Quote from the UK "National Blood Authority annual report 1997" - page 8
....

Cord blood banking.
During 1996/97 the London Cord
Blood Bank became the first fully
operational unit in England to
save and store blood from the
umbilical cords and placentas of
newborn infants. Cord blood is
rich in stem cells - which
produce all new blood cells - and
can be used as an alternative to
bone marrow transplantation for
children with diseases such as
leukaemia and sickle cell
anaemia.

Hope this helps

Rob.