UK bank gets emergency support
Friday, September 14, 2007 British bank Northern Rock received emergency loans from the Bank of England yesterday, as it felt the effects of the financial crisis originating in the U.S. subprime mortgage market. Queues formed outside branches as many customers sought to withdraw their savings, and shares fell heavily. Northern Rock, based in Newcastle, is one of the UK's largest mortgage lenders, with total assets and loans of £113 billion. Pressure has grown on the bank as other institutions have become less willing to buy mortgage debt, following the American subprime c