Media playback is unsupported on your device

Reflecting on the credit crunch five years on

9 August 2012 Last updated at 11:04 BST

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".