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Forget moral hazard

The Bank of England was slow to realise it faces a systemic problem in the banking system. Now markets are depending on outside help to restore confidence, says Rob Thomas, senior policy adviser at the UK's Council of Mortgage Lenders. By Rob Mannix

Rob Thomas is the senior policy adviser at the UK Council of Mortgage Lenders (CML) responsible for issues relating to mortgage funding, mortgage-backed securities (MBS) and covered bonds. He was a former financial analyst with UBS and before that an economist at the Bank of England (BoE). Here he talks to Mortgage Risk about the outlook for wholesale funding markets in 2008 and why a public

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