COLUMNISTS Sunday marked the second anniversary of the day “the world changed”. Adam Applegarth, then chief executive of the stricken UK bank Northern Rock, said the world changed on August 9, when BNP Paribas froze access to a large money market fund and the European Central Bank responded by flooding the market with cash.
“Nobody could claim they saw it coming,” Mr Applegarth said. Was he right? Have we yet returned to a world that is safer for banks that rely on money markets for funding?
