It's accurate but rather understates Rice's position in the Scottish business community.

Well respected, would be better description. Well liked would also be appropriate.

Rice, chief executive of Lloyds TSB in Scotland until now, is one of those people about whom very few, if any, have a bad word to say. Not on the record anyway.

In the world of business, a world full of those with strong opinions which they often express, that is unusual.

Her appointment - the latest development in the unfolding saga of the Lloyds take-over of HBOS, in terms of what it means for the new organisation and its relationship to Scotland

One question is this: where does the power lie? The answer to that is very clear: with the London-headquartered Lloyds part of the organisation.

Rice has been appointed by, and will answer to, Archie Kane, the chief executive of Scottish Widows who now has the very

Kane's position on the main board of the Lloyds Banking Group makes him the point man in Scotland for the group's chief executive Eric Daniels and chairman Sir Victor Blank.

Both are Lloyds people. Very few of the HBOS folk have been given top jobs in the new institution.

There is continuing speculation as to the fate of Peter Cummings, head of corporate banking at HBOS, who appears to be on the way out amid reports, so far unconfirmed, that he may receive a significant payment. Or, depending on who you listen to, that he may not.

Whatever the eventual fate of Cummings and others from HBOS - or even those who came from BOS before the 'H' of Halifax became part of it - Lloyds executives are firmly in the driving seat north and south of the Border.

Because of the politically charged controversy over the take-over, those who will have to run the newly merged operation in Scotland will have a particularly difficult job.

Being on the main board and, while he is at, it running Widows, will be a major task for Kane so, if he is sensible - and he is - that should mean he gives Rice a lot of day-to-day responsibility.

Well known in the business and political worlds, Rice is well placed to assist in the rationalisation of the two businesses in Scotland, a process which will almost certainly involve job losses.

Rice was today typically diplomatic when asked about what most observers see as the inevitable reduction in head count at the organisation.

In a regrettable lapse into business-speak she said they would be looking at the shape of the organisation "going forward". Leaving aside the fact that no-one goes backwards (ahem) this was a clever way of not answering the question.

There may, as Rice says, be "no plans right now" for job losses.

But as they look at branch structures and the broader consequences of integration of the two organisations, it is hard to see a situation in which there will not be significant job losses.

It may formally be a three year process but shareholders - ironically including the UK government - will be looking for substantial "synergistic" savings (usually that means job losses) soon, very soon.

Rice is likely to be the public face of much of that process and will, no doubt, use her extensive network of political contacts to seek to explain decisions in her usual quite, diplomatic and logical way.

It is not a task many would envy but it will be one that she is undoubtedly suited to. Not only has she been at Lloyds TSB for eight years, she also worked at Bank of Scotland too.

But one thing is clear. He was glowing in his praise for Rice today but it will be Kane and the UK board of the Lloyds Banking Group that will be setting the strategy.

Rice and the Scottish executive committee of the bank will be implementing what today's statement calls "the management and execution of the group's combined activities in Scotland".

We can only hope there will not be too much in the way of execution.

Peter is The Scotsman's Business Editor.