Word: englands
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Dates: during 2000-2009
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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...
Kirstin Woody, a fellow competitor for the Rhodes scholarship, first met Hanzich when the two were in San Francisco for final interviews in the competition. Woody and Hanzich both studied in England the following year and grew to be close friends...
...When England's century-old Northern Counties Permanent Building Society merged with the Rock Building Society to become Northern Rock in 1965, it's hard to imagine it was too troubled by the health of the U.S. mortgage sector. But times change. The tight squeeze in the global credit markets has struck another financial institution, and forced another central bank to intervene...
...Late Thursday, it emerged that the Bank of England had pledged emergency credit to 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...
...Shares in the lender plummeted by a quarter on Friday (they'd already fallen by half this year). But Northern Rock isn't likely to 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...