The recent collapse of US firms First Brands and Tricolor has raised concerns about the strength of the private credit market, Bank of England Governor Andrew Bailey warned on Tuesday, as he compared the failures to the sale of sub-prime mortgages that caused the 2008 financial crash. Bailey said the BoE planned to conduct a "stress test" with the private equity and credit industry. An annoucement would be made before the end of this year, with the exercise completed in nine to 12 months "Are these cases idiosyncratic or are they what are called 'the canary in the coal mine'? In other words are they telling us ... (full story)