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Northern Rock gets bank bail out
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by liamssoft | September 13, 2007 at 02:59 pm
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British Government guarantees all existing bank customers deposits.
Queues of customers have been forming all day outside Northern Rock branches to withdraw their cash. Latest press notices
The Bank of England has agreed to give emergency financial support to the Northern Rock, one of the UK's largest mortgage lenders, the BBC has learned.However this does not mean that the bank is in danger of going bust, Business Editor Robert Peston says.
There was no reason for people with Northern Rock savings accounts to panic, he added.
The bank has struggled to raise money to finance its lending ever since money markets seized up over the summer.
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at 01:59 on April 29th, 2009
wow I cant believe this was nearly 2 years ago, it feels like yesterday when it happened. they only owe £8.5 billion now, they owed about £30 billion to the taxpayer when the bailout began.