spring 05 - the worshipful company of international bankers

Our first 6 months as a Livery company havebeen an outstanding period for the Guild.Since October, the four Standing Committeeshave continued to excel on your behalf.

The Events programme has been exceptional in that we havebeen privileged to have a number of very distinguished - andamusing - speakers at our professional events. They haveincluded Sir David Tweedie, Chairman of the InternationalAccounting Standards Board and Baroness Sarah Hogg,Chairman of 3i, at the ladies breakfast. The highlight was BillMcDonough, our guest speaker at the Banquet, at which wetogether introduced the Guild's Principles for Good BusinessConduct with the aim, following the aspiration of our pastMaster, of reviving "my word is my bond" as the foundation of the financial services industry in the City and beyond. ThePrinciples can be found on the Guild website and have beenincluded in the newsletter. I have since held a meeting withScott Dobbie of the Securities and Investment Institute andScott is keen to adopt the Principles and proposes to add two additional Principles (relating to personal behaviour) for SII personnel. SII has also invited me to speak at one of theirfunctions and has expressed an interest in holding a jointevent, to which other interested organisations could beinvited, to promote the Principles. I will, of course, ensure thatyou are all kept up to date with developments. Still to comeas guest speakers are Andrew Gowers, Editor of the FinancialTimes and Sir Digby Jones, Director-General of the CBI. Onthe social front we shall hold our summer reception at RoyalHospital Chelsea and dine in the Fusiliers Mess of the RoyalRegiment of Fusiliers at the Tower of London.

As an essential part of being a Livery Company, we continueto support the Lord Mayor and the City. We made a donationof £5000 from Trust Funds to the Lord Mayor's Appeal insupport of SSAFA Forces Help and The Fishermen's Missionand the Lord Mayor wrote a letter to the Guild expressing hisgratitude. We will also, for the first time, participate in the LordMayor's Show in November, when we shall be accompanyingour sponsored Squadron of 256 (City of London) Field Hospital.The Clerk will be making the necessary arrangements and willbe asking for volunteers for the day. Additionally, the Guildgave a small donation to the United Guilds' Service at StPaul's Cathedral.

Turning to our finances, the last Financial Report showed thatthe Guild year-to-date accounts were in a reasonable state

compared to the same position last year. Our cash flow has,however, been affected by the purchase of the badges andgowns but we anticipate that we will still have a healthyoperating profit at the end of the financial year. The TrustFunds are in a very healthy position with almost £500,000held in the account. Some of our members have, once again,made very generous donations to the Trust and we alsoreceived donations from corporate bodies.

Our impact on the local community becomes more tangibleevery year through your generosity in supporting the charitableand educational aims of the Guild. Jill Enzmann will have moreto say in her report but I should like to mention that our 2"badged" scholars are doing very well indeed and are a creditto the Guild. The Guild's programme of recruitment anddevelopment (CityStart) will be the subject of a separate letterfrom me but again, I urge you to give this initiative your fullestsupport.

We have almost finalised the procedures for Progression toLiverymen and the Clerk will soon be writing to you all with thedetails. On the 20th April 2005, the Court will be in attendanceat the Mansion House to receive our Letters Patent from theLord Mayor.

We have seen a few recent changes to the Court. Peter Bürgerhas been posted to the Far East and will no longer be able tofulfil his duties as Middle Warden (but will continue as a Courtmember). Sir Peter Middleton kindly agreed to take on thisrole and, at a Meeting of the Court on the 9th March 2005, he was elected Middle Warden. Michael Beales is retiring fromthe City and has resigned from the Court.

We have seen the Guild membership increasing and I am verypleased to report that the Guild's representation across allparts of the financial services has broadened and that youngermembers and ladies are joining in greater numbers. You aremaking a significant difference to the lives of many people butwe must continue our efforts. Without your excellent support,we would not be in the strong position that we currently are,nor would we be able to support our charity and educationcommitment, nor the Lord Mayor and the City. Every year wewill always lose a significant number of members due toretirement and returning home and it is essential that we notonly replace these members but continue to expand ourmembership. I rely upon you all to bring new members to theGuild so that we can continue to grow and prosper.

The Guild of International BankersNewsletter Spring 2005

The Guild of International Bankers

1 Bengal Court, London EC3V 9DD

Tim Woods - Directline: 020 7337 1307 Fax: 020 7283 8302 Email: [email protected]

Message from the Master

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Principles for Good Business Conduct

Observance of the five principles above is wholly compatiblewith comparable notions of good behaviour which may beexpected or mandated by applicable law or financial or otherregulations or by the membership requirements of anyrelevant professional association or by any other applicablecode of good conduct.

These principles comprise the general standards of conductthat are expected of members of the Guild in their businessrelations. Their observance carries a hallmark of trust and acommitment to fair and honest dealings with colleagues,clients, customers and counterparties and to good stewardshipof customer interests, whether wholesale or retail. A materialbreach of the principles would be incompatible with continuingmembership of the Guild.

