The Bank went 150 years without employing any women at all. When they did, it was to do the work of 15–18 year old boys, sorting and listing returned notes. On getting married, women at the Bank were required to resign their position. The Bank was “Old Lady” by name but “Young Lady” by nature. Cunliffe’s greatest achievement was his contribution to solving the financial panic of 1914. On Friday 24 July, the City woke to the threat of war as Austria made an ultimatum to Serbia. There was a worldwide scramble for the safety of cash. Mass-selling led to stock markets closing in Europe, then New York, then Australia. London was not exempt. By 31 July, the London Stock Exchange had closed for the first time in its near 150-year history. Panic soon spread to the money markets, sucking liquidity and  4  Roberts and Kynaston (1995). BIS central bankers’ speeches  3  life out of the financial system. Unable to finance themselves, lending by the banks began to drain away, starving the economy of credit and causing it too to crater. This was truly a credit crunch. Cunliffe’s plan, hatched with the Treasury, was to lift the liquidity burden on the banks by purchasing the IOUs they were holding from overseas borrowers which had become understandably illiquid on the outbreak of war.
Norman T L Chan: A fascinating train journey Speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the CUHK (The Chinese University of Hong Kong) Business School Master Degree Graduation Ceremony 2015, Hong Kong, 21 November 2015. *  *  *  Professor Michael Hui, Professor Kalok Chan, parents, graduates, ladies and gentlemen: 1. It is a great honour to be invited to attend today’s graduation ceremony. It is also a great pleasure to be back to CUHK, where I spent the most beautiful part of my life as a student. There were so many fond memories and I cannot tell you how much I have missed my campus life even though I have graduated for nearly 40 years. 2. My fellow graduates, today is a memorable and joyful occasion not only for you, but also for your parents, your family, your loved ones and your friends. You have all worked very hard and gone through many rounds of examinations and challenges before you can be here today on this occasion. You must feel very proud and wish to tell everybody that “I have made it”. My heartfelt congratulations to you all: you have made it. You have received a master degree that provides you with the knowledge and skills that are badly needed and sought after in the modern era of business and finance.