UK extends guarantees for Northern Rock
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The British government said on Tuesday it was extending guarantee arrangements for Northern Rock  to cover some unsubordinated wholesale obligations of the stricken bank, whether existing now or in the future.
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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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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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The UK government says it will guarantee all deposits with the Northern Rock bank, as its shares fall heavily.
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Business & money: The government yesterday handed Northern Rock a further lifeline as it struggled to keep the stricken bank afloat and push through a private sale
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Victims of previous financial collapses call on government to extend Northern Rock pledge.
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There was a measure of relief for the banking sector on Tuesday after the Treasury extended its guarantee beyond Northern Rock's customer deposits to its wholesale banking products.
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Britain said on Sunday it will  nationalize ailing mortgage lender Northern Rock  for a  temporary period as it was not in the taxpayer's best interests  to sell it to the private sector now.
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Northern Rock&#39;s full-year profit will at least meet analysts&#39; expectations as the mortgage bank continues to pile on business despite the slowing housing market.
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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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Prime minister and chancellor seek to reassure voters saying they are dealing with the Northern Rock fallout
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A deadline on private bids for Northern Rock, the bank almost ruined by the squeeze on global credit, was to expire on Monday amid speculation that three proposals will be made to the board.
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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 government Tuesday agreed to extend its guarantee to all customer deposits held at Northern Rock as the bank severely hit by the global credit squeeze awaits being taken over.
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Goldman Sachs , the U.S. investment bank advising the British government on the future of Northern Rock , is seeking to widen the range of options open to the government in its bid to rescue the stricken bank.
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Goldman Sachs is close to completing a  15 billion pound ($29.5 billion) financing package to be used  by suitors for UK lender Northern Rock , the Sunday  Times reported, adding details may be unveiled this week.
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SHANGHAI/LONDON  - Britain will back a plan to convert its lending to Northern Rock  into bonds, a source familiar with the matter said, potentially tying itself to the bank for years but avoiding full-scale nationalization.