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 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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The government has plans in place to use legislation if the Northern Rock bank is nationalised, the BBC learns.
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The Bank of England may provide liquidity to Northern Rock, the biggest British casualty so far of a credit squeeze.
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Britain's central bank, the Bank of England, on Friday said it has frozen the assets of a suspect accused of plotting to kidnap and kill a British soldier, and those of four others accused of terrorism offences.
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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 British government was to introduce emergency legislation Monday to temporarily nationalize Northern Rock PLC amid strident criticism of the move from opposition lawmakers and shareholders in the stricken mortgage lender.
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The government says it will cover losses by financial institutions providing money to the troubled bank.
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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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Northern Rock, the British bank nearly sank by the global credit crunch, faced a shareholder vote Tuesday over plans to limit management's ability to sell the group without consulting investors.
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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 government will use legislation if the Northern Rock is nationalised, the BBC learns.
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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 British government's pledge to guarantee all deposits held by Northern Rock in an effort to shore up confidence in the country's fifth-biggest mortgage lender will be put to the test on Tuesday when branches reopen.
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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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The Office for National Statistics announced Thursday that the country's public finances data would incorporate the liabilities of the crisis-hit bank Northern Rock.
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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.