The Principles

1. To act honestly and fairly at all times when dealing with clients, customers and counterparties and to be a good steward of their interests, taking into account the nature of the business relationship with each of them, the nature of the service to be provided to them and the individual mandates given by them.

2. To act with integrity in fulfilling the responsibilities of your appointment and seek to avoid any acts or omissions or business practices which damage the reputation of your organisation or which are deceitful, oppressive or improper and to promote high standards of conduct throughout your organisation.

3. To observe applicable law, regulations and professional conduct standards when carrying out financial service activities and to interpret and apply them according to principles rooted in trust, honesty and integrity.

4. When executing transactions or engaging in any form of market dealings, to observe the standards of market integrity, good practice and conduct required by or expected of participants in that market.

To manage fairly and effectively and to the best of your ability any relevant conflict of interest, including making any disclosure of its existence where disclosure is required by law or regulation or by your employing organisation.

Introduction

The core purpose of international financial service providersis to promote global economic and social welfare by

aggregating financial resources, converting them into specificservices and products and delivering them in accordance withthe mandates of their clients, customers and counterparties.Both the public good and the personal interest that standsbehind this purpose and the capacity of providers to fulfil theirmandates on a competitive, efficient and cost-effective basiscan be substantially impaired, even frustrated, by dishonestyor by a lack of professional integrity, transparency andaccountability. Accordingly, financial service firms and theirofficers and employees have both a collective and an individualcommercial interest in the maintenance of high standards ofbehaviour and of their professional reputation.

These objectives cannot be attained, however, through merecompliance with rules and regulations. Whether the prevailingregulatory environment is prescriptive or principles-based, theinterpretation and observation of such rules and regulations, ifit is to be meaningful, and if it is to ensure confidence at alllevels, must itself be underpinned by behaviour that is rootedin trust, honesty and integrity.

The principles set out below are founded upon and reflect theessential business values which are necessary to meet theseobjectives and, at the same time, support the function ofregulatory compliance.

Details of the Court and Chairman and Members of the Standing Committees can be found on the Guild website:

www.internationalbankers.co.uk

The Guild Court of Assistants and Chairmen andMembers of the Standing Committees

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Membership Committee Report by Stephen Lockley

This is my first report since becoming Chairman of theMembership Committee last October. I have inherited a

very healthy base from my predecessor, Bill Whitehead, and Ithank him for all of his excellent work for the Committee overthe last three years. I am pleased that Bill remains a memberof the Committee and will be spearheading a drive to increasethe Guild's public profile through press coverage of significantdevelopments such as the recent launch of the Principles forGood Business Conduct, which has already attracted commentin The Financial Times, The Daily Telegraph, The Spectatorand Financial World.

The priorities for the Membership Committee since the Guildobtained livery status last September have been to increaseoverall numbers and, at the same time, to broaden the Guild'srepresentation across all parts of the financial services world.In this context, it is particularly encouraging to see a healthynumber of asset managers, financial traders, investmentbankers, lawyers, accountants and consultants among ournew recruits. Equally, I am encouraged to see the growingproportion of both younger members and ladies among therecent joiners.

The vast majority of new members continue to come throughpersonal recommendation and the Court is grateful to allthose members who have successfully introduced others toGuild membership. Our voice within the City and our ability tofund a vibrant charity and education programme both dependon the Guild maintaining this growth in its membership. Theunique international nature of the Guild among livery companiesmeans that we will always say goodbye to a proportion of ourmembers as they return home and so it is vital that we keepattracting a healthy number of new additions. I therefore jointhe Master in urging all of you to think about whom you knowwho may be interested in joining the Guild

In October, we held a reception for new members and theirguests, kindly hosted by Goldman Sachs. This was anexcellent opportunity for newer members to meet the Masterand members of the Court as well as introducing friends andcolleagues to the Guild. The evening was a great successand a repeat performance will take place at Dresdner KleinwortWasserstein on 21 April. Why not take advantage of thisoccasion, or indeed any of the numerous eventsorganised by the Guild, to show off the attractions ofGuild membership to someone new?


The Guild has continued to attract a significant number of new members, with over fifty joiningin the last six months alone. They reflect the diverse make up of the City and represent allaspects of both the financial services sector and the professions with close links to it.

The report recognised the strength of faculty, the level ofresources invested in the new campus plus the inherent

quality of the Master programmes that attract many studentsfrom around the world looking to build a career in the City ofLondon.

Such progress should be a source of pride for all thoseassociated with the School. Yet as a 2003 / 2004 MBA studentit was apparent that this message had yet to reach all of theleading City firms, with a significant number not appearing toinvest the time and resources to actively recruit from Cass.There was also the thorny problem that although studentspossessed some excellent theoretical skills they lacked theextensive practical product knowledge necessary to make aninformed career choice for the increasingly specialisedInvestment Banking Analyst / Associate recruitment market.The combination of both these issues led to the founding ofthe Cass Finance and Banking Special Interest Group.

