BoE offers emergency support to Northern Rock
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The Bank of England has offered an emergency loan to Northern Rock after the mortgage lender became the biggest British casualty of the credit squeeze sparked by the crisis in the U.S. subprime mortgage market.
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The board of Northern Rock  is considering mounting a rescue plan to save the ailing British bank from nationalisation or takeover, the Sunday Times reported.
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Troubled bank Northern Rock could be sold off following its emergency bail-out by the Bank of England, the Sunday Telegraph reported.
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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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Britain's financial authorities stepped in to rescue mortgage lender Northern Rock &lt;NRK.L&gt; on Friday as the group, which has lent aggressively to home buyers, fell victim to the sharp rise in borrowing costs between banks.
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Treasury broadens its support as fears grow that stricken bank will have to be nationalised
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Northern Rock will hold an emergency meeting for shareholders on its sale process on 15 January.
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The government is to offer more financial support to private sector Northern Rock buyers.
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Britain's fifth largest mortgage lender recieved emergency funding from the Bank of England in an attempt to head of a liquidity crisis.
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On Thursday 13th September, after the market had closed, the Bank of England announced to have provided emergency cash to Northern Rock, the fifth largest mortgage lender in the country. The Bank of England played down the intervention, saying that it is not a "bail-out" but rather a loan meant to ease the bank's difficulties in financing its short-term operations in the face of the recent market turmoil. The bank's assets are reportedly solid and there is no risk for shareholders.  In spite of this reassurance, the stock price of this former market darling tumbled 30% on Friday. People were seen queing outside branches while the website went down as the bank clients rushed to withdraw their money using the online banking facility.  It's the first time in my life I've seen that Great Depression staple, the bank run.
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The British government deepened its involvement in Northern Rock on Tuesday, offering to guarantee more of the stricken mortgage bank's liabilities as it battles to find a private-sector buyer.
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Britain set a two-week deadline for a private-sector rescue of Northern Rock  on Monday as it confirmed plans to convert its billions of pounds of loans to the stricken bank into bonds in a bid to smooth a deal.
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Business & money: An emergency loan of Â£1.6bn and speculation about the sub-prime fallout have rocked the bank.
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Britain's Labour government Tuesday agreed to extend its guarantee to all customer deposits held at Northern Rock as the British bank severely hit by the global credit squeeze awaits being taken over.
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The panic engulfing mortgage lender Northern Rock PLC, Britain's fifth largest lender, may mark a watershed in the British economy by undermining the confidence of investors and consumers.
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Northern Rock says it has not yet had to borrow emergency Bank of England cash, as savers are urged not to panic.
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The board of Northern Rock is considering mounting a rescue plan to save the ailing British bank from nationalisation or takeover, the Sunday Times reported.