Credit crunch hits Northern Rock

Posted on September 15, 2007
Filed Under Northern Rock |

In extraordinary scenes, large amoutns of customers are queuing up outside of Northern Rock branches looking to withdraw their savings. With Northern Rock relying heavily on borrowing on international money markets to fund their mortgage lending, the current creidt crunch has hit them particulary hard. The intervention of the Bank of England earlier in the week with an emergency loan to ensure that the company can continue mortgage lending has spooked many customers. BBC news is reporting that up to £1bn was withdrawn on Friday alone.

Click here to read more

Comments

Leave a Reply