TTN analysis: BoE governor Mervyn King to become the latest victim of the credit crunch? - Event: Mervyn King, the BoE's Governor, is due to appear before the House of Commons Treasury Committee today to explain his response to the credit crisis. His testimony starts at 9:45am London time (3:45am ET) - What happened? In a letter to the committee last week, Mr King said it was not the Bank's job to help out the three-month market and that to do so would reward banks' risky behaviour. The Bank performed a U-turn yesterday in its response to the credit crunch and the crisis at Northern Rock by offering to lend banks ?0bn for three months to encourage them to lend to each other. It also said it would lend the money against mortgage assets instead of government bonds. Political sources told The Daily Telegraph that the pressure came directly from Chancellor Alistair Darling. - Why is this important? Friends of the governor have told The Daily Telegraph they would not be surprised if he resigned over the affair, which has assumed an increasingly political tone.