Friday, September 14, 2007

Northern Rock: Customers line up to withdraw funds

This is a bit more interesting than the "Move along, nothing to see here" that we got from the Bank of England last night.
From the Financial Times:

Concerned depositors queued outside the Northern Rock branch in the City on Friday morning, barely 100m from the Bank of England where Thursday night’s lifeline was agreed.

“The website was down and no-one was answering the phone this morning,” said one of the 11 people in the queue. “When the shares fell 20 per cent I decided to come down and take my money out.”

It might not have been much of a run on the bank, but that a financially sophisticated group of depositors was worried enough to withdraw their funds will stoke fears about Northern Rock’s future....MORE at the FT.