Northern Rock
UK regulator held responsible for bank run
The Financial Services Authority (FSA), the British regulator, failed in its duty to properly supervise Northern Rock, the beleaguered mortgage lender, an eagerly awaited report by lawmakers finds.
European regulation event in London: 29 January
With the credit squeeze and banking crises like Northern Rock placing an increasing scrutiny on regulators, this practical guide to the latest regulatory developments is timely.
Rock-bond plan could pay off Bank loan
The British Treasury underlined its commitment to finding a private sector bidder for Northern Rock on Monday, publishing details of a strategy that would require no upfront repayment of the £26 billion ($50.6 billion) owed by the beleaguered mortgage…
Fund manager knocks Bank's role in Rock saga
Philip Richards, the chief executive of RAB Capital, one of two hedge funds that are the biggest shareholders in Northern Rock, the beleaguered mortgage lender, attacked the Bank of England and its governor, Mervyn King, for its handling of the credit…
UK opposition party call for more power for Bank
David Cameron and George Osborne, two senior politicians from Britain's main opposition party, the Conservatives, are pressing for the Bank of England to take on more responsibility for financial regulation.
Rock repays Bank debt with JPMorgan sale
Northern Rock, the beleaguered British mortgage lender, is to pay back some of its Bank of England debt through the sale of a mortgage portfolio worth £2.2 billion to JPMorgan, the- American investment bank.
Rock action set for wider ambit
The scope of the regulatory response to Northern Rock will be much broader than originally anticipated, Alistair Darling, the British chancellor of the exchequer, said on Thursday.
UK chancellor blames Rock run on regulator
Alistair Darling, the British chancellor of the exchequer, admitted on Tuesday that the Financial Services Authority (FSA) was culpable in the run on Northern Rock, but said he still planned to grant the banking regulator more power.
UK chancellor outlines regulatory changes
In a bid to prevent another Northern Rock, Alistair Darling, Britain's chancellor of the exchequer, has pledged to make the government ultimately responsible for actions to counter banking crises.
Northern Rock shows fallibility of communication
The run on Northern Rock, a British mortgage lender, illustrates the potential downside of central bank communication around stability issues, says Gary Stern, the president of the Minneapolis Federal Reserve.
Journalist defends Old Lady's "low morale" claims
Irwin Stelzer, the journalist who wrote last week that a senior Bank of England official had said the British chancellor and prime minister were blocking changes to banking regulation because of low morale, has described it as "a pity" that Mervyn King,…
China's Zhou speaks on financial stability
Flexibility and adaptability must be improved if central banks are to successfully deal with financial instability, says Zhou Xiaochuan, the governor of the People's Bank of China.
Bank of England - Quarterly Bulletin
Details of the impact of Northern Rock's use of the lender of last resort facility on the Bank of England's open market operations are noted in the latest edition of the Quarterly Bulletin.
Rock raises lender of last resort issue for EU
One important aspect of the Northern Rock crisis in the UK has been to make market participants wonder what would happen if a similar-sized institution got into difficulties in a small or medium-sized EU member state.
US-style scheme could have stopped Rock run
A US-style deposit insurance scheme would have been a "real help" in halting the run on Northern Rock, Britain's chief regulator said on Tuesday.
Old Lady changes tack and steps in with £10bn
The Bank of England said on Thursday that it would lend an extra £10 billion ($20.7 billion) at its benchmark bank rate to allay fears that interbank borrowing costs will shoot up over December.
Britain asks EU to back Rock aid
United Kingdom authorities have requested European Commission approval of their decision to give Northern Rock more than £20 billion-worth ($41 billion) of Bank of England money under the Union's state aid rules.
A troubling lesson of Northern Rock
The Northern Rock crisis has revealed a fundamental change in the nature of bank runs, says Robert Pringle, the editor of Central Banking journal.
UK regulator sticks to stance despite Rock run
Britain's head regulator defended the Financial Services Authority's (FSA) principles-based approach, saying that it offers the "best chance" of balancing "the benefits and risks of innovation."
Further fall in Northern Rock shares
Northern Rock shares dropped further on Tuesday from 104p ($2.14) to 95p at the close after losing almost a fifth of their value on Monday. The drop follows comments by the British chancellor and rumours that one of the bids tabled for the troubled…
Northern Rock stock falls on bid comments
Shares in Northern Rock, the mortgage lender, plummeted 19% on Monday after it revealed takeover bids were worth less than the company's stock market value at the Friday close.
Fed's Stern cautions on response to turmoil
Rating agency reform in the wake of the subprime debacle could cost the economy more than doing nothing, Gary Stern, the president of the Minneapolis Federal Reserve, has warned.
Mervyn King and Northern Rock
The question of Mervyn King's reappointment as governor of the Bank of England has become inextricably linked to the saga of Northern Rock, says Robert Pringle, the editor of Central Banking journal.
We're half-way to normal, says UK's King
Presenting the Bank of England's Inflation Report for November, Mervyn King, the governor of the Bank, said that key indicators of stress in financial markets had recovered partly from the levels reached in August and September but that the situation was…