Sunday, May 18, 2008
Sinking ships and rats?
Considered to be a brilliant administrator, Ms Lomax spent her early career at the Treasury, where she was private secretary to Nigel Lawson, then Chancellor, in the mid-1980s. In a recent speech, Ms Lomax described the credit crunch as the "largest-ever peacetime liquidity crisis" and conceded there were many uncertainties facing the markets. She will have helped draw up the Bank's special liquidity scheme, launched a few weeks ago, which injected £50bn into the market by allowing banks to swap their mortgage securities for gilts.