Word: saverse
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He wasn't kidding. Almost immediately after Northern Rock announced on Sept. 14 that the Bank of England had agreed to make an unspecified amount of emergency funds available to it, worried depositors began retrieving their savings. Although the Bank's move aimed to reassure punters, it only served to...
In a run on the bank that lasted several days, savers took back as much as $6 billion of their money (about 12.5% of the bank's total savings deposits) and helped sink Northern Rock's stock by 56%. As worries spread across the sector, other banks' shares dropped by...
Until Monday's grand gesture, the more the authorities tried to sooth, it seemed, the greater the panic. With no sign of the run on Northern Rock ending - savers have so far yanked out well over $4 billion - the panic began to spread. Alliance & Leicester's stock plummeted by almost...
Why the jitters among savers? "When people hear the words 'emergency' and 'bail out,' then concerns outweigh statements saying 'the bank's solvent,'" says Nic Clarke, banking analyst at Charles Stanley in London. "When it comes to their life savings, when they've got the choice of seven or eight...
The U.K.'s system for insuring customers' bank deposits also muddled the authorities' message for calm. Should a bank fail, savings of up to around $60,000 are protected. For those customers with bigger deposits, the safeguards are less clearly defined. If authorities are to reassure savers in the event...