Queues form outside struggling UK bank; calm urged
Saturday, September 15, 2007 Nervous savers have re-formed queues this morning outside many branches of Northern Rock, after the £2.68 billion bank took an emergency loan from the Bank of England, the UK central bank. Shares in the bank had dropped 25% by lunchtime yesterday in London – and stood nearly 60% lower from their high of February – after the Bank of England acted in its capacity as “lender of last resort” to provide Northern Rock with short-term financing to enable it to continue operations. The Bank of England…
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