Word: cashes
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...morning is never a quiet time for a Main Street bank. At branches of Northern Rock, a British lender, the lines outside extend even further than usual. But it's not exactly welcome business. Savers flooding the Newcastle-based bank on Monday joined the thousands to have withdrawn their cash from Northern Rock in recent days. So far, customers have emptied the bank of around $4 billion, or 8% of its deposit base...
...credit markets were triggered by the collapse of a U.S. subprime mortgage sector built on lending to home buyers with poor credit histories. With that risky debt having been spliced, repackaged and flogged to banks around the world, financial institutions are less keen to lend each other cash. And when they do, they're charging each other more for the privilege...
...Britain's Financial Services Authority called the bank's loan book "good quality" in a statement issued jointly with the Bank of England and the U.K. Treasury last week. And though it's not yet clear how big the Bank of England's lifeline is, the central bank's cash means savers' own deposits are safe. "We are a well capitalized, solvent and viable business," Northern Rock CEO Adam Applegarth told the BBC early Monday...
...credit markets were triggered by the collapse of a U.S. subprime mortgage sector built on lending to home buyers with poor credit histories. With that risky debt having been spliced, repackaged and flogged to banks around the world, financial institutions are less keen to lend each other cash. And when they do, they're charging each other more for the privilege...
...fold. Britain's Financial Services Authority called the bank's loan book "good quality" in a statement issued jointly with the Bank of England and the U.K. Treasury. And though it's not yet clear how big the Bank of England's lifeline is, the central bank's cash means savers' own deposits are safe. "If I were a depositor, knowing I have the Bank of England behind me is probably the safest place to be," said Adam Applegarth, Northern Rock CEO. That didn't stop lines forming outside some of the firm's branches, with savers keen to pull...