1st Major UK Victim of Credit Crunch

Bank of England has pledged to provide emergency funds to Northern Rock as customers flocked its 76 branches to withdraw their savings last Friday. The UK's 3rd largest mortgage provider is the nation's 1st major victim of the global credit crunch and the nation's biggest bailout of a financial institution in 30 years. This shows that credit crunch can cripple a firm even without direct exposure to the US sub-prime mortgage market.

* Bloomberg-NR , BBC-NR *

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R things getting out of control with credit crunch???

18 Sep 07:
It is great to see the community is supporting the bank ... Bloomberg-NR.