The Group looked for help to bridge this knowledge gap by

inviting senior Bankers to speak to the students on mainstreamInvestment Banking product areas plus on career opportunitieswithin the industry. They approached the Guild for assistanceand with the active support of the Master and the Clerk themembers' response thankfully proved overwhelming soduring the current academic year senior people have beeninvited to Cass to present to the students.

We would particularly like to thank Marino Valensise: AssetManagement, Tony Rhodes: Debt Markets, Frank Moxon:Corporate Finance and Kevan Watts: Investment Banking and Capital Markets for volunteering to give up their valuabletime and being prepared to speak so frankly to the students.Thankfully, from the organiser's perspective, each event wasextremely well attended and the Question & Answer sessions(generally also a highlight for the speakers themselves) provedboth lively and informative. In fact at the latest session thedoors to the lecture theatre had to be closed, because the120 seating capacity was reached with time to spare! A goodresult indeed for both Cass and the Guild.

Guild Members address Sir John Cass Business School Students by Guild member Jonathan Turner - Chairman Finance and Banking Special Interest Group

In the recent Financial Times ranking of the 'Top 40 European Business Schools' Cass wasplaced at second in the UK and 6th in Europe.

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Work at the Guild is continuing to identify relevantprogrammes where we can provide support for

education. We have recently agreed a bursary scheme forhome students attending the Sir John Cass Business School.Up to ten undergraduate students who have had their tuitionfully paid by the LEA and who are judged to be in goodacademic standing by the University will be awardedbursaries to support their studies. Each of these students willbe offered an associate membership in the Guild and it ishoped that this will provide a strong connection both to theCity and its institutions as well as Guild members. Lookingahead we are working to compliment this programme with anadditional bursary for a student in the MBA programme.Several innovative ideas are being explored with our partnersat Cass and we hope to report on these developments in thenear future.

Collaboration between the Guild and the Brokerage continuesto deepen in support of the CityStart programme. Wecontinue to ask Guild members to support the creation ofpaid business traineeships for A level students, 90% of whomwill be going to university. There are numerous successstories of talented students in our local firms who have madesignificant contributions to the employer.

The Brokerage is completing its round of visits to inner cityschools and colleges and once again demand for and interestin the programme is extremely high. Last year there were 65places available on the Corporation of London's BusinessTraineeship programme which will increase to 70 in thecurrent year. To date 5 placements have been offered by 3Guild member firms for this summer, discussions are takingplace with 8 others. The 17 successful students whocompleted their Professional Development Certificate inBanking last summer are now registering for placements onthis year's Business Traineeship programme. It is hoped thatGuild members will provide placements for the successful

BTEC students. During 2005 funding has been securedthrough the Brokerage for the European College of Businessand Management to run two BTEC courses for a total of 36students from inner city schools.

Special consideration should be extended to those studentswho achieved the BTEC qualification last year. You may recallthat seventeen AS level students earned the BTEC Certificateat the European College of Business and Management. Therewere 8 distinctions among this group of students. This is aProfessional Development Certificate, Level 4, which inpractice is a post-A Level course specialising in banking.This program is an outgrowth of a two-year collaborationbetween the Brokerage Citylink, the ECBM and the Guild ofInternational Bankers who have focused on establishing afunded training programme geared to local students.

The students in this programme were recruited through theBrokerage and commented universally that it had given themexposure they could never hope to receive through thestandard school curriculum. Senior HR managers who havesupported this programme are available for discussion withthose firms who are considering establishing such atraineeship scheme this year. Members and their firms arealso asked to support the workshops for trainees with theprovision of both venues and speakers. A recent communitysurvey conducted on behalf of Heart of the City concludedthat "Local people need training, jobs and awareness ofopportunities - business can provide valuable insight into adifferent world." Our Guild programme remains small but wehave the ability to make a significant impact with your support.

All firms that supported the programme this year wereprofiled in a booklet published by the Corporation of Londonentitled Business Traineeship Programme. The Guild haspublished its own brochure entitled CityStart, A Programmeof Recruitment, Training and Education.

Charity & Education Report by Jill Enzmann

The Guild of International Bankers scholars at The City of London School for Boys and The Cityof London School for Girls continue to perform well and we are delighted with the academicresults they are achieving.

Jill Enzmann, Chairman of the Charity & Education Committee, presentingJohn Nguyen from Raines Foundation, with his BTEC Certificate.

Fakrul Miah with Anna Karin-Rehn from Morgan Stanley at the BusinessTraineeship Awards

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The City Livery Club is based in the Baltic Exchange at 38, St Mary Axe, immediately next door to the Swiss Re building. TheClub was founded in 1914 to provide a convivial meeting place for Liverymen and Freemen of City Livery Companies. The Clubhas an interesting events calendar with a mixture of formal and social events. Facilities include a Club Room, Bar, Brasserie anda Lounge with tea and coffee facilities. If you would like to know more then please visit the website www.cityliveryclub.comfor the latest Newsletter. For a copy of the Club brochure, contact Pauline on 020 7369 1672 or call in and take a look. You willbe made very welcome.

The City Livery Club

Tower BridgeIn the second of a new series of articles on the historic buildings and institutions of the City ofLondon, Frank Moxon writes about the capital's most famous bridge.

