Wednesday 1st September 1982
Seminar with Gvr, Chancellor, etc [Sir Geoffrey Howe, Gordon Richardson]
PM anxious not to give credits to Mexico etc
Gvr anxious about confidence - and liquidity
Never upset the applecart by talking about dubious banks - 3 dubious ones in UK
Banco Ambrosiano’s commitments in Luxembourg
- should have been baled [sic] out by Banca d’Italia but “legally constrained”
- consolidated balance sheet issue with subsidiaries
Sparrow on unemployment