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Page last updated at 12:20 GMT, Wednesday, 25 November 2009

Liberal Democrats demand inquiry on 'secret bank loans'

Liberal Democrat Lord Oakeshott, former Home Secretary Jacqui Smith and Shadow Business Secretary Ken Clarke on the revelations over the £62bn secret loans to RBS and HBOS, which were revealed yesterday by the Bank of England governor Mervyn King in evidence to MPs.

The Liberal Democrats have been demanding an urgent statement from the Chancellor to explain why the Treasury guarantees were kept secret. Vince Cable has called it a "shocking cover-up".

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