There now seem to be so many bridges crossing theThames that two things about Tower Bridge are surprising

to most people who admire its strikingly unusual, gothicbeauty. First, between the construction of the first LondonBridge during the Roman occupation and the completion ofthe Elizabeth II Bridge in Dartford in 1991 (a period of at least1,700 years), Tower Bridge was the only bridge builtdownstream of London Bridge.

Second, despite its mediaeval splendour, Tower Bridge is only110 years old. Those dearreaders who are shockedonly now to discover thisfact can rest assured thateverybody has been justas surprised when theyfirst found out. Of course,it is traditional once oneknows these things topretend that it wasobvious all along and itreally is that obvious oncethe secrets of the bridge'sconstruction are known.The bridge has a steelskeleton with most of theancient and solid-looking stone being mere cladding. Thiswas in its day a very high-tech bridge posing as somethingWilliam the Conqueror just might have built in his spare timejust after he had finished construction on the Tower ofLondon. Built today, Tower Bridge might even be calledkitsch. However, it is nonetheless officially an antique and assuch it stands proud as one of London's architectural icons.

The reason that for so long, no bridge was built downstreamfrom London Bridge was to do with tides and shipping. ThePool of London, the tidal reach of the Thames downstream ofLondon Bridge, was, according to the Venerable Bede,writing as early as the 7th century, the reason for London'svery existence; it is a natural port. Shipping, particularly of thetall-masted variety, and bridges enjoy a necessarilycomplicated relationship. So it was that when the feted SirJoseph Bazalgette (designer of London's sewage system,and the Albert, Chelsea and Victoria Embankments)submitted the first design for Tower Bridge, it was rejected.

His single-arch road bridge was judged to provide insufficientheadroom for river-borne traffic.

The Prince of Wales laid the first stone of the winning designby John Wolfe Barry (engineer) and Sir Horace Jones(architect) in 1881. By the time its 200-foot towers werecompleted and the bridge opened, again by the Prince ofWales, in 1894 Jones was dead.

The bridge's bascules, to use the technical term, wereoriginally raised by asteam-powered,hydraulic system. Whilstthis is still in place andpreserved for posterity,electrification was carriedout in 1976. Although thebridge is still raised toadmit tall ships some900 times each year, thismodernisation meansthat a 24-hour crew ofup to 80 men (includingstokers) is no longerrequired. Clearly, this wasoriginally an expensive

piece of engineering both to build and to maintain. It isperhaps ironic therefore that the tall ships it was designed notto hinder and the horse drawn carriages it originally carriedwere both consigned to history within a short time of itsopening.

Tower Bridge has featured often in films. Some John Waynefans may recall that, in character, he jumped a rising pair ofbascules on the bridge in an unmarked police car - not oneof his best movies I must admit. In real life, there wasgenuinely a brief moment of panic in 1952 when a reddouble-decker bus was caught mid-bridge when it wasraised. It did, however, make it to the other side safely.

There is a lot more to Tower Bridge than meets the eye. It isan architectural and historical paradox and, arguably,amongst the City of London's long list of distinguishedbuildings and monuments it is, with St. Paul's Cathedral, oneof only two that represent the very essence of London to theworld at large.

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Last October we held a private evening at the George III &Queen Charlotte - Patronage, Collection and Court Taste

Exhibition at the Queen's Gallery, Buckingham Palace. Thegreat attraction, I always think, of a private view of anyexhibition is you sort of feel, or at least hope, it all belongs toyou! This exhibition created just that illusion. The marvellouscombination of pictures, furniture and porcelain put togetherin rooms where you could roam at leisure gave me the headysensation that these were all things still privately owned tolook at and dine off. The china and gold plate are over thetop to put it mildly, but never mind, would we not all secretlywish to experience what it would have been like to live likethat? The Gainsborough portrait of Queen Charlotte, the well known Zoffany of George III, the early Canaletto's, allwonderful, but I did like the lock where anyone attemptingto turn it with the wrong key was shot at - would that be

allowed under the right to defend ones property I wonder?! I also liked the Zoffany the King and Queen commissioned of the most famous paintings in the Uffizi - THE gallery of the day - Zoffany slightly exceeded his brief and includedeverything he thought was important resulting in an Uffizikaleidoscope. At the least the King and Queen felt they didnot have to visit the Uffizi. George III might have lost theAmerican colonies but I think he invented armchair travel!

On 26th October we held our first event for new membersand welcomed 75 new members with guests to a receptionat Goldman Sachs. This was aimed specifically at memberswho had joined sinceDecember 2003 so that theycould mingle with other newmembers and bring alongsome "prospectives".Goldman Sachs kindlysponsored the evening which was relaxed and mostenjoyable. Lord George gavea short, punchy addressabout the Guild and theimportance of standards in the financial sector.

