Northern Rock history simplified - why did that happen?
Written by OnlineLoan on 17:44Northern Rock history simplified - why did that happen?
In September of this year is the fifth largest nation of Mortgage lenders has been the victim of the first run at a British bank in nearly 150 years. Since the crisis of the credit was created in the United Kingdom in August Northern Rock is known as one of the highest profile victims of the financial turmoil, which was created by the global resources, which was triggered in the sub-sectors, the mortgage loans in the United States.
According to the reports of the Treasury initially learns that Northern Rock has financial problems, in August of this year, when the Financial Services Authority apparently said the Chancellor of the Chancellor, Alistair Darling, that the bank was in the swamp. Nach Alistair Darling, der FSA und der Liquidität haben ihr Bestes getan, um zu helfen die Northern Rock für die Überwindung dieser Probleme, die ein Teil des dreigliedrigen Systems, die erstellt wurde, um diese Fragen, die ein Drittel der Bank von England .
In September, rumors that Northern Rock met the financial problems that were caused by several factors, particularly the increase in inter-bank loans for the costs of the crisis of the loan. Es wurde bald bekannt, dass Northern Rock hat ein Darlehen der Dringlichkeit für die Milliarden von Pfund der Bank von England, und das ist, dass die in der allgemeinen Panik, dass die breite Öffentlichkeit entdeckt, die das Darlehen und Begonnen, in Panik zu versetzen that the lender was the collapse.
In a few days, in the middle of September, the price of the shares of Northern Rock, loses more than 80% of its value at a certain time. Savers fear the clock in the queue remove their savings, with many others who try to use the Internet to withdraw their money as soon as possible. The customers have money in all types of accounts, including ISA, and in the course of several days, more than two billion pounds to save was from the bank.
Since this chaos, Northern Rock had not only financial losses, but also a reputation, which was left in shreds. There were talks to sell a part or the whole of the company, and a number of parties, including Sir Richard Branson, expressed interest. The President of the Bank, Dr Matt Ridley, who tendered his resignation following the anarchy, even if you asked him to stay a little longer to face the grilling Treasury Select Committee.
Despite the problems and changes that the bank was with a number of lessons have been drawn, although officials indicated that the full extent of these courses is not clear until next year. But on the security provided by the Government of interest income, was following the Northern Rock situation, what can the risk of another bank to such a top profile victim in the future.
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