In the process significant uncertainty arose about the size and location of losses. The lack of information and doubts about the liquidity and solvency of counterparties acted to amplify the effects of the initial losses. August 2007 saw a new type of bank run, not by depositors (who are protected by deposit insurance schemes) but the wholesale market.
The latest quarter was expected to be one of slower growth than the preceding one, which had been quite a strong one, in part because of some temporary factors which could not continue. Taking the two quarters together suggests a picture of moderate growth.