I was reading my usual news sites and this popped up on the pages.
http://www.news.com.au/business/story/0,23636,22424725-462,00.html
"
HUNDREDS of worried customers of British bank Northern Rock queued for a second day yesterday to withdraw savings, ignoring assurances that the lender will not go bust due to the global credit squeeze.
Panicking savers of Britain's fifth-biggest mortgage lender had begun to withdraw their money en masse on Friday, taking out a reported £1billion ($2.3bn) over counters or online.
"
Now this is despite the bank assuring its customers that they will not go broke and the Bank of England offering liquidity.
If this starts spreading then we have a big issue that can seriously destabilize the banking industry as well as the wider economy.
1 comment:
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