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Congdon, Tim [Author]; Goodhart, Charles A.E. [Author]; Eisenbeis, Robert A. [Author]; Kaufman, George G. [Author]; Hamalainen, Paul [Author]; Lastra, Rosa M. [Author]; Llewellyn, David T. [Author]; Mayes, David G. [Author]; Wood, Geoffrey [Author]; Milne, Alastair [Author]; Onado, Marco [Author]; Taylor, Michael [Author]

The Failure of Northern Rock: A multi-dimensional Case Study

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  • Media type: Electronic Conference Proceeding
  • Title: The Failure of Northern Rock: A multi-dimensional Case Study
  • Contributor: Congdon, Tim [Author]; Goodhart, Charles A.E. [Author]; Eisenbeis, Robert A. [Author]; Kaufman, George G. [Author]; Hamalainen, Paul [Author]; Lastra, Rosa M. [Author]; Llewellyn, David T. [Author]; Mayes, David G. [Author]; Wood, Geoffrey [Author]; Milne, Alastair [Author]; Onado, Marco [Author]; Taylor, Michael [Author]
  • imprint: Vienna: SUERF - The European Money and Finance Forum, 2009
  • Language: English
  • ISBN: 978-3-902109-46-0
  • Keywords: E21 ; E53 ; G18 ; L51 ; retail banking ; crisis management ; G33 ; moral hazard ; G28 ; G32 ; Northern Rock ; deposit insurance ; E5 ; LPHI risk ; lender of last resort ; Countrywide ; banking law ; D4 ; business model ; emergency liquidity assistance ; G21 ; K2 ; D14 ; mortgages ; [...]
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  • Footnote: Diese Datenquelle enthält auch Bestandsnachweise, die nicht zu einem Volltext führen.
  • Description: In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years earlier it had converted from a mutual building society whose activities were limited by regulation largely to retail deposits and mortgages. Graphic television news pictures showed very long queues outside the bank as depositors rushed to withdraw their deposits. There was always a fear that this could spark a systemic run on bank deposits. After failed attempts to secure a buyer in the private sector, the government nationalised the bank and, for the first time, in effect socialised the credit risk of the bank. It is now a fully state-owned bank.
  • Access State: Open Access