Northern Rock asks for Bank help
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The Northern Rock applies to the Bank of England for emergency financial support, the BBC  learns.
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The Bank of England has agreed to provide emergency funding to mortgage lender Northern Rock after it fell victim to the liquidity squeeze in the banking sector, media reports said on Thursday.
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The Virgin consortium has been told it  is the front-runner to rescue ailing British bank Northern Rock  Plc  but it needs to improve its offer over the  alternative of nationalization, a person familiar with the  matter said.
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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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Britain's financial watchdog is to be given new powers to intervene in failing banks to avoid a repeat of the Northern Rock crisis, Chancellor of the Exchequer Alistair Darling said in an interview out Friday.
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MPs demand an explanation for the first run on a high-street bank in over a century.
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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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The rescue of British bank Northern Rock  could get bogged down in a legal battle as shareholders criticized the government's handling of the five-month crisis just as a decision nears.
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London equities fell on Friday after Northern Rock went to the Bank of England to arrange emergency financial support, a move that led to a two-year profit warning and undermined share prices in its peers.
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Shares in troubled mortgage lender Northern Rock rose on a promise by the central bank to back its deposits, but worried customers continued to line up Tuesday to withdraw their savings.
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Britain's finance minister said on  Wednesday he was working on a set of measures which will allow  the government to launch emergency rescues if other banks run  into trouble similar to that experienced by 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 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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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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Government financing triggers move but Treasury says Northern Rock has not been nationalised
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The government faces calls to overhaul the way banks are monitored after a report into the  Northern Rock crisis.
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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.