Northern Rock Crisis: Run of Withdrawals

	Duration: 00:47 minutes Upload Time: 07-09-17 22:36:10 User: news6776 :::: Favorites :::: Top Videos of Day
Description: 17.09.2007 London, UK - Northern Rock opened at 8 a.m. Monday, one hour earlier than usual, to deal with the expected wave of withdrawals. There are fears a run of withdrawals at British Bank, Northern Rock, could exacerbate the lender's funding problems and force a fire sale of the business. Despite assurances from the British bank that there's no need for panic and that it remains solvent, customers are queuing outside branches intent on withdrawing their savings. Investors in the cash-starved lender also withdrew their support, with heavy selling resulting the bank losing more than a third of its value for the second straight day. The crisis erupted last week when the Bank of England provided the country's fifth-largest mortgage lender with an emergency loan. The market saw that as a signal that Northern Rock is the latest victim of the credit crunch.
Comments
mikexxxxnolan ::: Favorites The video clip is OK but shows people do not trust the Bank of England. It seems odd that nobody expects their auditors PricewaterhouseCoopers to know anything and yet their fees are high. 07-09-27 14:04:28 __________________________________________________
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