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The collapse of investor confidence in Northern Rock Plc during mid September 2007, has rocked the UK financial markets. The media coverage of queuing depositors waiting to withdraw their funds is a sight which has not been seen in the UK during living memory. The way the crisis developed and the handling of the problem by the government, the Financial Services Agency, and the Bank of England are now agenda items. It looks like the government is presenting Mervyn King, Governor of the Bank of England, as a fall guy. The Bank initially signaled that it would not protect imprudent financial institutions from the consequences of their own rash policies. On September 19th, he was forced to make an embarrassing U-turn and announce a package of liquidity measures which will effectively enable all UK financial institutions to weather the current storm. Follow this link for more on Northern Rock 19 September 2007 Return to HOME PAGE |
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