Bank's strife may shake UK confidence
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The panic engulfing mortgage lender Northern Rock PLC, Britain's fifth largest lender, may mark a watershed in the British economy by undermining the confidence of investors and consumers.
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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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Uncertainty about future foreign exchange moves and what impact they might have on interest rates and asset prices is one possible risk to a stable outlook for the financial system, the Bank of England said on Monday.
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Britain is in a strong position to withstand the global turmoil in financial markets, a spokesman for Prime Minister Gordon Brown said Tuesday.
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UK bank shares fall on worries about big mortgage lender Northern Rock, as the credit crunch continues.
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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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The rescue of British bank Northern Rock   could get bogged down in a legal battle as shareholders  criticized the government's handling of the five-month crisis  just as a decision nears.
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Fears grew on Saturday that panic among savers at British bank Northern Rock will see a run of withdrawals after reports that 1 billion pounds ($2.01 billion) had already been taken out.
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The British government faced questions Monday over its economic competence after nationalising Northern Rock, the beleaguered mortgage lender that fell victim to the global credit crunch six months ago.
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Britain may have salvaged a private sector rescue for Northern Rock  but by guaranteeing the ailing bank's debt, it stands accused of giving the mortgage lender an unfair advantage.
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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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The London Stock Exchange (LSE) on Monday night looked likely to be taken over by one of its overseas rivals, after more than 300 years as one of Britain's key institutions.
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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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Banks may be taking cards  from reliable customers and giving them instead to riskier ones, an MP fears.
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Northern Rock was braced for another day of chaos at its branches on Tuesday, despite a government promise that it would protect customer savings.
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City fears that the Bank of England's rescue package could herald slide in house prices.
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Business & money: Pressure mounts on government to nationalise bank after activist investor increases shareholding