By now the Northern Rock crisis is so well known that it requires only a few words by way of introduction. Following the tightening of global credit markets last year, Northern Rock experienced severe liquidity problems that led to a run on the bank. In order to stem the tide, the HM Treasury was compelled to guarantee the bank's liabilities. This originally covered only retail deposits, but the umbrella of government protection ultimately had to be extended to wholesale obligations as well.
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