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Massive withdrawals from British bank Northern Rock

Luni, 17 septembrie 2007, 0:00

Thousands of clients of British bank Northern Rock were queuing this weekend to withdraw their savings after the bank’s share prices fell by 30% on the Stock Exchange, the Romanian public radio informs.

The fall was generated by the mortgage credit crisis which lead to a total withdrawal of 1.5 billion pounds on Friday and Saturday alone. The British press reads that other competing banks are already considering buying the bank.

Northern Rock is one of the biggest British banks specialized in mortgage credit operations.

To avoid a crash, the Bank of England delivered an emergency loan to the bank at the intervention of the British PM, Gordon Brown.

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