On November 1st, we visitedLloyd's of London and werevery fortunate in being able to hold the reception in thefamous Adam Room.Members were amazed thatthis beautiful room existed in such a modern building - in fact Richard Rogers, thearchitect of the new building,had originally refused toincorporate it in his design

but thought better of it when his job was threatened! LordLevene, Lloyd's Chairman, gave a short address on hisperspective of Lloyd's, commenting that it was now a$27billion business, and a great deal of modernisation stillneeded to be done. After glasses were refilled we had anopportunity to visit the Underwriting floor and see the LutineBell, originally rung once for disasters and twice for goodnews. It was last rung twice after Gordon Brown visited theStock Exchange - might have been during his visit, or after he had left, depending how you look at it! We also saw thebook where ship losses are still posted in quill pen.

On 23rd November, members and guests had the greatprivilege of listening to Lord George reminiscing on his 42years at the heart of events in the City of London. ChristopherFildes conducted the interview at the City Club under MoscowRules (Chatham House Rules but enforced at gunpoint!) So if you missed it what can I say? Lord George did talk abouthow he arrived at the Bank of England via a psychic bid in agame of bridge outwitting the bidder who happened to befrom the Bank of England and thought this was just the sortof chap the Bank needed; where he was when Baringscollapsed (heading for the ski slopes and never got there) and some of the challenges he felt the City now faced. (I shall now most likely be shot at dawn.)

2005 began with a dinner at which Sir David Tweedie,Chairman of the International Accounting Standards Board

was our guest speaker. Sir David has beendubbed the most "powerful accountant on theplanet" for his new set of international standardswhich from January 1, 2005 applied in the EU andaround fifty other countries. He was an entertainingspeaker outlining the difficulties in reachingagreement with so many countries on theprospective benefits of adopting an internationalset of standards and the challenges he faced withcertain European countries!

Our Annual Banquet on the first Monday inFebruary at Guildhall was very well supported.The Master must have set a precedent by giving amelodic rendering of Santa Claus is Coming toTown and using "be good for goodness sake" toillustrate the importance of ethics in the workplace- the theme for his year in office. The trouble asChristopher Fildes remarked, writing in theTelegraph, is that not every banker now believes in Santa Claus. The guest speaker was BillMcDonough, Chairman and CEO of the PublicCompany Accounting Oversight Board,Washington DC - known to many when he ran the Fed in New York. He very much supported the Guild's quest for a code of ethics stressing

Gaye's Events DiarySince the Autumn Newsletter my diary has been pretty booked up. We have installed a newMaster and had the privilege of listening to him reminisce on his years in the City; visitedLloyd's of London, Buckingham Palace, and The Fleming Gallery. We have also had thepleasure of hearing Sir David Tweedie speak about his new international accounting standardsand Baroness Sarah Hogg talking about women in business and finance.

Lloyd’s of London

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the importance of restoring investor confidence in the wakeof some of the US financial scandals.

The reception at the Fleming Gallery on 28th February was very much enjoyed by members - and a considerablesurprise to many who thought the falling snow outside wouldbe a prelude to pictures of sheep grazing on moors but weredelighted to find John Duncan Fergusson a riot of colour andFrench influence. Selina Skipwith, Keeper of Art, gave a briefbackground history to the Fleming permanent collectionwhich is reproduced and put the Fergusson exhibition incontext with other Scottish artists. I found his pictures veryliveable with (the rather aloof ladies, 'Blonde with checkedsundress' and 'voile indienne' - would really look great on mydrawing room wall), but I have to declare a bias for AlbertoMorocco. There is a divine Morocco 'Love on the Costa delSol', conjuring up palm trees, sunshades and warmth. It ispart of the permanent collection and is casually hung on thestairs on the way through to the Fleming building - I am surethey would not miss it! Guests were taken to the ground floorof the Fleming offices, which was a great privilege, to seesome of the permanent collection. As you walk through thedoor to the ground floor a whole new world opens up,wonderful arched ceiling, curving staircase - I think a numberof members could see themselves walking in there everymorning! The most famous painting we saw is probablyLochaber No More painted in 1883 by John Watson Nicoldepicting very gloomy looking departing Scottish emigrants.The staff at Flemings nicknamed it 'Distillers Passes itsDividend'!

We held our first event for our lady members and guests on10th March - a breakfast at the London Capital Club. Thiswas really buzzy - lots of good conversation and the guest

speaker Baroness Sarah Hogg, Chairman of 3i talking aboutwomen in business and finance was simply inspirational. Shewas amusing, down to earth and for someone who has hadsuch a glittering career, very modest. She talked about someof the pressures and hurdles facing women in balancing theirbusiness and home lives and attitudes to women in the workplace. How are women perceived at work? Her motherapparently once rang her at 6pm at No 10 when she washead of the Policy Unit (about the busiest time anyone couldring No 10) and apologised for bothering her but was callingher because her brother was at work! Although someaspects of the work place had improved for women, Sarahfelt the long working hours to cover the time zones was a bigminus factor. What a career - media, politics, chairman of aFTSE 100, I do not think the glass ceiling will ever recover!

