The Cedar Story

On Wednesday 19th December 1973, at the Bank of England in the spacious surroundings of the court room, the heads of four of the country's mightiest institutions, lawyers, merchant bankers, clearing bankers, stockbrokers and executives of the Bank and the country's leading liquidator met. They were there to discuss Cedar Holdings: a small but celebrated secondary bank. Downstairs, crowded in a small meeting room, were executive directors of Cedar, headed by Jack Morrison, the chairman, and his son, Michael. The purpose of this unprecedented gathering was to save Cedar from collapse. Would the institution put up the huge amounts necessary? But Cedar had to be rescued at all costs. If it was not able to open its doors for business on Thursday morning, the entire UK banking system was in danger of collapsing. This is an account of the rise and fall of Cedar, by a man whio played an active role in its story.