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Northern Rock gets bank bail out

 
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User ID: 296925
United Kingdom
09/13/2007 05:06 PM
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Northern Rock gets bank bail out
The Bank of England has agreed to give emergency financial support to the Northern Rock, one of the UK's largest mortgage lenders, the BBC has learned.

However this does not mean that the bank is in danger of going bust, Business Editor Robert Peston says.

There was no reason for people with Northern Rock savings accounts to panic, he added.

The bank has struggled to raise money to finance its lending ever since money markets seized up over the summer.

'Temporary problem'

The decision for the Bank of England to become the "lender of last resort" is extremely rare - and comes after consultation with the Treasury and the Financial Services Authority.

However the disclosure is expected to rock financial markets, Mr Peston said.

"Although the firm remains profitable, the fact that it has had to go cap in hand to the Bank is the most tangible sign that the crisis in financial markets is spilling over into businesses that touch most of our lives," he added.

[link to news.bbc.co.uk]
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Guernseycow
User ID: 4816
09/14/2007 02:44 AM
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Re: Northern Rock gets bank bail out
Bump....

This shows the dire straits of various institutions in the uk where deposit rates (for instance 3 month money) is trading at well over 1% over base rate.

Things will get worse before they recover...
Anonymous Coward
User ID: 851551
Australia
12/28/2009 04:46 PM
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Re: Northern Rock gets bank bail out
yoda
groonsirl
User ID: 852818
China
12/30/2009 04:36 AM
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Re: Northern Rock gets bank bail out
It is very clear in all terms regarding background and posting new threads.I hope I will learn alot from this site.
Anonymous Coward
User ID: 852762
New Zealand
12/30/2009 05:19 AM
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Re: Northern Rock gets bank bail out
Bump....

This shows the dire straits of various institutions in the uk where deposit rates (for instance 3 month money) is trading at well over 1% over base rate.

Things will get worse before they recover...
 Quoting: Guernseycow 4816



This hows the dire straits of various institution IN 2007!!!!


CHECK THE DATE OF THE ARTICLE,

it was written 13 Sep 07 21:03 22:03 UK

Your about two years late bro tounge
Anonymous Coward
User ID: 852762
New Zealand
12/30/2009 05:21 AM
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Re: Northern Rock gets bank bail out
oh .oops.. hang on... this is a 2007 thread... whats it doing here now?

who looks stupid now?

ME
Anonymous Coward
User ID: 840019
United Kingdom
03/08/2010 05:49 AM
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Re: Northern Rock gets bank bail out
im confused the latest post in this thread doesnt coincide with the title, and why is this pinned??????





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