 The self-interest of the Bank of England thereby caused additional failures.Although banker Henry Thornton described in 1802 the proper lender of last resort actions to be taken by a central bank in such a crisis, it was not until the Overend Gurney crisis of 1866 that the Bank of England would take action to prevent widespread panic withdrawals.Inaction by the Bank of England led to a systemic stoppage of the banking system, and was followed by widespread bankruptcies, recession and unemployment.