Freshfields head of financial services Michael Raffan has taken the lead for the Bank of England as it agreed on Wednesday (14 December) to join with four other central banks to help free up credit in the stricken markets.
The Bank of England has joined with four of the most influential central banks - the US Federal Reserve, the European Central Bank, the Bank of Canada and the Swiss National Bank to make $110bn (£54bn) available to the world markets.
The money will be made available by auctions, with the European banks taking the unusual step of auctioning dollars.
The co-operation comes as a steady stream of banks have announced losses due to exposure to the US sub-prime market, which in turn has made banks wary of lending money to each other.
The deal follows Clifford Chance landing a role for the Bank of England – Freshfields’ oldest client – as Freshfields moved to avoid a conflicting situation, as it was simultaneously giving advice to embattled lender Northern Rock.
