Northern Rock Borrows £8BN

It transpires that Northern Rock has borrowed another £5BN from the Bank of England, bringing its indebtedness to the BoE close to £8BN.

This means that Northern Rock has now borrowed the equivalent of 33% of its retail deposits at the end of June.

How long has this bank got left in its present form?

Who will buy it, and at what price?

Posted in: bank of england,credit crunch,credit squeeze,debt,finance,mortgages,Northern Rock