Bank of England's private credit 'alarm bells' show bigger problem

Andrew Bailey, governor of the Bank of England, has an uncomfortable sense of deja vu when it comes to the potential systemic risks posed by private capital.

“I sat in a session with people from the private equity and private credit world some months ago, who, of course, told me everything was fine in their world, apart from the role of the ratings agencies, and I said: ‘We’re not playing that movie again, are we?’”

James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.