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18/09/2007
Northern Rock Crisis Begins To Ease
The crisis over beleaguered bank Northern Rock appears to be calming down, as reports have indicated that queues of customers, anxious to withdraw their savings outside branches across the UK, have tailed off.
Earlier on Tuesday, Chancellor Alistair Darling pledged that the Bank of England (BoE) would underwrite all existing deposits, causing shares in the bank to rise again.
Northern Rock also took out newspaper adverts in an attempt to reassure customers.
Around £2 billion has been withdrawn from Northern Rock branches across the UK since last Thursday, when the firm applied for emergency funding from the Bank of England.
Northern Rock turned to the Bank as the "lender of last resort" after it struggled to raise money to fund its lending from commercial markets. However, the firm has stressed that it has not yet taken any of the funds made available to it by the BoE and also said that the Financial Services Authority considered it to be solvent.
There have been reports that Lloyds TSB had made a bid for Northern Rock, but that the deal had fallen through, reportedly because it had been blocked by regulators and the Bank of England.
Two other banks, rumoured to be HSBC and HBOS, are reported to be interested in acquiring Northern Rock.
Mr Darling said that the BoE's emergency loan would be transferred to any new owner if Northern Rock was sold and would be available for the length of its existing term, which was not quantified.
(KMcA)
Earlier on Tuesday, Chancellor Alistair Darling pledged that the Bank of England (BoE) would underwrite all existing deposits, causing shares in the bank to rise again.
Northern Rock also took out newspaper adverts in an attempt to reassure customers.
Around £2 billion has been withdrawn from Northern Rock branches across the UK since last Thursday, when the firm applied for emergency funding from the Bank of England.
Northern Rock turned to the Bank as the "lender of last resort" after it struggled to raise money to fund its lending from commercial markets. However, the firm has stressed that it has not yet taken any of the funds made available to it by the BoE and also said that the Financial Services Authority considered it to be solvent.
There have been reports that Lloyds TSB had made a bid for Northern Rock, but that the deal had fallen through, reportedly because it had been blocked by regulators and the Bank of England.
Two other banks, rumoured to be HSBC and HBOS, are reported to be interested in acquiring Northern Rock.
Mr Darling said that the BoE's emergency loan would be transferred to any new owner if Northern Rock was sold and would be available for the length of its existing term, which was not quantified.
(KMcA)
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03 August 2010
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
17 September 2007
Customers Continue To Withdraw Funds From Northern Rock
Worried Northern Rock customers are continuing to withdraw their savings from the beleaguered mortgage lender. Around £2billion has been withdrawn from Northern Rock branches across the UK since Thursday, when the firm applied for emergency funding from the Bank of England.
Customers Continue To Withdraw Funds From Northern Rock
Worried Northern Rock customers are continuing to withdraw their savings from the beleaguered mortgage lender. Around £2billion has been withdrawn from Northern Rock branches across the UK since Thursday, when the firm applied for emergency funding from the Bank of England.
18 December 2007
Northern Rock Gets Taxpayer Billions
The Government is bailing out troubled bank, Northern Rock, again. At the request of the lender, it has offered to cover any loss by financial institutions that provide money to Northern Rock so the bank can operate normal banking services.
Northern Rock Gets Taxpayer Billions
The Government is bailing out troubled bank, Northern Rock, again. At the request of the lender, it has offered to cover any loss by financial institutions that provide money to Northern Rock so the bank can operate normal banking services.
18 May 2012
Northern Rock Rescue "Could Cost Taxpayer £2bn"
The National Audit Office (NAO) has estimated that taxpayers could lose almost £2bn once the assets of collapsed bank Northern Rock are wound down. The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
Northern Rock Rescue "Could Cost Taxpayer £2bn"
The National Audit Office (NAO) has estimated that taxpayers could lose almost £2bn once the assets of collapsed bank Northern Rock are wound down. The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
13 February 2009
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
