Northern Rock
Figures from the Bank of England show that it has lent Northern Rock almost £23 billion pounds in emergency funding since the global credit crunch. The figure equates to about £730 for every UK taxpayer. Is it now time to nationalise the bank or just put it out of its misery? Considering it is illegal to 'prop' these secondary banks up for any length of time. The fact that Northern Rock is only paying 1% over average base rate this is making it an unfair playing field for other mortgage lenders, who have to raise funds through the sale of shares or borrowing of other sources at a higher rate of interest, Therefore making the shares of other mortgage lenders less attractive
