Cable Viewer

Currently released so far... 4530 / 251,287

### Articles

Brazil Sri Lanka United Kingdom Sweden Editorial United States Latin America Egypt Yemen Jordan

### Browse latest releases

2010/11 2010/12 2011/01 2011/02
2010/11/28 2010/11/29 2010/11/30
2010/12/01 2010/12/02 2010/12/03 2010/12/04 2010/12/05 2010/12/06 2010/12/07 2010/12/08 2010/12/09 2010/12/10 2010/12/11 2010/12/12 2010/12/13 2010/12/14 2010/12/15 2010/12/16 2010/12/17 2010/12/18 2010/12/19 2010/12/20 2010/12/21 2010/12/22 2010/12/23 2010/12/24 2010/12/25 2010/12/26 2010/12/27 2010/12/28 2010/12/29 2010/12/30
2011/01/01 2011/01/02 2011/01/04 2011/01/05 2011/01/07 2011/01/09 2011/01/10 2011/01/11 2011/01/12 2011/01/13 2011/01/14 2011/01/15 2011/01/16 2011/01/17 2011/01/18 2011/01/19 2011/01/20 2011/01/21 2011/01/22 2011/01/23 2011/01/24 2011/01/25 2011/01/26 2011/01/27 2011/01/28 2011/01/29 2011/01/30 2011/01/31
2011/02/01 2011/02/02 2011/02/03 2011/02/04 2011/02/05 2011/02/06 2011/02/07 2011/02/08 2011/02/09 2011/02/10 2011/02/11 2011/02/12 2011/02/13 2011/02/14 2011/02/15 2011/02/16 2011/02/17

### Browse by creation date

66 72 73 75 79 86 88 89 90 00 01 02 03 04 05 06 07 08 09 10
1966/12
1972/02 1972/08
1973/04
1975/03
1979/08
1986/05
1988/01
1989/12
1990/01 1990/07 1990/08
2000/06 2000/09 2000/11
2001/02 2001/03 2001/07 2001/10
2002/02 2002/03 2002/11
2003/03 2003/04 2003/05 2003/06 2003/07 2003/08 2003/09 2003/10 2003/11 2003/12
2004/01 2004/02 2004/03 2004/04 2004/05 2004/06 2004/07 2004/08 2004/09 2004/10 2004/11 2004/12
2005/01 2005/02 2005/03 2005/04 2005/05 2005/06 2005/07 2005/08 2005/09 2005/10 2005/11 2005/12
2006/01 2006/02 2006/03 2006/04 2006/05 2006/06 2006/07 2006/08 2006/09 2006/10 2006/11 2006/12
2007/01 2007/02 2007/03 2007/04 2007/05 2007/06 2007/07 2007/08 2007/09 2007/10 2007/11 2007/12
2008/01 2008/02 2008/03 2008/04 2008/05 2008/06 2008/07 2008/08 2008/09 2008/10 2008/11 2008/12
2009/01 2009/02 2009/03 2009/04 2009/05 2009/06 2009/07 2009/08 2009/09 2009/10 2009/11 2009/12
2010/01 2010/02

### Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z
Embassy Athens Embassy Asuncion Embassy Astana Embassy Asmara Embassy Ashgabat Embassy Ankara Embassy Amman Embassy Algiers Embassy Addis Ababa Embassy Accra Embassy Abuja Embassy Abu Dhabi Embassy Abidjan Consulate Amsterdam American Institute Taiwan, Taipei
Embassy Bujumbura Embassy Buenos Aires Embassy Budapest Embassy Bucharest Embassy Brussels Embassy Bridgetown Embassy Bratislava Embassy Brasilia Embassy Bogota Embassy Bishkek Embassy Bern Embassy Berlin Embassy Belgrade Embassy Beirut Embassy Beijing Embassy Banjul Embassy Bangkok Embassy Bandar Seri Begawan Embassy Bamako Embassy Baku Embassy Baghdad Consulate Barcelona
Embassy Copenhagen Embassy Conakry Embassy Colombo Embassy Chisinau Embassy Caracas Embassy Canberra Embassy Cairo Consulate Curacao Consulate Casablanca Consulate Cape Town
Embassy Dushanbe Embassy Dublin Embassy Doha Embassy Djibouti Embassy Dhaka Embassy Dar Es Salaam Embassy Damascus Embassy Dakar Consulate Dubai
Embassy Freetown
Embassy Guatemala Embassy Gaborone
Embassy Harare Embassy Hanoi Consulate Hamburg
Iran RPO Dubai Embassy Islamabad Consulate Istanbul
Embassy Jakarta Consulate Jerusalem Consulate Jeddah
Embassy Kyiv Embassy Kuwait Embassy Kuala Lumpur Embassy Kinshasa Embassy Kigali Embassy Khartoum Embassy Kampala Embassy Kabul
Embassy Luxembourg Embassy Luanda Embassy London Embassy Lisbon Embassy Lima Embassy Lilongwe Embassy La Paz Consulate Lagos
Mission USNATO Embassy Muscat Embassy Moscow Embassy Montevideo Embassy Monrovia Embassy Minsk Embassy Mexico Embassy Maputo Embassy Manama Embassy Managua Embassy Malabo Embassy Madrid Consulate Munich Consulate Montreal Consulate Monterrey
Embassy New Delhi Embassy Nassau Embassy Nairobi Consulate Naples
Embassy Ouagadougou Embassy Ottawa Embassy Oslo
Embassy Pristina Embassy Pretoria Embassy Prague Embassy Port Au Prince Embassy Phnom Penh Embassy Paris Embassy Paramaribo Embassy Panama Consulate Peshawar
Embassy Quito
REO Basrah Embassy Rome Embassy Riyadh Embassy Riga Embassy Reykjavik Embassy Rangoon Embassy Rabat Consulate Rio De Janeiro Consulate Recife
Secretary of State Embassy Stockholm Embassy Sofia Embassy Skopje Embassy Singapore Embassy Seoul Embassy Sarajevo Embassy Santo Domingo Embassy Santiago Embassy Sanaa Embassy San Salvador Embassy San Jose Consulate Strasbourg Consulate Shenyang Consulate Shanghai Consulate Sao Paulo
Embassy Tunis Embassy Tripoli Embassy Tokyo Embassy The Hague Embassy Tel Aviv Embassy Tehran Embassy Tegucigalpa Embassy Tbilisi Embassy Tashkent Embassy Tallinn
USUN New York USEU Brussels US Mission Geneva US Interests Section Havana US Delegation, Secretary UNVIE Embassy Ulaanbaatar
Embassy Vilnius Embassy Vienna Embassy Vatican Consulate Vladivostok
Embassy Windhoek Embassy Wellington Embassy Warsaw
Embassy Yerevan Embassy Yaounde
Embassy Zagreb

### Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
AF ASEC AE AR AG AJ AU AFIN AM APER ABUD ATRN AORC AEMR AMGT ACOA AEC AO AX AMED ADCO AODE AFFAIRS AC AS AL ASIG ABLD AA AFU ASUP AROC ATFN AVERY APCS AER ASECKFRDCVISKIRFPHUMSMIGEG AGMT
BU BR BL BO BM BA BE BH BTIO BEXP BIDEN BK BY BG BF BB BC BBSR BMGT BRUSSELS BILAT BX
CJAN CH CU CASC CVIS CMGT CO CI CLINTON CIA CG CF CN CS CAN COUNTER CDG CIS CA CBW CM CE CONDOLEEZZA COE CR CY CD CTM COUNTRY CLEARANCE CPAS CWC CT CKGR CB CACS COM CJUS CARSON COUNTERTERRORISM CACM CDB CV
DR DA DHS DOE DEA DK DJ DISENGAGEMENT DS DOD DEAX
ELAB EU ECON EFIN EG ETTC EINV ENRG EI ECPS EINT EIND ETRD EPET EUN EZ EMIN EAID EAGR ET EC EAIR ECONEFIN ENVR ES ER ECA ELN EWWT ELTN EFIS EN EXTERNAL ECIN EINVETC ENIV EINN ENGR EUR ESA ENERG EK ELECTIONS ECUN EINVEFIN ECIP EINDETRD EUC EREL
FR FINR FAO FTAA FREEDOM FI FARC FBI FJ FMLN
GM GG GH GE GV GT GR GTIP GOI GCC GAZA GZ GA GTMO
HA HILLARY HR HUMAN HO HYMPSK HU HURI HK HSTC
IR IZ IS IT INRB IRAJ IN INRA INRO IO IC ID IAEA IIP ITPHUM IV IPR IWC IQ ICTY ISRAELI IRAQI ICRC ICAO IMO IF ILC IEFIN INTELSAT IL IA IBRD IMF INR IRC ITALY ITALIAN INTERPOL
JO JA JOSEPH JP JOHNNIE JUS JAMES
KE KTFN KDEM KNNP KJUS KGHG KZ KIPR KWBG KIRF KPAO KDRG KHLS KCRM KSCA KPAL KISL KG KACT KN KS KGIC KRAD KU KCOM KBIO KMCA KCOR KV KHDP KTIP KVPR KDEV KWMN KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KSPR KTIA KHIV KPRP KAWC KOLY KCIP KCFE KOCI KMDR KPKO KTDB KMRS KFRD KLIG KBCT KICC KGIT KSTC KUNR KPAK KNEI KSEP KPOA KFLU KNUP KNNPMNUC KOMC KAWK KO KTER KSUM KHUM KRFD KBTR KDDG KWWMN KFLO KSAF KBTS KPRV KMPI KNPP KNAR KWMM KERG KFIN KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KTBT KCRS KRVC KSTH KREL KIRC KNSD KR KPWR KWAC KMIG KSEC KIFR KDEMAF KGCC KPIN KNUC KPLS
LE LY LU LG LH LI LO LOG LT
MARR MOPS MU MY MASS MNUC MCAP MA MO MTCRE MG MASC MX MCC MZ ML MEPP MK MTRE MP MIL MDC MTCR MAR MEPI MRCRE MI MT MR MQADHAFI MD MAPS MUCN MASSMNUC MPOS MOPPS MAPP
NATO NIPP NL NO NG NI NPT NE NS NAR NZ NU NPG NK NSG NA NT NASA NGO NP NSF NATIONAL
OFDP OVIP OPRC OREP OIIP ODIP OTRA OSCE OAS OPIC OPDC OEXC OECD OPCW OSCI OIE OTR OVP OFFICIALS OSAC
PGOV PREL PINR PO PINS PTER PK PHUM PARM PL PE PREF PHSA PBTS PGOF PROP PARMS PORG PA PM PMIL PTERE POL PF PALESTINIAN PY PGGV PNR POV PAK PAO PFOR PHALANAGE PARTY PRGOV PNAT PROV PEL PINF PGOVE POLINT PRL PRAM POLITICS PEPR PSI PINT PSOE PU POLITICAL PARTIES PBIO PECON POGOV PINL PKFK
QA
RS RU RW RP RO RIGHTS RICE ROBERT RF RFE REGION
SOCI SU SA SY SP SNAR SENV SCUL SW SF SO SR SG SMIG SL SN SHUM SZ SYR ST SANC SC SAN SIPRS SK SH SI STEINBERG
TI TIP TBIO TR TX TU TC TSPA TS TRGY TH TT TW TERRORISM TO TFIN TD TSPL TZ TPHY TK TNGD
UK UNSC UG US UZ UP UNO UNMIK UY UN UNGA UNESCO UE UAE UNEP USTR UNHCR UNDP UNHRC USAID UNCHS UNAUS USUN USEU UV
VZ VE VT VM VTPREL VN
WA WI WMO WTRO WTRQ WHO WWARD WB WBG WEU WTO
XA XT XM XY XG XF XC XH XL XZ XW XR XD XE XS XK
YM YI YE
ZI ZP ZK ZF ZB ZANU ZOELLICK ZR ZU ZA ZO

### Browse by classification

CONFIDENTIAL CONFIDENTIAL//NOFORN SECRET SECRET//NOFORN UNCLASSIFIED UNCLASSIFIED//FOR OFFICIAL USE ONLY

### Community resources

Follow us on Twitter Check our Reddit Twitter this Digg this page Contact us on IRC

courage is contagious

### Viewing cable 08LONDON797, BANKING CRISIS NOW ONE OF SOLVENCY NOT LIQUIDITY

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:

- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.

To understand the justification used for the classification of each cable, please use this WikiSource article as reference.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08LONDON797.

Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
08LONDON797 | 2008-03-17 18:06 | 2010-12-13 23:11 | CONFIDENTIAL//NOFORN | Embassy London

`

    VZCZCXYZ0049
    RR RUEHWEB

    DE RUEHLO #0797/01 0771827
    ZNY CCCCC ZZH
    R 171827Z MAR 08
    FM AMEMBASSY LONDON
    TO RUEHC/SECSTATE WASHDC 7863
    INFO RUEHBS/USEU BRUSSELS
    RUEATRS/DEPT OF TREASURY WASHDC

` `

    Monday, 17 March 2008, 18:27
    C O N F I D E N T I A L LONDON 000797
    SIPDIS
    NOFORN
    SIPDIS
    EO 12958 DECL: 03/17/2018
    TAGS ECON, EFIN, UK
    SUBJECT: BANKING CRISIS NOW ONE OF SOLVENCY NOT LIQUIDITY
    SAYS BANK OF ENGLAND GOVERNOR
    Classified By: AMB RTUTTLE, reasons 1.4 (b) and (d)
    Summary
    -------
    ¶1. (C/NF) Since last summer, the nature of the crisis in financial markets has changed. The problem is now not liquidity in the system but rather a question of systemic solvency, Bank of England (BOE) Governor Mervyn King said at a lunch meeting with Treasury Deputy Secretary Robert Kimmitt and Ambassador Tuttle. King said there are two imperatives. First to find ways for banks to avoid the stigma of selling unwanted paper at distressed prices or going to a central bank for assistance. Second to ensure there’s a coordinated effort to possibly recapitalize the global banking system. For the first imperative, King suggested developing a pooling and auction process to unblock the large volume of financial investments for which there is currently no market. For the second imperative, King suggested that the U.S., UK, Switzerland, and perhaps Japan might form a temporary new group to jointly develop an effort to bring together sources of capital to recapitalize all major banks. END SUMMARY
    Systemic Insolvency Is Now The Problem
    --------------------------------------
    ¶2. (C/NF) King said that liquidity is necessary but not sufficient in the current market crisis because the global banking system is undercapitalized due to being over leveraged. He said it is hard to look at the big four UK banks (Royal Bank of Scotland, Barclays, HSBC, and Lloyds TSB) and not think they need more capital. A coordinated effort among central banks and finance ministers may be needed to develop a plan to recapitalize the banking system.
    Unblocking Illiquid Mortgage-Backed Securities
    --------------------------------------------- -
    ¶3. (C/NF) King said it is also imperative to find a way for banks to sell off unwanted illiquid securities, including mortgage backed securities, without resorting to sales at distressed valuations. He said sales at distressed values only serve to lower the floor to which banks must mark down their assets (mark to market), thereby forcing unwarranted additional write downs. He said we need to find an auction system where banks could move paper they want to sell without fear of stigma that the market views selling at a low price as a sign that a bank is in trouble. King said, however, he did not yet know how to structure such an auction and that further dialogue was needed. Kimmitt acknowledged the need to find ways to unblock these markets and said we should remain in touch bilaterally as well as in the G-7, the Financial Stability Forum, and the central banks.
    A Possible Approach To Recapitalization
    ---------------------------------------
    ¶4. (C/NF) The G-7 is almost dysfunctional on an economic level, said King. Key economies are not included, especially those that have large and growing pools of capital. King said that a new international group was needed to address the issue. It could be a temporary group, and he suggested that perhaps the central banks and finance ministers of the U.S., the UK, and Switzerland could coordinate discussions with other countries that have large pools of capital, including sovereign wealth funds, about recycling dollars to recapitalize banks. King said Japan might not be included because it has little to offer. King noted, though that including the Japanese might force their hand in finally marking to market impaired assets. Kimmitt said that he was cautious about starting new groups in the international financial community because of the inevitable debate around whom to include.
    Comment
    -------
    ¶5. (C) The King proposals were not casual ideas developed in the course of luncheon conversation. It was clear that his principal objective in the meeting was to outline his outside-the-box thinking for Kimmitt. King included very few details about his proposals and was content to present broad concepts, thereby planting the seeds for future discussion. END COMMENT.
    ¶6. (U) Participants: USG: Ambassador Robert Tuttle; Deputy Secretary Kimmitt; Eric Meyer, Office Director for Europe;
    SIPDIS Robert Saliterman, Spokesman, International Affairs, U.S. Treasury; Warren Chane, ECONOFF. UK: Mervyn King, Governor, Bank of England; Chris Salmon, Private Secretary.
    ¶7. (U) Deputy Secretary Kimmitt has cleared this message.
    Visit London’s Classified Website: http://www.state.sgov.gov/p/eur/london/index. cfm TUTTLE
    Visit London’s Classified Website: http://www.state.sgov.gov/p/eur/london/index. cfm TUTTLE

`