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The Greensill case illustrates the impact of the COVID-related crisis on the shadow banking sector to which riskier credit business had migrated financed by securitisation rather than deposit taking following the heavier capital requirements imposed on regulated banks after the 2008 financial crisis. It also shows that Lex Greensill s engagement in crisis-driven government funding programmes goes back to the days of the crisis and his time with Citibank.
In 2020, Lex Greensill had sought financial assistance by lobbying HM Treasury and the Bank of England for inclusion in COVID-related government loan and loan guarantee schemes, initially in the Covid Corporate Finance Facility (CCFF). ....

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