Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Anxious savers outsider Northern Rock during the banking crisis Flicr via Dominic's Pics
Banking

Northern Rock loses £2bn in deposits

Loses in the first half of 2010 are over £140m.

NATIONALISED UK BANK Northern Rock lost over £142m, from January to June 2010.

The bank has also reported it lost over £2bn in deposits over the period as the UK government lifed a savings guarantee at the bank. Retail deposits dropped to £17.6bn from £19.5bn, after the guarantee expired in May. The bank said it continues to prepare for its return to the private sector and will do so when the time is right.

The bank was the only one to experience a ‘run on it’ during the banking crisis. Before its collapse at had offered mortgages for up to 125% of a hose’s value.

Meanwhile Northern Rock’s ‘bad bank’ - Northern Rock Asset Management (NRAM) reported a return to profit. NRAM made £349.7m in the first half of 2010, compared to a loss of over £724m during the same period in 2009.

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.