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Castle Street Northern Rock plc formerly Northern Rock Building Society |
© Copyright: Peter Stubbs peter.stubbs@edinphoto.org.uk Photograph taken September 17, 2007
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Northern Rock |
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Investors and Pigeons 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. |
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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.
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