Sep

13

new flash: northern rock in a cash crunch

Filed Under house 

Northern Rock has been bailed out by the Bank of England. Apparently, it needed to borrow money from the Bank of England because it couldn’t obtain credit on the market - a ripple effect of the sub-prime crisis in the States.

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  1. should you withdraw your money from northern rock? | plonkee money on September 15th, 2007 9:53 am

    […] to the BBC, £1bn was withdrawn from Northern Rock yesterday, after the announcement that the bank has applied to the Bank of England for emergency credit. Apparently, people have been queuing since 6 o’clock this morning to […]

  2. impact of subprime crisis on uk | plonkee money on January 31st, 2008 12:01 pm

    […] still lending it out, you’ve got something of a problem on your hands. Which is exactly what Northern Rock realised in September. They were forced to borrow from the Bank of England, which led to a short run on […]

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