Northern Rock customers grab savings as bank&#39;s shares tumble
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Hundreds of panicky depositors converged on Northern Rock branches for a third day Monday to grab savings from the beleagured mortgage lender.
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Hundreds of worried customers of Northern Rock queued for a second day Saturday to withdraw savings, ignoring assurances that the lender will not go bust due to the global credit squeeze.
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The troubled Northern Rock bank extends its opening hours to cope with customers wishing to withdraw savings.
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Business & money: Northern Rock's share price is expected to suffer a further slide as the prospect of a bid ebbed away.
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The government weighed in Monday to stem panic at the crisis-wracked Northern Rock bank, vowing to protect all savings as customers queued for a third straight day to withdraw cash.
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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 so far of the credit squeeze sparked by the crisis in U.S. subprime mortgage markets.
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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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Northern Rock, one of Britainâs biggest casualties of the credit crisis, sold part of its mortgage portfolio to JPMorgan as it seeks to repay about Â£25 billion, or $49 billion, in emergency financing.
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Stocks fell on Monday as savers demanded their money back from embattled British bank Northern Rock , adding to global credit concerns before an expected U.S. interest rate cut this week.
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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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Northern Rock faced another day of customers withdrawing their savings and share price drops on Monday after an emergency bail-out from the Bank of England last week.
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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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Crisis-hit bank's stock hits all-time low after Treasury warns it will not protect new customers.
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Thousands of nervous customers queued for hours outside branches of British bank Northern Rock on Saturday desperate to withdraw savings after it was forced to seek emergency funds to weather the global credit crunch.
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Thousands of nervous customers queued  for hours outside branches of British bank Northern Rock on  Saturday desperate to withdraw savings after it was forced to  seek emergency funds to weather the global credit crunch.
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Northern Rock, the mortgage lender saved from collapse by the Bank of England, took a step toward repaying the loans by selling a 2.2 billion pound portfolio to JP Morgan.
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Northern Rock customers have complained of problems accessing their online accounts.