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1、SpeechbyJOHNGIEVEDEPUTYGOVERNOR,BANKOFENGLANDTheCreditCrunchandtheUKeconomyTotheFamilyOfficeLeadershipSummitMonday22September20081IntroductionInrecentdayswehaveseenextraordinarydevelopmentsinUSfinancialmarkets.AtthestartoflastweekwesawthecollapseofLehmanBrothersan
2、dthemergerofMerrillLynchandBankofAmerica;byFridaytheUSTreasuryhadrescuedAIG,issuedaguaranteeofMoneyMarketFundsandanoutlineplanforaResolutionTrustthatisnowinCongress.AndthismorningtheFederalReserveannouncedthatGoldmanSachsandMorganStanleywouldbecomeregulatedbankhol
3、dingcompanies.ButIwanttodaytoconcentrateonthebroadereconomicimpactofthecrisisincreditmarkets,whichbeganoverayearagowiththedownturnintheUSsub-primehousingmarket.WhiletheepicentrehasremainedintheUS,ithasalreadyhadamajorimpactonthestructureofourbankingsector.Northern
4、Rockwasamongthefirstcasualties.AndthisyearweareseeingasignificantconsolidationwithintheUKbankingsector,withSantanderpurchasingAlliance&Leicester,Nationwideabsorbingtwosmallerbuildingsocieties,andmostrecentlythemergerofHBOSandLloydsTSB.Theturmoilhasalsoaffectedallo
5、ftheBank’swork;fromthesettingofinterestrates,tothescaleandstructureofourmarketoperations,andtoourjointworkwiththeFSAandTreasurytodealwithinstitutionsunderstressandtohelpdesignaneffectiveinternationalresponsetothecrisis.Forexample,likeothercentralbanks,wehaveadapte
6、dourmoneymarketoperationstoprovidetheliquiditythebankingsystemasawholehasrequired.First,wehaveallowedbankstoincreasetheirreservebalancesattheBank,increasingthesizeofouroverallprovisionofcentralbankmoney;second,withinthatlargertotal,wehaveshiftedthebalancetowardslo
7、nger-termlendingasthetermsofmarketfinancehaveshortened;third,wehavewidenedthecollateralweacceptforlonger-termrepos.AndinApril,weintroducedaspecialschemetoprovidebankswithuptothreeyears’financeforlegacyassetswhichhavebecomeilliquid.Lastweekweofferedextrasterlingliq
8、uiditythroughourusualOpenMarketOperationsandprovidedUSdollarliquidityaspartofco-ordinatedactionwiththeFederalReserve,ECB,BankofJapanandSwissNationalBank
