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The Lifeboat Embarks on its Mission

In: The Secondary Banking Crisis, 1973–75

Author

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  • Margaret Reid

Abstract

Once the chiefs of the Bank of England and the big banks had decided on a combined rescue mission for vulnerable secondary and fringe banks, the operation was launched with speed. From the time when the Lifeboat committee, chaired by Sir Jasper Hollom, the Bank of England’s Deputy Governor, went into action on 28 December 1973, it met almost daily for many months to consider and deal with applications for support and to monitor the development of events. The committee was drawn from some of Britain’s most senior clearing bankers, notably Mr Jim Dyson, a general manager and director of Barclays Bank; Mr Stuart Graham, a general manager and later a chief general manager and director of Midland Bank; Mr Alec Ritchie, then an executive director of Williams and Glyn’s Bank and afterwards deputy chairman of Grindlays Bank; the late Mr Evan Vaughan, a general manager and director of Lloyds Bank; Mr Sidney Wild, then deputy chief executive of National Westminster Bank; and representatives of the Scottish clearing banks.

Suggested Citation

  • Margaret Reid, 1982. "The Lifeboat Embarks on its Mission," Palgrave Macmillan Books, in: The Secondary Banking Crisis, 1973–75, chapter 7, pages 89-101, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05286-8_7
    DOI: 10.1007/978-1-349-05286-8_7
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