As this Newsletter goes to print the Guild will receive itsLetters Patent, confirming the Grant of Livery, in a ceremonyat the Mansion House on 20th April; there will be a receptionfor new members on 21st April kindly sponsored by DresdnerKleinwort Wasserstein and we look forward to hearing fromAndrew Gowers Editor of the Financial Times, our guestspeaker at the Watermen's Hall on 27th April. During thesummer we shall welcome Sir Digby Jones Director-Generalof the CBI as our guest speaker at a Guild Dinner on 11thMay, dine in the regimental mess of the Royal Regiment ofFusiliers and witness the historic Ceremony of the Keys at theTower of London and hold our Summer Event in the beautifulState Apartments at the Royal Hospital Chelsea. My diary isgoing to be full - clearly no time for a restorative spa break inPraslin, Zanzibar or Kiribati.

Must go now and dust off my one and only pink hat for theMansion House.

As you are aware, when the Guild was constituted aLivery Company of the City of London on 21stSeptember 2004, it was stipulated by the Chamberlain'sCourt that the Livery should not exceed 300. Since thattime, discussions have taken place to formulate thestrategy for Progression to Liveryman. At the CourtMeeting on 2nd December 2004, it was agreed that theinitial 100 Liveryman (capped until September 2005)should be the Court and the members of the 4 StandingCommittees (provided that they were full members andfree of the Guild and the City). Thereafter, liverymen wouldbe chosen on the basis of membership seniority, seniorityin the City and contribution to the Guild (attendance at

events etc). Members would not be allowed to "Declaretheir Intent" to become liverymen until they had beenGuild members for a minimum of 2 years and were fullmembers. An Admissions Committee, composed of aWarden and 2 members of the Court, would perusewritten applications and would then interview prospectiveliverymen at 4-6 sessions throughout the year.

We are currently formulating the "Declaration of aLiveryman" and the procedure for admission to livery, anddesigning the Liveryman Certificate. It is hoped that thefirst ceremony will take place in June 2005. When allsystems are in place, the Clerk will write to membersoutlining the process for Progression to Liveryman.

Progression to Liveryman

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The Guild Banquet 2005 If you would like copiesof the Banquetphotographs pleasecontact Gerald Sharpon 0208 599 5070,quoting the referencenumber. The completeset of photographs ison disc and can beseen at the GuildOffice.

2925

2805

2937

2931

2861

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2952

2895

2956

2960

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256 Field Hospital Goes to War256 (City of London) Field Hospital is celebrating the affiliation of one of its geographic squadrons"D" based in Mile End, East London to the Guild of International Bankers. The Unit has had a busyyear, recently returning from operations in Iraq where it formed the nucleus of the UK MedicalGroup providing healthcare to coalition forces in the southeast of the country.

Iraq is a dangerous place to be at the moment, betweenAugust and November 2004 when 256 Field Hospital

deployed, the Army used more ammunition than in 30 yearsof conflict in Northern Ireland. Some units have come undersome of the heaviest fire since the Korean War. The IED(Improvised Explosive Device) threat has never been worseand the tactics and techniques employed by insurgentsdisplay a sophistication and expertise that could only beachievable with outside expertise.

Medics see the worst of war and are left to deal with theconsequences of combat: between August and November2004 the Field Hospital at Shaiba Logistic Base outside Basraadmitted approximately 700 patients including 50 casualtiesresulting from Hostile Action with a variety of gunshot wounds,fragmentation and blast injuries. Despite this significant activitycombat casualties are still in the minority: disease and non-battle injury (DNBI) accounts for the majority of the workload:in the same period there were more than 5,000 primaryhealthcare attendances.

What makes the work of the UK Med Group so remarkable isthat it delivers a standard of care that is not only comparableto the NHS, but in many cases significantly better, For instance,how many NHS hospitals could routinely "field" three traumateams, each staffed with the pinnacle of professional expertise,to simultaneously manage a major incident? Where else couldyou find a service without waiting lists and appointment times?Providing world-class healthcare in tents, in one of the mosthostile environments on earth, poses enormous challenges. In the extreme environment and operating conditions in Iraqone might be forgiven for thinking that we were making thebest of a bad job; however, however, all this activity is subjectto the same standards of Clinical Governance and identicalGovernance structures as the NHS!

The UK Medical Group comprises a tented 75 bed FieldHospital at the Shaiba Logistic Base outside Basra. Thetented hospital covers an area of approximately 1 Km2 andwhen "packed" for transportation fills approximately 100 Iso-containers. The hospital uses large amounts of power and water, problematic resources at the best of times in adesert environment, and it is the job of the Med Group'sSupport Squadron to maintain life-support and essentialsupplies to the hospital as well as maintaining itsinfrastructure.

The hospital's capability is impressive providing crisisexpansion to 150 beds for up to 72 hours. In addition tomanaging trauma the hospital provides a full range of services

including elective medicine and surgery, a four bed intensivecare unit, an infectious disease ward and assessment unit, a mental health team, physiotherapy, X-Ray, pathologydepartments and a Primary Healthcare Centre. Healthpromotion is also important business and there are highlysuccessful smoking cessation and sexual health clinics. The hospital is currently being rebuilt, a CT scanner will beinstalled shortly although the new hospital will remain in tentsthe Operating Theatres and ICU will be rebuilt in hardenedbuildings.

