Northern Rock was a British bank, owned and operated by Virgin Money. It was based at Regent Centre in Newcastle upon Tyne, United Kingdom. During 2012 the Northern Rock brand was phased out and replaced by Virgin. Northern Rock was best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007. Having failed to find a commercial buyer for the business, it was taken into public ownership in 2008, and was then bought by Virgin Money in 2012.
Formerly the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange (with the ticker symbol NRK). Since 1 January 2010 when it was split into a 'good' and a 'bad' bank, the "Northern Rock" name has referred to two companies – this bank, Northern Rock, and a separate asset company, Northern Rock (Asset Management) plc.
Other articles related to "northern rock, rock":
... mortgage book the press suggested that merging it with Northern Rock was a possibility ... possibility of a mortgage book merger between Northern Rock and Bradford Bingley ... On 24 March 2010 UKFI announced its intention to integrate Northern Rock (Asset Management) plc and Bradford Bingley plc under a single holding company ...
... See also Nationalisation of Northern Rock and Federal takeover of Fannie Mae and Freddie Mac The first notable event signaling a possible financial crisis occurred in the ... One of the first victims was Northern Rock, a medium-sized British bank ... Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions ...
... Granite is a securitisation vehicle created by the British bank Northern Rock, based in Guernsey ... Northern Rock, advised by Credit Suisse, have decided to let Granite go into run-off, meaning that Northern Rock the bank will no longer supply it with fresh ... on 8 December 2009 certain wholesale deposits are to be held by the renamed assets company, Northern Rock (Asset Management) plc, on behalf of Granite ...
... Northern Rock had a business plan which involved borrowing heavily in the UK and international money markets, extending mortgages to customers based ... the lack of money raised by this means meant that Northern Rock became unable to repay loans from the money market ... panic among individual depositors, who feared that their savings might not be available should Northern Rock go into receivership ...
... The spur, split in two, comprises a longer and higher northern rock, connected at mid-level by a modern footbridge to the southern rock ... At the base of the northern rock, on the north-western side, a low room is cut into the rock and joined by a narrow bay (of unspecified date) to a tiny ... a corner and vestiges of staircases in the rock ...
Famous quotes containing the words rock and/or northern:
“Under that rock that holds
the first swift kiss
of the spring-suns white, incandescent breath,
—Hilda Doolittle (18861961)
“I have found that anything that comes out of the South is going to be called grotesque by the Northern reader, unless it is grotesque, in which case it is going to be called realistic.”
—Flannery OConnor (19251964)