Reflecting on the credit crunch five years on

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9 August 2012 Last updated at 06:04 ET Help

Five years ago on August 9 2007, the credit crunch started as a result of banks beginning to worry about lending.

Sir John Gieve, former deputy governor of the Bank of England, told the Today told presenter Evan Davis that at the time a correction in the markets was expected, not "a total meltdown".

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