Customers were estimated to have withdrawn about 1. LONDON Reuters - Thousands of customers queued to withdraw savings from embattled British bank Northern Rock on Monday and its shares plunged again, heightening pressure for a sale of the business or its assets. Discover Thomson Reuters. Not all of its steps, however, met with customer approval. The BBC is not responsible for the content of external internet sites. Whilst margins will undoubtedly remain under pressure, we remain confident that our ability to innovate and our efficiency will result in the Group's continuing prosperity, meeting the aspirations of shareholders and customers. Rush on Northern Rock continues.
UK government's £37 billion bailout of Northern Rock in pays off The National
Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne, United Kingdom, Northern. Customers have been queuing outside Northern Rock branches amid fears over an Queue outside Northern Rock branch in Kingston, Surrey.
UK government's £37 billion bailout of Northern Rock in pays off. The govenrment reaps profit from the nationalised lender.
Ghost town. Analysts said the bank, approaching its 10th anniversary as a listed company, is unlikely to survive in its present form.
The earliest building societies had been formed chiefly by small groups of artisans, who grouped their resources together in order to purchase lands and to build their homes.
BBC NEWS Business Rush on Northern Rock continues
He said the website was running slowly owing to a high number of customers, and insisted: "There is no gate blocking anyone from accessing their account. Under terms of the conversion, Northern Rock Foundation began receiving five percent of Northern Rock's net income; in the event of a takeover of the company, the foundation's legacy was safeguarded with provisions to give it 15 percent of the resulting merged operation's shares and voting rights.
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These societies were known as 'terminating societies. Send comment.
Some reports said as much as 2 billion pounds has been withdrawn, which would represent about 8 percent of its deposits.
Chancellor Alistair Darling and City watchdog the Financial Services Authority moved to reassure customers that the bank was still functioning. In order to maintain its leadership in the home mortgage market, a position that the company had managed to raise to more than ten percent byNorthern Rock worked to slash costs. Other alternatives could include a rundown of the business in which cash is returned to depositors, branches closed and loans repaid.