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LONDON, Sept 29 - The Bank of England wrote to lenders on Friday to urge them not to underestimate the risk of loan defaults as higher inflation and increased interest rates hit more vulnerable borrowers.
"We encourage further efforts by firms to challenge whether models capture risks associated with affordability, including the impact of higher inflation and interest rates on vulnerable borrowers or sectors," Victoria Saporta, the BoE's executive director for prudential policy, wrote. Personal bankruptcies and related debt-relief measures largely remain below pre-pandemic levels, and the BoE has previously stressed that overall indebtedness remains below the rates seen before the 2008 financial crisis.
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