We’re not the only ones with a credit crunch. HBOS, Britain’s biggest mortgage lender, is going under.

IN THE rolling credit crisis, more than £46 billion of the bank’s shareholder value has evaporated into thin air. The collapse has hit pension funds, wiped out the nest-eggs of many investors – and added to the misery of staff, many of whom had built up substantial holdings of HBOS shares.

The bank is going to be rescued by a merger with another UK bank, Lloyds TSB. [Scotsman & MarketWatch]