Morty Sill Forex Bias: Credit crunch - Northern Rock

Northern Rock bank had £1bn withdrawn by depositors yesterday. The withdrawals are likely to exceed this today. Runs on the bank are very unusual in the UK. Northern Rock is the tenth largest bank in the UK. It is the first bank to approach the Bank of England, the lender of last resort, for 30 years. The BOE won't let Northern Rock go under but given the run and the collapse in share price, it is unlikely Northern Rock will survive under this name with its current management. Don't lend long and borrow short.

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