In addition to the hospital the UK Med Group also includes asquadron of a Close Support Medical Regiment responsiblefor primary care, dentistry, and the provision of an emergencyresuscitation capability throughout the UK area of operations:the "blue light matrix"; is more than a comprehensiveambulance service; it must possess the capability to get thepatient from the point of injury to skilled resuscitation withinthe "golden hour" - a critical clinical time-line that must beobserved if life threatening injuries are to be successfullytreated.

Impressive though the performance of the Med Group maybe, the most remarkable asset of the UK Med Group is itsstaff. Like so many others, I have just returned from mysecond operational tour in Iraq in the last 12 months. Likenearly 20% of the 9,000 strong force currently in Theatre, Iam a Territorial Officer, many of us now on our second, oreven third operational tour. Within the medical services theproportion is even greater with Territorials making up 50% ofthe 400 strong UK Medical Group on OP TELIC 4a.

UK foreign policy dictates that UK military operations in Iraq,Afghanistan and elsewhere, are likely to continue for theforeseeable future. The Armed Forces cannot sustain thiscommitment without the continuing mobilisation of reservistsfrom units like 256. Long suffering families and employersmust now decide whether it is appropriate to continue relyingon reservists such as ourselves, "weekend warriors", whenthe regular army is being significantly downsized. It isheartening to think that we are needed for our skills andexpertise although cynics might suggest that perhaps we aresimply the cheaper, more affordable option! For the timebeing, we are content to do our duty: most unit personnelfound the experience a positive one and returned older, wiser,professionally challenged and personally fulfilled.

Colonel Martin Deahl L/RAMCCommanding Officer 256 (City of London) Field Hospital

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On the 30th January 2005, the Guild, represented by John Kibble and the Clerk, attended the 256 (City of London) LiveryWeekend at Folkestone together. Also present were the Masters, Clerks and guests from the Worshipful Companies ofApothecaries, Barbers and Cutlers, who also support the Unit (A, B, and C Squadrons respectively). The main purpose of thevisit was to meet the members of the Unit and to present the Guild Trophy to our sponsored Squadron (D) at a formal parade.It was a most memorable occasion and the Officer Commanding, Colonel Martin Deahl and his personnel not only made usvery welcome but had clearly given much prominence to the support that the Guild provides to D Squadron. John Kibble saidthat it was a great pleasure and honour for him to represent the Guild and that he thoroughly enjoyed the day.

During a briefing from Colonel Deahl, we gained a valuable insight into the work of the Unit and the exemplary manner inwhich they had conducted themselves in Iraq (see the following report). If you would like to know more about the Unit thatyou sponsor, please visit the website on www.reserve-forces-london.org/units/1024/about. The day was a great success andthe Guild will continue to foster close relations with the Unit.

Presentation of the Guild Trophy to "D" Squadron, 256 (City of London) Field Hospital (Volunteers)


The Society has inherited the trophies from the Bankers' ClubGolfing Society and those of you who attended the Banquetmay have seen them on display at Guildhall. We have also,even more importantly, 'grand-fathered' the members of theold society on the payment of a small annual subscription. It is the hope of the AGM that members of the Guild who are golfers will wish to play in our three events. There is noadditional subscription for Guild members. The future of theSociety lies in our ability to encourage members of the Guildto support us.

The events for 2005/2006 are as follows:

May 12, 2005 New Zealand Golf Club

October 4, 2005 Swinley Forest Golf Club

March (end), 2006 Walton Heath Golf Club

Members are encouraged to bring guests if they wish.

The format for New Zealand and Swinley is an 18 holeStableford competition followed by lunch. After lunch we play 13 holes of foursomes as this has proved, over theyears, to test the limits of endurance of our members. There are the usual prizes given, including a guest's prize.

We have decided next year to hold our AGM at 11 am atWalton Heath Golf Club and to ask members to invite theirguests for lunch and an afternoon round. We hope, in thisway, we can stimulate interest for as many people aspossible.

If members of the Guild have any questions or points, TimWoods is available in the office as necessary.

I look forward to seeing as many of you as possible next year.

Update on The Guild of International BankersGolfing Society by Peter Chapman

As the first Captain of the Society, I have been asked to pen a few words. I can report that onMarch 22nd we held a most enjoyable event at Walton Heath. This was followed by the Society'sAGM and I was confirmed in post for next year.

The 63rd Service of the United Guilds of the City of LondonOn Friday the 18th March 2005, the Master, Wardens and Clerk (suitably robed and badged) and members of the Court,attended the United Guilds Service at St Paul's Cathedral. This was the first occasion that the Guild had attended as a LiveryCompany. The Service was quite a spectacle, with the Procession of Masters and Prime Wardens, the Lord Mayor, Sheriffsand Court of Aldermen followed by hymns lesson and prayers and with the Sermon being given by the Dean of Canterbury.

