Northern Rock

Thus, the widespread criticism of the Bank's stinginess in its approach to the market is irrelevant to what happened to Northern Rock.

A year ago, British policymakers were still arguing about whether or not to nationalise Northern Rock, the failed mortgage lender.

If Northern Rock had been taken under public control at the same time, the Bank lending would have been unnecessary.

The UK's heavily praised Financial Services Authority was unable to anticipate and prevent the bank run that threatened Northern Rock.

They also argue that there was no chance that the support would have been withdrawn and Northern Rock allowed to go bust.

And two years since the queues began to form outside branches of Northern Rock.

Since the collapse of Northern Rock, light-touch regulation is no longer a phrase that can be used in polite society.

Northern Rock may have not been a systemically important institution.

Lloyds TSB began to tackle the issues raised by the Northern Rock crisis in its advertising several months ago.

But it was completed just before the Bank of England announced its emergency support for Northern Rock.

In 2007 news that Northern Rock received loans from the state led to a run on the bank.

Meanwhile, mention then of structured investment vehicles or Northern Rock to a G8 leader would have been met with a blank stare.

Examples of bank runs include the run on the Bank of the United States in 1931 and the run on Northern Rock in 2007.

If Dubai is the sovereign debt equivalent of Northern Rock, then Greece might be its Bear Stearns and Japan its Lehman Brothers.

Britain is not about to collapse into anarchy, even if the experience of Northern Rock's depositors is profoundly unnerving.

NORTHERN ROCK was rescued in September 2007, more than a year before the much-bigger Royal Bank of Scotland (RBS), Lloyds TSB and HBOS.

He also wants to return Northern Rock to the private sector before the general election, which must be held by June 2010.

But their effort to rescue Northern Rock was the equivalent of screaming "fire" in a theatre.

Many believe government subsidy will be needed if another institution is to be cajoled into taking Northern Rock over.

Short-term wholesale funding also helped to sink Northern Rock, one of the earliest victims of the crisis.

The Treasury has argued that without support from it and the Bank of England Northern Rock would have gone into liquidation.

The "good" bank will hold all of Northern Rock's retail deposits and a proportion of its lower-risk mortgage loans.

No bank wants to use them for fear of sending a signal to the market that it, like Northern Rock, is in distress.

He (eventually) took the bold step of nationalising Northern Rock, the mortgage lender that was the canary in the banking coal mine.

Any renewed takeover interest is likely to depend on whether Northern Rock's business can be stabilised.

The failure of a small or medium-sized bank can trigger a systemic crisis, as Britain's Northern Rock showed.

Mr Darling said the new Northern Rock board would operate at arm's length from the government.

In short, the FSA had been asleep at the wheel while Northern Rock racked up ever bigger risks.

Northern Rock was an accident waiting to happen.

Shareholders and prospective bidders for Northern Rock yesterday welcomed the plan, which follows weeks of intensive discussions.

Northern Rock, a bank nationalised in 2008, will escape scrutiny; the rules concerning the royal family are to be tightened.

Yet Northern Rock had been experiencing funding problems since mid-August.

At the time of the nationalisation, shares in Northern Rock were changing hands at 90p.

The British tripartite system of oversight was ineffectual in the Northern Rock crisis.

The American authorities agreed to guarantee bank deposits in order to prevent the kind of bank runs that damaged Northern Rock.

The plight of Northern Rock remains a huge embarrassment for both the UK's policymakers and its financial sector.

Mr Lambert referred to some of the old UK building societies, such as Northern Rock, Halifax and Bradford & Bingley.

The answer is that Northern Rock would have had to go into administration.

After Northern Rock failed, Gordon Brown hesitated and then decided against calling an early election with the economy looking ropey.

And it was on his watch that Northern Rock got so carried away with the wholesale money markets and 130% mortgages.

For nationalization, which this newspaper has reluctantly advocated from early on for Northern Rock, covers a multitude of sins.

The first phase was denial, which started almost two years ago with Northern Rock and Fannie Mae and Freddie Mac.

Northern Rock failed to insure itself against this contingency.

Mr Kingman was there at the start of the banking crisis, playing an important role in shoring up Northern Rock.

Depositors may wish to withdraw more than the banks have available, as happened with Northern Rock in the UK.

But a host of small, narrow banks blew up too, including Northern Rock, while a big retail bank, HBOS, failed in spectacular fashion.

The run on Northern Rock, triggered when normally phlegmatic British investors lost their nerve, proves that.

But when Northern Rock, an apparently solvent mortgage bank, applied for lender-of-last-resort support, it forced a U-turn.

The liability is already implicit (as at Northern Rock), and, unlike Treasuries, it is ultimately backed by housing as collateral.

This is no less true in other developed economies, as the rescue of Northern Rock in the UK demonstrated.

The pretext is to prevent wires getting crossed, as happened during the Northern Rock fiasco.

Note that what went wrong in this case was not Northern Rock's strategy on lending, but rather on borrowing.

So for the UK edition I included long passages about Northern Rock (the failed British bank).

The result is a wash: Enron and WorldCom both split the two jobs, as did the Royal Bank of Scotland and Northern Rock.

Income multiples stretch to as much as 18 times salary, a figure that would make even Northern Rock blanch.

One led by Sir Richard Branson's Virgin Group and the other by a team of Northern Rock's own managers.

State-owned Northern Rock is also being broken up under a plan approved by European regulators last week.

I must declare an interest: members of my immediate family had money in Northern Rock.

With a judder, Northern Rock crashed.

Northern Rock and Bradford & Bingley are already under full state control.

Soon a very public run on Northern Rock put paid to the lender's prospects.

Northern Rock held talks with Lloyds TSB, the UK's fifth-largest bank, as recently as last Monday.

Northern Rock, the UK lender, had a ratio of more than 300 per cent at its peak before being nationalised in 2007.

Yet if the economy slips badly, the prime minister will find that a far more serious mishap than nationalising Northern Rock.

An even bigger danger is the threat Northern Rock will now pose to competition.

The Commission did, however, impose several constraints on Northern Rock's ability to write new business.

and it was confusion or uncertainty on this matter that prompted episodes such as the run on Northern Rock.

The collapse of Northern Rock revealed flaws in the UK system of financial regulation.

The government said insurance industry veteran Ron Sandler would chair Northern Rock and oversee its turnround.

Their reputation has yet to recover fully from the collapse of Northern Rock, a mortgage lender, in 2007.

And just like Northern Rock, Overend paid the price for its flawed business model.

Former shareholders in Northern Rock today accused the government of cheating them of compensation when the bank was nationalised last year.

At one point in the Northern Rock saga, Mr Kingman reported that the situation looked bad.

On the other hand, they opposed both nationalising Northern Rock and pumping in fiscal stimulus to fend off an even direr slump.

On October 28th the commission approved plans to split Northern Rock, which was nationalised by the British government last year, into two.

Northern Rock was a narrow bank, with only retail customers, and Northern Rock failed;

Government cheated us over Northern Rock, say shareholders

Northern Rock: praying in the storm of subprime loan

The government was anxious to prevent the surge of withdrawals from Northern Rock triggering a wider crisis