But open-bridging is a big business and now accounts for borrowing of about £430 million a year.

Administration officials said they hoped the bill would not set a precedent for such borrowing in other programs.

Most have very specific needs for a checking account and borrowing.

The Governor questions the need for borrowing, and certainly it should only be a last resort.

The program fails on all three criteria for sensible borrowing.

It may reduce the scope for other borrowing - book debts will not be available as security.

That is the rate charged commercial banks for short-term borrowing.

It also ruined possibilities for further commercial borrowing from foreign banks.

If surpluses return in future years, the need for increased borrowing wouldn't last long.

The increase in demand for borrowing will push up rates.