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- Title
NORTHERN ROCK: SOLUTIONS AND PROBLEMS.
- Authors
Weale, Martin
- Abstract
The article presents information on the failure of mass retail banking in Great Britain in September 2007. According to the article, the split between HM Treasury, the Bank of England and the Financial Services Authority is responsible for this bank run, to some extent. It is mentioned that the crisis had its roots in sub-prime lending in the United States. According to it, sub-prime mortgages were converted into traded securities but the risks involved with them was overlooked. The liquidation of assets of a bank is also discussed.
- Subjects
UNITED Kingdom; UNITED States; BANKING industry; LIQUIDATING dividends; RETAIL banking; BANK of England; CORPORATE divestiture; LIQUIDATION; CORPORATION law; FINANCE
- Publication
National Institute Economic Review, 2007, Vol 202, p4
- ISSN
0027-9501
- Publication type
Article
- DOI
10.1177/0027950107086159