{"id":2463,"date":"2007-10-25T14:17:41","date_gmt":"2007-10-25T14:17:41","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2463"},"modified":"2025-03-27T15:48:30","modified_gmt":"2025-03-27T15:48:30","slug":"rock-loan-further-big-increase","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2463","title":{"rendered":"Rock loan: further big increase"},"content":{"rendered":"<p><span lang=\"EN\" style=\"font-size: 10pt; font-family: arial; mso-ansi-language: en\"><font style=\"color: #000000\" color=\"#000000\">&quot;Other assets&rdquo; on the Bank of England&rsquo;s balance sheet rose by a further &pound;4.7 billion in the week to Wednesday 24th October, bringing the total increase since the run on Northern Rock started to &pound;20.6 billion. This is the best available estimate of the extent of the Bank&rsquo;s support to the lender.<\/font><\/span><\/p>\n<p><span lang=\"EN\" style=\"font-size: 10pt; font-family: arial; mso-ansi-language: en\"><font style=\"color: #000000\" color=\"#000000\">The weekly increase of &pound;4.7 billion is up from &pound;3.0 billion in the prior week and is the largest since the week to Wednesday 26th September.<\/font><\/span><\/p>\n<p><span lang=\"EN\" style=\"font-size: 10pt; font-family: arial; mso-ansi-language: en\"><font style=\"color: #000000\" color=\"#000000\">The scale of the loan and its continued rapid increase suggest that, as well as losing wholesale funding, Northern Rock has suffered a larger withdrawal by retail customers than the guesses of several billion pounds circulating in the market (&pound;5 billion plus?) This would also fit with the record level of savings receipts reported by building societies in September. (Building societies account for about 20% of all retail deposits and enjoyed an inflow of &pound;2.8 billion last month, up from &pound;1.0 billion in September 2006.) <\/font><\/span><span lang=\"EN\" style=\"font-size: 10pt; font-family: arial; mso-ansi-language: en\"><font style=\"color: #000000\" color=\"#000000\"><\/p>\n<p>&nbsp;<\/p>\n<p><\/font><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&quot;Other assets&rdquo; on the Bank of England&rsquo;s balance sheet rose by a further &pound;4.7 billion in the week to Wednesday 24th October, bringing the total increase since the run on Northern Rock started to &pound;20.6 billion. This is the best available estimate of the extent of the Bank&rsquo;s support to the lender. The weekly increase [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2463","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2463"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2463\/revisions"}],"predecessor-version":[{"id":4772,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2463\/revisions\/4772"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}