Saturday, September 15, 2007

It Can’t Happen Here (Can It?)

Northern Rock, the mortgage bank rescued by the Bank of England last week, could see as much as L12 billion -- nearly half its deposits -- withdrawn by worried savers, experts say.

The run on the bank continued yesterday as police were called in to keep the peace when angry and desperate customers besieged branches across the country despite assurances from the Treasury and Bank of England that their savings were secure.

Branches due to close at midday opened until 2 pm, but many hundreds of people were still trying to get their money when the branches closed and minor scuffles and arguments broke out.

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