O petróleo está em queda, mas a incerteza continua em alta

[Keyser Soze]

Northern Rock set for sell-off as savers flee: paper
Sun Sep 16, 2007 11:53 AM BST

By Steve Slater and Sumeet Desai

LONDON (Reuters) - Embattled British bank Northern Rock <NRK.L> is preparing for a sell-off that could see its 100 billion pound ($202 billion) mortgage portfolio divided between the country's other major banks, the Sunday Telegraph said.

A funding crisis at Britain's fifth-biggest mortgage lender has seen its savers withdraw an estimated 1.5 billion pounds in the last two days, raising fears it will need more help than the emergency funding pledged by the government on Friday.

Fears are also rising that the bank's woes could have wider economic, housing market and political consequences if not addressed quickly.

A plan under discussion between government and Bank of England officials was effectively a private sector rescue of the lender, involving other banks and the central bank, the Sunday Telegraph said.

"If the run on deposits looks out of control, Northern Rock would effectively be nationalized and put into administration so it could be wound down," the paper quoted an official as saying.

The paper quoted a source close to Northern Rock as saying if its shares fall heavily again on Monday then a fast break-up and sale of its assets "looks inevitable."

The BoE and Northern Rock declined to comment on the report.

Customers withdrew about 1 billion pounds from Northern Rock on Friday, according to people familiar with the situation, and newspapers estimated at least another 500 million pounds was taken out on Saturday.

That would mean about 6 percent of the bank's 24 billion pounds in deposits had been taken out over the two days, and more customers were expected to close accounts on Monday.

The bank, regulators and politicians have urged calm, but thousands of its 1.4 million savers have queued for hours or attempted to withdraw funds via the company's Web site, which has had problems handling the demand.

The FSA said Northern Rock remained solvent and there was no problem with the bank's ability to meet withdrawals.

The BoE, as lender of last resort, on Friday stepped in to offer emergency funding to Northern Rock after the bank struggled to raise funds in the money markets.

The bank has not yet drawn on the emergency facility, Britain's finance minister, Alistair Darling, said on Sunday.

TAKEOVER IMMINENT?

Speculation that Northern Rock could be taken over has mounted as its problems raising cash amid a global credit market crunch have deepened in the last two months.

The Sunday Times said Lloyds TSB <LLOY.L> had held talks to mount a rescue of its rival, but a deal was ultimately blocked by the BoE and Financial Services Authority, who were fearful that it would cause greater consternation in financial markets.

A BoE spokesman said it did not have jurisdiction to block a bid, which would be for the FSA and Treasury. The FSA declined to comment.

Other banks that have cast an eye on Northern Rock and who could participate in buying a slice of its mortgages include HSBC <HSBA.L>, Barclays <BARC.L> and Royal Bank of Scotland <RBS.L>, according to industry sources and media reports.

Northern Rock's shares tumbled 31 percent on Friday and are down 60 percent this year, valuing the bank at 2 billion pounds.

An industry source said a bidder was interested in a takeover but wanted the BoE to provide funding on a generous basis to help the deal go through, but that was not accepted as it would have been seen as an effective subsidy.

The crisis also prompted a political row as David Cameron, leader of the opposition Conservative Party, said in The Sunday Telegraph that Labour had presided over a "huge expansion of public and private debt" during its time in power.

Darling said the problems facing Northern Rock showed that international banking regulations needed improvement and there needed to be more transparency in the financial system.

[JCS]

Cientos de clientes de Northern Rock hacen cola para retirar sus fondos del banco

Agencias | 14:52 - 14/09/2007

El mensaje de calma transmitido por el Banco de Inglaterra acerca de la solvencia de Northern Rock no ha bastado a cientos de clientes de la entidad financiera, que durante el día la mañana de hoy han formado largas colas en sus sucursales de Reino Unido para retirar sus depósitos ante los posibles riesgos.

Las colas se extendían desde las oficinas hasta las calles mientras los cajeros intentaban apaciguar los ánimos. "Da miedo", afirmó Peter Pye, un profesor de universidad jubilado. "Tengo los ahorros de toda mi vida en Northern Rock", añadió.

La web de Northern Rock también se ha visto inundada, frustrando a quienes querían retirar los fondos.

El portavoz de la entidad financiera, Don Hunter, manifestó no entender la preocupación de los clientes, ya que "sus hipotecas y su dinero están a salvo". Por su parte, el consejero delegado de Northern Rock, Adam Applegarth, ha pedido paciencia. "No puedes estar mejor que cuando estás respaldado por el Banco de Inglaterra", dijo, en referencia al préstamo de emergencia.

Dizem que não é nada mas a verdade é que os tentáculos se vão alastrando...

JCS

[domhenri]

From "The guardian", 14/10/07

"The Bank of England was last night forced to hand emergency funding to one of Britain's biggest mortgage providers - Northern Rock - as it became the first major financial institution in the UK to run into serious trouble as a result of the credit crisis that has caused turmoil in world financial markets.
The Bank's intervention was agreed with its governor, Mervyn King, the chancellor, Alistair Darling, and the Financial Services Authority sources close to the situation said last night. The news is likely to lead to big sell-offs in banking stocks when the stock market opens today."...