Originally published in the Captive Review, Guernsey
Report, October 2008
Pierre Paul of Royal London tells Captive Review about
managing liquidity in the credit crunch and offering reassurance in
troubled times
Our liquidity management business draws on a money market
pedigree which stretches back over 100 years. The business was set
up by Union Discount, which was founded in 1861 to act as a
liquidity conduit between the Bank of England and the commercial
banks.
Over the course of those 147 years the money markets have seen
many disasters and near misses, including the secondary banking
crisis which came to a head in November 1973 when the London &
County Bank tottered on the brink of collapse.
