The Bank of England is concerned that the UK's banking system is heading for a third wave of crisis that could snuff out fragile signs of recovery in the economy.
On Thursday the Bank surprised the City by announcing that it would pump an extra £50bn of new money into the economy despite recent stockmarket rallies.
Now the Guardian has learned that this increase in quantitative easing was driven by fears in Threadneedle Street that the credit crunch is still sucking the life out of the British economy and the banking sector remains in deep trouble.
Hmmm ... and yet, when I speak to friends of mine running still profitable and still successful businesses, they say they have no trouble whatsoever getting credit. In fact, one of them told me he was getting a bit irritated by the enthusiasm with which people were offering him loans.
Could it be that things are, in fact, more or less as they should be with good business having no trouble getting credit and useless tossers not getting free money for half-arsed ideas? Could it be that prudent individuals with money in the bank and a good credit history will have no problem getting their hands on mortgages, albeit not on crazy terms?
Could it be that this is just a bit of a smokescreen?