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Northern Rock 'positive' despite emergency loan
By Paul Jump, Third Sector Online, 14 September 2007
Fiona Ellis, director of the Northern Rock Foundation insisted she was "feeling relaxed and positive" about the grant maker's future, despite its parent organisation, the Northern Rock bank, being forced to apply to the Bank of England for an emergency loan last night.
The bank was forced to apply to the central bank in the latter’s capacity of lender of last resort after the troubles in the financial markets that began with the American sub-prime mortgage crisis last month left it short of capital. But Ellis said that the reserves held by the...
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