Customers queue outside Northern Rock bank Golders Green branch, London NW11, England, UK. Photo:Jeff Gilbert
In 2008 the Northern Rock bank was nationalised by the British Government, due to financial problems caused by the subprime mortgage crisis. In 2010 the bank was split into two parts (assets and banking) to aid the eventual sale of the bank back to the private sector. On 14 September 2007, the Bank sought and received a liquidity support facility from the Bank of England, following problems in the credit markets, during the current financial crisis. On 22 February 2008 the bank was taken into state ownership. The nationalisation was a result of two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of taxpayers' money. Northern Rock plc (former London Stock Exchange ticker symbol NRK) is a British bank, best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007. Having failed to find a commercial buyer for the business, it was taken into public ownership in 2008. It is based at Regent Centre in Newcastle upon Tyne, United Kingdom. Formerly the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange. Since 1 January 2010 the Northern Rock name has referred to two companies – this bank, Northern Rock plc, and a separate asset company, Northern Rock (Asset Management) plc.
Size: 4368px × 2912px
Location: Golders Green, 2 Golders Green Road, London, NW11 8LH
Photo credit: © Jeff Gilbert / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: accusations taxpayer downturn share people, authority rush northern, bank bank, bank lender deal alistair, bank loan public, building, credit, crisis financial, crisis repossession, crunch britain high, crunch mervyn, darling, england markets capital financial, fall banking, green, green customers queue outdoors exterior collapse nationalised financial queuing repossession mortgages crisis rock northern british, king money banks asset ftse northern, money credit, mortgage, northern, northern rock bank crisis queue customer, performance emergence 2007, queue withdraw, rock, rock bank london golders, services, society golders, street cash bank, subprime
