Northern Rock fallout continues


Northern Rock, a UK-based mortgage lender, became engulfed in a liquidity crisis last month. As liquidity in short-term money markets dried up, Northern Rock, which had derived 72% of its funding from wholesale markets, found itself heading into dire straits, fast. A collateralised liquidity facility was hastily put together on September 14 by the Bank of England, to, as it put it, "help the lender through the period of financial instability".

But this act of support further shook confidence in

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