UK props up wounded Northern Rock
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Britain's financial authorities stepped in to rescue mortgage lender Northern Rock  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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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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Bailed-out British bank Northern Rock was hoping Sunday its attempts to reassure panicking customers would pay off as the lender tried to avoid falling victim to the global credit squeeze.
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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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The government Tuesday took the first steps in parliament towards nationalising troubled mortgage lender Northern Rock, the troubled bank rocked by the global credit crunch six months ago.
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Prime minister and chancellor seek to reassure voters saying they are dealing with the Northern Rock fallout
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Northern Rock sells Â£2.2bn of its mortgage assets to US bank JPMorgan, saying it will repay the Bank of England.
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Northern Rock  said it had taken a 281 million pound ($574 million) hit, or two-thirds of its market value, from its exposure to the credit crisis, adding to its woes as it brought in a new chief executive.
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Britain deepened its involvement in stricken mortgage bank Northern Rock  on Tuesday, offering to guarantee more of its liabilities as the struggle to find a private sector acquirer for the business continues.
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Government financing triggers move but Treasury says Northern Rock has not been nationalised
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Shares in Northern Rock recovered further as the London stock market was buoyed by a deep US interest rate cut, dealers said Wednesday.
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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 British-based bank delivers an upbeat outlook and modest writedowns.
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Northern Rock shares have a turbulent time after a week in which its stock tumbled in the wake of a credit crisis.
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Northern Rock said it had taken a 281 million pound ($574 million) hit, or two-thirds of its market value, from its exposure to the credit crisis, adding to its woes as it brought in a new chief executive.
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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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Northern Rock shares plunge after it seeks emergency help from the Bank of England.