Northern Rock

How some shareholders lost out, and all must be wiser in future TWO years ago when Northern Rock, a mortgage bank, was teetering on the brink, the financial authorities considered keeping it afloat with secret emergency lending. Mervyn...

In this article: Mervyn King, HBOS, Royal Bank of Scotland, Financial Services Authority, Bank of England, and Britain

...defended the decision to keep the emergency financing secret, pointing to the disastrous consequences of the publicity following Northern Rock's call on Bank of England funds that sparked a run on the bank and led to its enforced...

In this article: HBOS, Bank of England, RBS, Vince Cable, Liberal Democrat, and Mervyn King

...seriously jeopardise the financial stability of the system as a whole. I shared this assessment. " In 2007, there was a run on Northern Rock, with customers queuing round the block to withdraw their money after it was disclosed that the...

In this article: Lloyds TSB, Royal Bank of Scotland, Bank of England, HBOS, Alistair Darling, Mervyn King, and Gordon Brown

...revenue. Typically, equity release loans are repaid only when the customer dies or moves into care and their property is sold. Last month Northern Rock pulled out of the equity release market. Saffron Building Society revealed it was to...

In this article: Revenue, Coventry Building Society, and Saffron Building Society

...that even after being effectively semi-nationalised, fellow financial institutions were still refusing to lend the banks money. Like Northern Rock the previous year, they were forced to call on the Bank's assistance, although unlike Northern...

In this article: Bank of England, Royal Bank of Scotland, HBOS, Balance sheet, Paul Tucker, and Labour

...takeover of Dutch giant ABN Amro at the top of the market in 2007. The state now owns 84 per cent of RBS after an enormous bailout. Northern Rock was meanwhile nationalised in February 2008 after it ran into severe funding problems...

In this article: Royal Bank of Scotland, Bank of England, HBOS, Credit crunch, Lloyds TSB, Mervyn King, ABN AMRO, and England

...Terry Rooney, Phyllis Starkey, Mike Gapes, Kevin Barron and Barry Sheerman. Proponents say returning Northern Rock to mutual status - where it would be owned by its customers instead of shareholders - would help the government to...

In this article: Labour, Alistair Darling, Liberal Democrats, Phyllis Starkey, Barry Sheerman, Terry Rooney, and Mike Gapes

Northern Rock should be reborn as a building society, MPs say Northern Rock should be returned to private ownership as a building society instead of a bank, MPs of all parties have said. A total of 31 MPs including several former...

In this article: The Treasury, Labour Party, Alistair Darling, Co-operative Party, Co-operative Bank, and Nationwide Building Society

...said the quality of loans remained high with the average loan-to-value ratio of new loans at a safe 55 per cent. The newly separated Northern Rock plc will increase total mortgage lending next year towards a target of GBP9 billion. Its...

In this article: Unemployment, Financial Services Authority, and Bank of England

The bank said it would make a loss this year Nationalised bank Northern Rock has said it is making "good progress" in restructuring its finances amid accelerating mortgage lending. The bank said gross mortgage lending rose to GBP1bn in...

In this article: European Union, Unemployment, and UK