Government to Control Struggling British Bank
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The nationalization of Northern Rock, the ailing mortgage lender, was the first such action in more than a decade and a huge blow for Prime Minister Gordon Brown.
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The UK government says it will guarantee all deposits with the Northern Rock bank, as its shares fall heavily.
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Business & money: Britain's third largest bank first  to admit it is feeling financial pain of customers reclaiming overdraft and other fees.
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Britain's financial watchdog is to be given new powers to intervene in failing banks to avoid a repeat of the Northern Rock crisis, finance minister Alistair Darling said in an interview out Friday.
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LONDON, Sept. 17 -- Worried depositors lined up Monday outside branches of Northern Rock, Britain's fifth-largest mortgage lender, to withdraw their money even as top government officials promised them it was safe.
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Business & money: Bank of England governor blames risky behaviour by banks for current financial turmoil.
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Chancellor Alistair Darling has announced proposals to help sell the struggling bank to a private buyer.  Will the government's plan work?
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Prime Minister Gordon Brown's government faced accusations of mismanagement Monday as it began nationalizing stricken mortgage lender Northern Rock PLC Â the first time in 20 years that a private company has been taken into public ownership.
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A major British bank said today it had to arrange emergency funding from the Bank of England to ensure it had enough cash to keep operating, an announcement that forced European stock exchanges lower and contributed to a lower opening on Wall Street as well.
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Business & money: Northern Rock monitoring criticised by CBI boss.
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Britain has lined up respected executive Ron Sandler to run Northern Rock  should the stricken bank be nationalized, fuelling expectations the government could announce a move to state control within days.
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The Bank of England may have bailed out the crisis-hit bank Northern Rock but it still faces criticism over its largely muted response to the global credit squeeze.
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Northern Rock was braced for another day of chaos at its branches on Tuesday, despite a government promise that it would protect customer savings.
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The government Tuesday agreed to extend its guarantee to all customer deposits held at Northern Rock as the bank severely hit by the global credit squeeze awaits being taken over.
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Bank of England governor Mervyn King can expect tough questioning when he faces MPs on Thursday.
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Secret plan to divide up Northern Rock among high street banks drawn up by government advisers
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Business & money: Government to get tough with bidders for Northern Rock during crisis meetings