Uk Banking has Avoided Worst of Subprime Crisis ; Analysis
Evening Standard - London › February 29, 2008
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Summary
BY ANY standards, February was a momentous month for UK banks listed on the London Stock Exchange. For starters, their number shrank from nine to eight as Northern Rock finally gave up the unequal struggle to remain a quoted company and was shifted into "temporary public ownership".
The first nationalisation of a High Street bank in living memory meant the focus on the sector's annual reporting season would attract far more scrutiny than usual.See the full content of this document
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Uk Banking has Avoided Worst of Subprime Crisis ; Analysis
Northern Rock was the first and most obvious British casualty of the US sub- prime mortgage crisis. As a former building society, it was hit not by its direct exposure to those markets and their spin- off debt instruments but to the virtual closure of the funding side of the money mark...
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