How much contaigion will there be?23 Sep 2021 19:19
'A top British regulator offered his own reassurances Thursday. Sam Woods, chief executive officer of the Bank of Englandβs Prudential Regulation Authority, which supervises banks and insurers, said in an interview with Reuters that the direct exposures of British banks to the Chinese firm are βnot material, so itβs really not a concern in the first-round effect.β '
'first-round effect'... telling phrase; bad debt spreads like a nasty virus when asset classes are repriced in fire sales.