As the 2007-2008 financial crisis set in, and the banking system teetered, Mervyn King reminded staff to keep records of discussions and decisions. In 2009, Lord King spoke of consulting the Bank’s historic papers and described archives at a time of panic as “the one place where you may learn something about how to deal with it”.
But when historians come to write about the financial collapse, will the records be there to tell its story?
As the crisis nears its 10th anniversary – 10 years being the period for which companies typically retain records for legal purposes – some researchers worry that banks may destroy information that could shed light on its causes and how the effects spread. Valuable information might include records of loans and trades and internal audit and risk management reports.