FRSGlobal

Financial Times, September 2007 - Regulators rethink bank rules

As Northern Rock has crumbled in recent days, Adam Applegarth, chief executive of the UK mortgage lender, had made little attempt to conceal his shock. "Nobody could (fore)see the squeeze on global liquidity... Watching liquidity disappear has been astonishing," he declared last week, adding that "life changed on August 9th when a sudden money market intervention by the European Central Bank revealed a broad freeze in the funding system.

Read the article on the Financial Times website »