She is against allowing the ECB to become the lender of last resort, aka printer of money.

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Branson and his fellow investors bought Northern Rock from the UK government last year to turn his Virgin Money venture into a high street lender.

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And in the event of a financial emergency a currency board has less freedom than a central bank to act as lender of last resort, because the board cannot boost the money supply to aid troubled banks.

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Any bank with its headquarters in Scotland would need certainty about which central bank it could turn to for money when markets freeze - which central bank would be its lender of last resort.

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At the same time there is rising frustration that Germany will not allow the ECB to print money to buy the bonds of countries in trouble and to become the lender of last resort.

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For reasons I've discussed before, the feeling is the ECB cannot be a real "lender of last resort" for the eurozone if it sets a limit to the amount of money it is going to spend reducing the borrowing costs of governments such as Spain.

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The International Monetary Fund is supposed to be the world's lender of last resort, but disturbing questions were being raised Tuesday about whether it had all the money it needed to help the world's most troubled economies in the wake of the subprime crisis.

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