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Credit Crisis: Brits Withdraw $4 Billion From Bank

Credit Crisis: Brits Withdraw $4 Billion From Bank
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Its 1.5 million savers are concerned that the bank has over-stepped its credit ratio and the queues around the block have driven the bank's shares down 32% and the bank has asked to borrow money from the Bank of England.... Because of the global credit crunch Northern Rock has found it difficult to borrow the cash to run its day-to-day operations...

Piers Fawkes, PSFK
  • 16 september 2007

British savers have withdrawn $4 Billion from ailing mortgage lender Northern Rock in a matter of days. Its 1.5 million savers are concerned that the bank has over-stepped its credit ratio and the queues around the block have driven the bank’s shares down 32% and the bank has asked to borrow money from the Bank of England. The BBC reports:

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