Financial Services Industry
Industry: Email Alert RSS FeedA crisis now nearing its sixth month.(Northern Rock PLC mortgage crisis)
Financial Adviser, January, 2008
Byline: The woes facing Northern Rock began last August but there is still no long-term solution as to what to do
The Northern Rock crisis, which began last summer, has sent shockwaves throughout the banking and mortgage sector and has raised fears for the future of lending.
The crisis hit Northern Rock in August after banks stopped lending to each other because of fears about exposure to high risk US sub-prime mortgages.
In September news broke that Northern Rock had received emergency funding from the Bank of England which resulted in thousands of customers withdrawing cash from the bank.
The government then guaranteed depositors' cash to curb the queues outside bank branches.
As the summer turned to autumn, the share...
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