Word: creditably
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...panic? Late Thursday, it emerged that the Bank of England had agreed emergency credit for Northern Rock, Britain's fifth-largest mortgage provider and the U.K.'s first bank to be left reeling from the global credit crunch. Jitters in the 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...
...Northern Rock's problem: Its modest savings business compared to its mortgage lending arm means it leans on those wholesale credit markets for a larger share of its funding than its rivals. With that well drying up, it "hits them disproportionately," says Alex Potter, an analyst at Collins Stewart in London...
...Further fallout from the squeeze on credit could yet follow in the U.K. Northern Rock's rivals Alliance and Leicester and HBoS similarly rely on liquid credit markets, albeit to a degree that's "smaller in magnitude," Collins Stewart's Potter wrote in a research note Friday. But the anxiety's not limited to Britain. Spooked investors dumped shares in Spanish, French and German banks Monday. Northern Rock, in other words, may not be the last financial institution to find itself in a hard place...
...nine yards behind the line of scrimmage. “They do a very good job of running some hot routes with some blitzes, and [Randolph] does a really good job of getting the ball off,” Dorris said. “It’s a credit to their offensive line, and to him, and to the receivers—their offense as a whole—that we didn’t get any more sacks.” SECOND TO SOME The linebackers and linemen were not alone in their woes, as what projected...
...mistake-free football for the first time since putting up 28 points during a win last year against Dartmouth. Still, just a little bit more was needed. One more stop on defense, or one more first down, and O’Hagan would have one more win to his credit as a starter. “A few plays here or there, we could have made a difference and won that game,” he said. —Staff writer Malcom A. Glenn can be reached at mglenn@fas.harvard.edu...