Analysts are claiming Northern Rock is likely to have borrowed a further £2.9bn from the Bank of England in the last week, taking its total borrowing to over £10bn. The ‘other assets’ section of the Bank of England’s weekly accounts show a new £2.9bn loan, which is highly likely to have been lent to another bank as the Bank of England would’ve had to reveal the name of a new borrower. That loan means the Bank of England’s ‘other assets’ have risen £10.7bn since 12th September, which was just before Northern Rock were forced to ask the Bank for emergency funding .
Meanwhile, suggestions of a takeover saw shares in Northern Rock rise by 7%, with reports suggesting that US private equity group JC Flowers are interested in buying the bank, whilst Citigroup are also said to be monitoring the situation with a view to a takeover.
Northern Rock Borrowing Exceeds GBP10bn
Financial Services > e-banking > Banking news
Northern Rock Borrowing Exceeds GBP10bn
Tue, 09 Oct 2007
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