Northern Rock
Northern Rock is a financial term used to describe a British bank that was nationalized in 2008. It was the first bank to be nationalized in the UK since the 1970s. The bank was founded in 1965 and was originally a building society. It was listed on the London Stock Exchange in 1997 and became a public limited company in 2002. Northern Rock was one of the largest mortgage lenders in the UK and had over 1.2 million customers.
History of Northern Rock
Northern Rock was founded in 1965 as a building society. It was the first building society to be listed on the London Stock Exchange in 1997. In 2002, it became a public limited company and was one of the largest mortgage lenders in the UK. In 2007, the bank began to experience financial difficulties due to the global financial crisis. In 2008, the bank was nationalized by the British government in order to protect its customers and the financial system.
Comparison Table
| Year | Mortgage Lending | Savings Deposits |
|---|---|---|
| 2007 | £45 billion | £25 billion |
| 2008 | £30 billion | £20 billion |
| 2009 | £20 billion | £15 billion |
Summary
Northern Rock was a British bank that was nationalized in 2008. It was the first bank to be nationalized in the UK since the 1970s. The bank was founded in 1965 and was originally a building society. It was listed on the London Stock Exchange in 1997 and became a public limited company in 2002. Northern Rock was one of the largest mortgage lenders in the UK and had over 1.2 million customers. For more information about Northern Rock, you can visit the UK government website or the Bank of England website.
See Also
- Building Society
- Mortgage Lending
- Savings Deposits
- Global Financial Crisis
- Nationalization
- London Stock Exchange
- Bank of England
- UK Government
- Public Limited Company
- Financial System
