TIMELINE-Troubles at Northern Rock

Mon Jan 21, 2008 10:49am GMT
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(Reuters) - The following are key dates in Northern Rock's troubles:

Aug 9 - Date pinpointed by regulators and the bank itself as the date "the world changed" for Northern Rock. The European Central Bank pumps a record 94.8 billion euros (70.6 billion pounds) into Europe's money markets after BNP Paribas freezes withdrawals on funds hit by U.S. subprime market crisis.

Sept 14 - Northern Rock says the Bank of England has stepped in to provide support, triggering the first run on a major UK bank in over a century despite reassurances from regulators the lender is not bust.

The bank's shares crash over 30 percent.

Sept 15 - Customers besiege the bank, ignoring official reassurances.

Sept 17 - The government steps in to guarantee deposits at Northern Rock in a bid to stop the run.

Sept 25 - Under pressure from the Treasury and regulators, Northern Rock cancels its interim dividend and confirms it is in "preliminary discussions with selected parties".

Oct 9 - Northern Rock gets another lifeline as the government offers to guarantee new retail deposits.

Oct 10 - Northern Rock shares jump over 40 percent after SRM Global, a hedge fund run by former UBS trader Jon Wood, takes a stake of over 4 percent.  Continued...

 
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