The Crunch: The Scandal of Northern Rock and the Escalating Credit Crisis
The Independent (Free subscription) | 12 hours ago
Early next year, a million Northern Rock savers and up to 200,000 borrowers will get a letter telling them their accounts will in future be with the "good bank" being split from the nationalised lender. The other 300,000 mortgage customers will be branded as "bad bank" clients, possibly because of arrears, but probably because Rock regards them as potentially risky.
Times Online (Free subscription) | 05/11/2009
The Treasury expects Northern Rock to lose retail deposits worth billions of pounds once the Government removes financial guarantees from the state-owned lender in the spring.
The Telegraph (Free subscription) | 05/11/2009
Northern Rock the nationalised bank has cut its mortgage rates for the fourth time in just over a month.
Loans and Finance (Free subscription) | 05/11/2009
Keith Morgan, head of wholly owned investments for UKFI, gave evidence to the Treasury Select Committee yesterday. He painted a bleak picture for those hapless 85% of Northern Rock borrowers trapped in the wreck of that once respected bank. Seemingly they will become financial "prisoners" when they are assigned to Northern Rock's "bad" bank. Some 476,000 mortgage borrowers (some...
Banking Times: Daily Banking News (Free subscription) | 05/11/2009
Northern Rock has announced that its performance has improved “against a challenging economic background”. In an update on the third quarter of the year, the nationalised lender said it continues to make good progress in implementing its new business plan and the proposed split into one good and one bad bank. In addition, the company’s overall financial [...]
Landlord and BTL Blog (Free subscription) | 05/11/2009
Even Northern Rock by according to the latest reports is looking to grow their lending next year to £9 billion. This all suggests that the 'credit crunch' is over right? Well not quite. I was having a meeting last week with the national sales director of one of the UK's biggest mortgage packagers. His view shared by me is that the money markets are stabilising, their are lenders out their with...
Independent.ie - European RSS Feed (Free subscription) | 05/11/2009
Northern Rock, the British state-owned mortgage lender, said trading conditions had continued to improve ahead of its split into a "good bank" and "bad bank" before the end of the year.
Arts Alerts (Free subscription) | 05/11/2009
News Alert 5 November 2009 Company: Royal Bank of Scotland Group PLC (RBS:LSE) Frequency: Immediately November 04, 11:50pm Northern Rock trade picks up Trading at Northern Rock picked up in the third quarter as the state-owned bank accelerated mortgage lending and saw an improvement in arrears. http://www.ft.com/cms/s/8d6485ae-c971-11de-a071-00144feabdc0.html © THE FINANCIAL TIMES LTD 2009 ABOUT...
The Independent (Free subscription) | 05/11/2009
Northern Rock yesterday said trading was showing a "significant improvement" ahead of its split into a good and bad bank at the end of the year.
icWales (Free subscription) | 05/11/2009
NATIONALISED Northern Rock yesterday said it expected a “significant improvement” in second- half trading as growth in mortgage arrears slowed.
Financial Times (Free subscription) | 05/11/2009
The bank, which was given approval to sell its 'good' assets, accelerates mortgage lending and sees an improvement in arrears while remaining on track with its restructuring
Times Online (Free subscription) | 05/11/2009
Many thousands of Northern Rock mortgage borrowers will become financial “prisoners”, dumped into the rump of the lender’s so-called bad bank, it emerged yesterday.
Sky News (Free subscription) | 04/11/2009
Nationalised bank Northern Rock is predicting a significant improvement in its second-half trading ahead of its split at the end of the year.
The Telegraph (Free subscription) | 04/11/2009
Problem loans have more than doubled at Northern Rock in the past year.
Finance Markets (Free subscription) | 04/11/2009
Crisis-torn Northern Rock, which is due to be split after receiving approval from the European Union, provided an upbeat statement after it said that in the three months to the end of September, losses from bad loans being written off had lowered, its costs remained under control and net income had risen. Northern Rock collapsed at [...]
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