Bathed in purple light at the official launch of the Financial Services Authority, Britain’s new super-watchdog, its chairman, Howard Davies, proved to be a master of bureaucratic levity.
The fsa’s new offices near the City Airport in Docklands would be “conveniently situated for that major financial centre, Frankfurt”, he quipped.
Its logo, a set of squiggles, had been borrowed from the Bank of England’s designs for euro banknotes, said Davies: “They assure me they won’t be needing them for some time.
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