Barbers Historical GroupThis Group has been in existence for 17 years and has at present 57 members from the Livery and Freemen of the Barbers'Company, who obtain great enjoyment from its activities, which include listening to talks about history and carrying out researchand presenting findings. They would like to encourage other Companies to set up their own historical groups and to meet fromtime to time. If you are interested in starting a Guild historical group or in meeting other groups, please notify the Clerk.

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At the direction of the Court, new contracts have nowbeen signed by the Guild staff. Gaye Murdoch (Assistantto the Clerk - Events) has now reverted to 2 days perweek and Kim Webster (Assistant to the Clerk) hasexpanded her role and will now work 4 days per week.When the new system has "bedded-down", it is plannedthat the Clerk will be contracted for 3 days per week.

Over the past few months, the postal system has been a considerable cause for concern, with many itemsundelivered. This has caused a considerable amount ofadditional work and expense at the Guild Office and hashad a deleterious effect on efficiency. Frequent attemptsto improve the current system have proven to be fruitless,so we have decided to purchase a franking machine andsend all our post by Royal Mail. We hope that this willsolve the problem but if you experience any difficulties,please inform the Clerk.

The Court has now approved the design for the GuildTies and an order has been placed. As soon as the finaldesign proof and costs have been agreed with themanufacturers and the ties have been delivered to theGuild, we will notify you of the individual purchase costs.

Note from the Clerk Membership NewsOn the 8th November 2004, we were told of the death of SirDavid Gore-Booth, a member of the Guild since its inception. The Master wrote to Lady Gore-Booth offering our deepestsympathy and condolences and members of the Guild attendeda Service of Thanksgiving at Westminster Abbey on 16th March2005.

On a happier note, in December 2004, Roger Gifford was electedAlderman for the Ward of Cordwainer.

Assistant to the Clerk Reportfor the Spring 05 NewsletterMembership Subscription Renewal Packs were posted inOctober 2004 for the 2004/2005 subscription year. This yearwe included a direct debit option for paying the voluntarycontribution portion directly to the International BankersCharitable Trust. There were a number of members whoopted for this method.

By the end of November 2004, we had received 58% ofmembership subscriptions invoiced.

Kim Webster has started looking after the maintenance ofthe membership database, which includes updating thesystem with new members and sending membership packsto potential members.

A bit about Kim Webster, Assistant to the ClerkI was born in Auckland, New Zealand some years ago now. I studied Accounting for 3 years full time and 2 years part time, whileworking as an assistant accountant for a large Printing Company. I gained a Bachelor of Business Degree with an Accounting Major,and moved to a similar role in a subsidiary of the Printing Group. In 2001 I changed industry and began working as an assistantaccountant for a large New Zealand Winery. In the middle of 2003, I decided that it was time to explore the world. In March 2004, I departed Auckland, New Zealand for London, United Kingdom.

When I first arrived, I wondered what I had done, but after a 3 week Contiki tour of Europe, I decided that I had definitely made the bestchoice. On my return from my trip, the search for employment began. After 2 weeks of interviews I had a part time position at the Guildfor 3 days per week. I was lucky enough to arrive 6 weeks before year end, with much to learn and organise before the auditors arrived.After the auditors had left, it was time to learn more about the Guild and start preparing for the processing of membership subscriptioninvoices.

In the middle of November, it was time to return to New Zealand for a few days, then onto Sydney, Australia for my eldest brotherswedding. They say that you forget about how long the flight is, but I can assure you, you don't. I enjoyed some warm sunny weather inSydney before returning to London with winter to look forward to. I had heard so many negative stories about winter in London, but Ican safely say it wasn't as bad as they said. I enjoyed the snow fall which we encountered, it was a novelty for me as living in Aucklandwe don't see the snow, unless of course you drive 4 hours south, then there is plenty.

Over Christmas, my younger brother & I drove around Wales, which was enjoyable. I have managed to travel to many towns here in theUK as well as a day trip to Lille, France. Now that winter is over, I'm planning more adventures, including Belgium for Easter and Normandyand The Lakes District for the May Bank Holidays.

The India House ClubIndia House is a private luncheon club founded in 1914 inNew York City's financial district, just 2 blocks south of WallStreet in their own free-standing building on Hanover Square,site of the British Memorial Garden. Overseas membership inIndia House Club is a special value and may be particularlyattractive to Guild members who frequently travel abroad.Details are as follows:

• A one-time initiation fee of $250 (rather than the higher resident fee of $800.

• Annual Club dues of $225.

• Special overnight room rates at the Wall Street Inn and Club Quarters worldwide, including the London locations.

• Use of India House's reciprocal clubs - over 90 in the US and worldwide.

• Special member rates for member meetings and special events held at the Club.

• Spouses of members enjoy all membership benefits from $100.

• Six unaccompanied guest passes per member per year (a usage fee applies).

Keith Kanaga, a Governor of the Club, has agreed to be thesponsor for any prospective members from the Guild. If yourequire any further information, please visit the Club's websiteat www.indiahouseclub.org.

spring 05 - the worshipful company of international bankers

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