Financial Services Industry
Industry: Email Alert RSS FeedHow the gov't handled the run on Northern Rock.
Financial Adviser, January, 2008
14 August 2007
Governor of the Bank of England Mervyn King is informed of troubles at Northern Rock's business in a phone call with officials at the FSA and the Treasury.
13 September 2007
Talks with potential buyers stall.
14 September 2007
Northern Rock is forced to go to the Bank of England because of "extreme conditions in global liquidity". The Treasury, Bank of England and FSA offer 'liquidity support'. To date, Northern Rock has borrowed around AGBP25bn from the Bank of England.
Large queues of customers concerned about the safety of their cash start to form.
17 September 2007
Chancellor guarantees all deposits held by bank to stop the embarrassing queues outside the banks.
25...
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