Friday, September 14, 2007

Northern Rock Bank Run

by Bill McBride on 9/14/2007 09:01:00 AM

UPDATE: From Paul in London. Northern Rock branch in Hounsditch, City of London 3.12pm today.Later that same day at Northern Rock

Customers queue up in the UK Photo from the Guardian, credit Sang Tan/AP.

From Bloomberg: Northern Rock Customers Crowd London Branches, Withdraw Money
Hundreds of Northern Rock Plc customers crowded into branches in London today to pull out their savings after the mortgage-loan provider sought emergency funding from the Bank of England ...
Customers queue up in the UK2nd Photo from BBC.
The Bank of England said it will provide emergency cash to Northern Rock, Britain's third-largest mortgage provider, in the nation's biggest bailout of a financial institution in 30 years. The rising cost of credit left the lender unable to make new loans and stoked concern among customers about their money.
It looks like the older customers stand in the queue; there is probably an online bank run too.

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