Castle Street

Northern Rock plc

formerly Northern Rock Building Society

September 2007

Investors queue outside the Castle Street office of Northern Rock - September 2007

©  Copyright: Peter Stubbs   peter.stubbs@edinphoto.org.uk                                                          Photograph taken September 17, 2007

 

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   Investors queue outside the Castle Street office of Northern Rock - September 2007 ©

 

Northern Rock

Investors and Ice Cream Van in Castle Street

Despite assurances from the company, investors in Northern Rock, Britain's 5th largest mortgage lender queue here outside the company's branch in Castle Street to withdraw their investments.

The run on the bank began three days ago, in September 14 when it was announced that Bank of England had agreed to provide emergency funds to help Northern Rock overcome a liquidity crisis.

Here, on a cool September afternoon, Northern Rock is doing more business than the ice cream stall in Castle Street.

Update - September 18, 2007

The photograph above was taken yesterday,  Monday September 17.

The Chancellor, Alastair Darling, speaking after the Stock Exchange closed yesterday pledged that the government would guarantee customers' deposits in Northern Rock.  This calmed fears. 

There are no longer any  queues outside Northern Rock's branch in Frederick Street, Edinburgh.

 

Castle Street

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