toledoblade.com -- British mortgage bank's customers ignore appeals for calm, line up to withdraw savings: "Hundreds of customers lined up to withdraw their savings from a British mortgage bank Saturday, ignoring government assurances that their money was safe despite the bank's request for an emergency loan.
Police were called in some cities to steer panicked crowds away as Northern Rock bank branches closed for the day.
Fears have spread over the bank's request earlier in the week for an emergency Bank of England loan amid the global credit crisis. Northern Rock, Britain's fifth-largest mortgage lender, is the first British bank in 15 years to be bailed out by regulators.
Customers withdrew $2 billion from the bank Friday, The Financial Times reported, citing an unidentified person described as close to the situation. The bank declined to confirm the figure, which represents 4 percent of its deposit base."
Oops, another bank run that is fallout from the sub-prime crisis, but this time it is in Britain...
Showing posts with label sub-prime lending. Show all posts
Showing posts with label sub-prime lending. Show all posts
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