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Context of 'Mid-September 2007: Bank of England Tries to Find Buyer for Troubled Mortgage Giant Northern Rock'

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Matt Ridley, a former chairman of the troubled British mortgage giant Northern Rock, asks Governor of the Bank of England Mervyn King about possible support to help Northern Rock overcome a difficult period. In addition, Ridley starts to look for a buyer for the distressed bank. [Daily Telegraph, 2/26/2008]

Entity Tags: Bank of England, Mervyn King, Matthew Ridley

Timeline Tags: Global Economic Crises

The Bank of England tries to find a buyer for the troubled British mortgage lender Northern Rock. It holds talks with Lloyds TSB, another large British bank, about possibly buying Northern Rock, but according to reports, by September 17 these discussions founder. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Her Majesty’s Treasury, Alistair Darling, Lloyds TSB Group

Timeline Tags: Global Economic Crises

British Chancellor Alistair Darling announces a plan to sell government-guaranteed bonds worth about £25 billion ($50 billion) to help the sale of stricken mortgage giant Northern Rock to a private investor. The proceeds from the sale of the bonds would be used to pay off emergency loans the bank has taken out from the Bank of England. The British treasury thinks the bonds would speed up a private sale of the troubled lender. Although Northern Rock shares rise by about 42 percent on the news, the bank will be nationalized the next month and the bonds will not be issued. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Alistair Darling, Her Majesty’s Treasury, Northern Rock plc

Timeline Tags: Global Economic Crises

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