I think we're feeling it a lot.

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