Bank of England (BoE)
Northern Rock's BoE debt rises to £16 billion
Northern Rock has borrowed a further £3 billion ($6.1 billion) from the Bank of England this week, the Bank's balance sheet reveals.
Minutes show BoE board split on rate decision
David Blanchflower, a member of the monetary policy committee at the Bank of England, called for a rate cut at October's meeting, the minutes published on Wednesday reveal.
BoE should have helped earlier: Rock chief
Adam Applegath, the chief executive of Northern Rock, said on Tuesday that injections by the Bank of England earlier on could have mitigated Northern Rock's problems.
SWF mentioned in Virgin bid for Northern Rock
A Middle-Eastern sovereign wealth fund could make up part of Virgin's consortium bid for Northern Rock.
Former financial stability adviser returns to Bank
Alastair Clark, a former executive director at the Bank of England, is to rejoin the Bank to advise Mervyn King, the governor, on financial stability.
UK regulators launch reform paper
Alistair Darling, the UK chancellor of the exchequer, announced on Thursday the publication of a banking reform discussion paper, written by the Treasury, the Financial Services Authority (FSA) and the Bank of England.
UK financial sanctions: shift in responsibility
Responsibility for financial sanctions is being transferred from the Bank of England to the Treasury on 24 October.
Differing results on investment adjustment costs
A Bank of England paper evaluating the costs of changes in investment shows the elasticity of investment with respect to the shadow price of capital (the value to the firm of one additional unit of capital) to be 15 times larger than aggregate models…
King names lessons learned from crisis
Mervyn King, the governor of the Bank of England, said on Tuesday he had identified three lessons, so far, from the banking crisis.
King speaks on Northern Rock
Three weeks ago, thousands of depositors queued on the streets outside branches of Northern Rock to take their money out. Those scenes, broadcast around the world, were shocking. How did they come about and how can we prevent them in future? My focus…
FSA chief admits failings over Northern Rock
Hector Sants, the chief executive of the Financial Services Authority (FSA) said on Tuesday that it had failed to anticipate the impact of the credit crunch on Northern Rock, a UK mortgage lender.
UK bankers call for global review of credit crunch
The British Bankers' Association (BBA), the trade body for the finance industry in the UK, has said that a worldwide regulatory review would help markets weather the credit crunch.
Open-ended guarantee for Northern Rock depositors
At the request of Northern Rock, the UK Treasury has agreed to extend the guarantee arranged in mid-September for retail depositors to any new deposits savers make or have made since 19 September. The guarantee will remain in place "during the current…
Old Lady holds rates, relaxes reserve rules
The Bank of England's monetary policy committee on Thursday said it would keep its benchmark rate at 5.75%.
Ex-BoE supervision head criticises FSA
According to Peter Cooke, a former head of banking supervision at the Bank of England, the Northern Rock crisis revealed the need for a proper "mechanism for crisis management", a greater official focus on liquidity rather than solvency and more…
Bernanke schedule reveals markets' influence
Details of the diary of Ben Bernanke, the chairman of the Federal Reserve, show the extent to which Wall Street executives, along with money managers and cabinet officials, played a role in his policy about-turn on 17 August.
Contrasting views on Old Lady's role in crisis
Charles Goodhart and William Buiter, both former monetary policy committee members at the Bank of England and both now professors at the London School of Economics (LSE), had sharply differing opinions on how the Bank should have handled the recent…
OECD advises UK to cut rates
The UK should lower interest rates, the Organisation of Economic Cooperation and Development (OECD) has said.
Why King lacks allies
Just when Mervyn King, the governor of the Bank of England, was hoping for a respite from the battering he has received from the Treasury Select Committee and others over his handling of the Northern Rock debacle, along comes a heavyweight in the shape…
UK business chief singles out King
Richard Lambert, a former member of the monetary policy committee who now heads the Confederation of British Industry (CBI), dismissed Mervyn King's blaming of the Northern Rock crisis on regulatory complexity as unsatisfactory.
Banks snub Old Lady's three-month money
The Bank of England received no bids for its additional three-month tender on Wednesday but the European Central Bank (ECB) revealed that it had loaned €3.9 billion the same day from its marginal lending facility.
Injections were the right response - OECD chief
Central banks were correct to inject liquidity into the banking system in order to deal with the turmoil in global money markets, said Angel Gurria, the secretary general of the Organisation for Economic Cooperation and Development.
Survey reveals borrowing woes for UK firms
UK businesses will struggle to borrow in the coming months but households will find banks still willing to lend, according to the Bank of England's latest credit conditions survey, published on Wednesday.
BoE bulletin reviews UK reaction to turmoil
The Bank's quarterly bulletin for the third quarter covers developments in sterling financial markets from June to September, which marked the beginning of the current bout of stress in the global financial markets.