Bank's Bean says lower bond spreads bright spot for credit

LONDON (Reuters) - Lower spreads on corporate bonds represent a glimmer of light that credit conditions are starting to improve, Bank of England Deputy Governor Charles Bean said in an interview published on Wednesday.

Bean, who is giving a series of newspaper interviews this week, reiterated that the BoE had not paused its policy of quantitative easing despite its decision last week to slow the pace at which it purchases government bonds.

Britain faced a long-haul recovery, he told the Herald newspaper.

"We must be round about the bottom of the downturn," he told the Scottish newspaper.

Lower spreads on corporate bonds represented "a glimmer of light that credit conditions might be starting to improve," he added.