Word: saversion
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That's especially true in Newcastle right now. The fortunes of its once promising football club - its current standing halfway down the league was bad enough to earn Keegan's predecessor the boot - have fallen in tandem with those of another of the city's institutions: club sponsor Northern Rock...
So when Northern Rock found itself at the center of the global credit squeeze, locals, many of whom count among the stoic fans of Newcastle United, didn't desert them either. "NOW IT'S YOUR TURN TO HELP" rallied a front-page headline in The Journal. Lines of savers rushing...
Fast-forward a month, however, and things looked grim. Still short of credit in those tight money markets, Northern Rock had little choice but to approach the Bank of England for cash. And that - the emergency credit that King duly put up - was supposed to be that. It wasn't...
Still, playing by the rules - annoying though that can be sometimes - wouldn't have mattered if Northern Rock customers had believed their savings were safe amid the bedlam. They didn't. Many were aware the U.K.'s industry-funded Financial Services Compensation Scheme only guaranteed deposits up to around $63...
Part of the panic surely rests with the U.K.'s relatively modest deposit insurance system. Only deposits of up to around $63,000 are protected under the U.K.'s industry-funded Financial Services Compensation Scheme. Britons stashing away more than that have no legal guarantee they will see their savings...