RobertB
September 14th, 2007, 06:33 PM
Northern Rock granted emergency funding
By TARIQ PANJA, Associated Press Writer Fri Sep 14, 2:56 PM ET
LONDON - The Bank of England provided emergency funding to mortgage lender Northern Rock PLC on Friday after the bank, citing the global credit squeeze triggered by the U.S. subprime mortgage crisis, said it was unable to line up short-term loans from other financial institutions.
Even after the central bank issued a statement saying Northern Rock was solvent, slow moving lines of customers snaked through its doors to make withdrawals.
"I would not put a penny into that company again," said Tony Looch, a 68-year-old customer, who withdrew his savings after standing in line for nearly two hours outside a branch in central London. "There are a lot of older people who must be really scared."
http://news.yahoo.com/s/ap/20070914/ap_on_bi_ge/britain_northern_rock;_ylt=Aq1GasACGZ8TU8FEqXe8gs6 s0NUE
By TARIQ PANJA, Associated Press Writer Fri Sep 14, 2:56 PM ET
LONDON - The Bank of England provided emergency funding to mortgage lender Northern Rock PLC on Friday after the bank, citing the global credit squeeze triggered by the U.S. subprime mortgage crisis, said it was unable to line up short-term loans from other financial institutions.
Even after the central bank issued a statement saying Northern Rock was solvent, slow moving lines of customers snaked through its doors to make withdrawals.
"I would not put a penny into that company again," said Tony Looch, a 68-year-old customer, who withdrew his savings after standing in line for nearly two hours outside a branch in central London. "There are a lot of older people who must be really scared."
http://news.yahoo.com/s/ap/20070914/ap_on_bi_ge/britain_northern_rock;_ylt=Aq1GasACGZ8TU8FEqXe8gs6 s0NUE