Credit crunch deepens.
Investors Chronicle - magazine and web content, November, 2007
Companies who rely on wholesale credit still face a tough time Jonas Crosland
The UK Treasury may have established a protection zone surrounding Northern Rock, but this has failed to prevent the spread of funding sickness elsewhere, such as buy-to-let mortgage specialist Paragon Group of Companies which took a battering in the market this week. Companies such as Paragon, with a heavy reliance on raising money in the wholesale market, are now having to face up to some unpalatable options. When banks started to tighten up on lending during the summer, most thought the squeeze on wholesale funds would be a temporary affair, but the latest projections suggest that a return to normality will not come for some time yet.
Some banks may still be willing to...
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