Bank bosses innocent

[sasguru]

Regardless of what the Spectator says, if you cannot get money you are bust, and that does not matter whether it is a pound or a billion pounds, so lending levels are irrelevant, if you lend more than deposits.
All banks had the same problem and the downfall of the Rock was that it was the first to request a loan from the BofE, who refused. That was plainly incompetent at the time and history surely has proved to even the most stupid folk that its demise was not the Rock's fault, but the fault of the BofE wo initially failed to provide the necessary liquidity.


:EXASPERATED

You are a poor troll if your pathetic argument is that Northern rock was a well run business.
Either that or your IQ is an outlier on the left hand side of the Gaussian curve.

[Bagpuss]

You must firstly ask yourself why they needed the money? Why did for example The Nationwide not need a loan from the BoE?

Would that be because they work on a traditional credit multiplier lent on reasonable credit checking, income muliples and due dilligence?

Wheras the NR followed all of those poorly and hence was a disaster waiting to happen.

[Cyberman]

You must firstly ask yourself why they needed the money? Why did for example The Nationwide not need a loan from the BoE?

Would that be because they work on a traditional credit multiplier lent on reasonable credit checking, income muliples and due dilligence?

Wheras the NR followed all of those poorly and hence was a disaster waiting to happen.

Do you have proof that they didn't ? You are so naive, Bagpuss. After the Northern Rock saga HMG brought in rules to ensure that future borrowing from the BofE was kept secret to protect from a further bank run. Rumours had already caused one run and did not want another. You will never know whether Nationwide sought funds.

[Bagpuss]

Do you have proof that they didn't ? You are so naive, Bagpuss. After the Northern Rock saga HMG brought in rules to ensure that future borrowing from the BofE was kept secret to protect from a further bank run. Rumours had already caused one run and did not want another. You will never know whether Nationwide sought funds.

I thought they got Robert Peston to leak it out?