British bank rocked by panic withdrawals
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Anxious customers of British bank Northern Rock rushed to withdraw their savings Friday, forming lengthy queues in front of branches after the lender was bailed out by the Bank of England.
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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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The Bank of England provided emergency funding to mortgage lender Northern Rock PLC on Friday after the bank, citing the global credit squeeze triggered by the U.S. subprime mortgage crisis, said it was unable to line up short-term loans from other financial institutions. Even after the central bank issued a statement saying Northern Rock was solvent, slow moving lines of customers snaked through its doors to make withdrawals.
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London equities fell sharply on Thursday with banks in the vanguard of the sell off after HBOS and Northern Rock revealed the extent of their credit market writedowns.
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The Bank of England has stepped in to provide emergency financial support to Britain&#39;s fifth-largest mortgage lender Northern Rock, the latest institution to fall victim to market turmoil, officials confirmed Friday.
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Mortgage lender's shares plummet more than 20% after Bank of England intervention.
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Â· Northern Rock shares drop 30% after rescueÂ· Bank websites down as customers panic
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UK banks have built up a number of risky investment positions that could trigger a financial crisis if a shock caused a sudden rush to sell up, the Bank of England warned yesterday.
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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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Shares in troubled British bank Northern Rock were suspended on Monday as the group, devastated by the global credit crunch, said it would be taken into public ownership in the coming days.
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The bank was badly hurt by a huge spike in consumer credit costs and the poor performance of its investment banking unit, which has clamored for Wall Streetâs respect.
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Shares in one of Britain's largest lenders tumbled another 30 percent Monday as customers, driven by fears of insolvency, made run on the bank and withdrew billions.
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The FTSE 100 fell into negative territory Friday after mortgage lender Northern Rock shed a quarter of its market value after relying on the Bank of England to solve its lack of liquidity.
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Shares in banks fall throughout Europe as savers withdraw money from British lender Northern Rock.
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The Bank of England said Friday it had approved emergency funding for British bank Northern Rock PLC to help the company overcome a liquidity crisis
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The pound was sharply lower against the dollar and the euro, apparently driven by fears banks may have to announce further writedowns in the coming months.
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Business & money: Three lenders pull 'irresponsible' mortgages after Northern Rock comes under fire over similar deals