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Nationalisation Of Northern Rock
In 2008 the Northern Rock bank was Nationalization, nationalised by the Government of the United Kingdom, British government, due to financial problems caused by the subprime mortgage crisis. In 2010 the bank was split into two parts (Northern Rock (Asset Management), assets and banking) to aid the eventual sale of the bank back to the private sector. On 14 September 2007, the bank sought and received a liquidity support facility from the Bank of England, as a result of its exposure in the credit markets, during the Financial crisis of 2007–2008, 2008 financial crisis. On 22 February 2008 the bank was Nationalization, taken into state ownership. The nationalisation followed two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of savers' and investors' money. In 2012 Virgin Money UK, Virgin Money completed the purchase of Northern Rock from UK Financial Investments (UKFI) for approximately £1 billion and by October of that year the high s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northern Rock Queue
Northern may refer to the following: Geography * North, a point in direction * Northern Europe, the northern part or region of Europe * Northern Highland, a region of Wisconsin, United States * Northern Province, Sri Lanka * Northern Range, a range of hills in Trinidad Schools * Northern Collegiate Institute and Vocational School (NCIVS), a school in Sarnia, Canada * Northern Secondary School, Toronto, Canada * Northern Secondary School (Sturgeon Falls), Ontario, Canada * Northern University (other), various institutions * Northern Guilford High School, a public high school in Greensboro, North Carolina Companies * Arriva Rail North, a former train operating company in northern England * Northern Bank, commercial bank in Northern Ireland * Northern Foods, based in Leeds, England * Northern Pictures, an Australian-based television production company * Northern Rail, a former train operating company in northern England * Northern Railway of Canada, a defunct ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John McFall, Baron McFall Of Alcluith
John Francis McFall, Baron McFall of Alcluith, (born 4 October 1944) is a Scottish politician, now the Lord Speaker having previously been Senior Deputy Speaker of the House of Lords from 1 September 2016 to 30 April 2021. He was previously a Labour and Co-operative Member of Parliament from 1987 to 2010, first for Dumbarton and then from 2005 for West Dunbartonshire. He also served as Chairman of the House of Commons Treasury Committee. In 2021, McFall was elected as Lord Speaker to replace Lord Fowler. Early life McFall went to a boys' school, St Patrick's Secondary School (since merged with Notre Dame High School to form Our Lady & St Patrick's High School), on Hawthornhill Road in Castlehill, Dumbarton, leaving without any qualifications at 15. His father was a school caretaker and his mother had a newsagents shop, which sparked his (later) interest in how to run businesses. He worked for the local Parks Department in Dumbarton and then in a factory. At the age ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BBC Radio 4
BBC Radio 4 is a British national radio station owned and operated by the BBC that replaced the BBC Home Service in 1967. It broadcasts a wide variety of Talk radio, spoken-word programmes, including news, drama, comedy, science and history from the BBC's headquarters at Broadcasting House, London. The station controller is Mohit Bakaya. Broadcasting throughout the United Kingdom, the Isle of Man and the Channel Islands on FM broadcast band, FM, Longwave, LW and Digital Audio Broadcasting, DAB, and on BBC Sounds, it can be received in the eastern counties of Republic of Ireland, Ireland, northern France and Northern Europe. It is available on Freeview (UK), Freeview, Sky (UK & Ireland), Sky, and Virgin Media. Radio 4 currently reaches over 10 million listeners, making it the UK's second most-popular radio station after BBC Radio 2, Radio 2. BBC Radio 4 broadcasts news programmes such as ''Today (BBC Radio 4), Today'' and ''The World at One'', heralded on air by the Greenwich Ti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alistair Darling
Alistair Maclean Darling, Baron Darling of Roulanish, (born 28 November 1953) is a British politician who served as Chancellor of the Exchequer under Prime Minister Gordon Brown from 2007 to 2010. A member of the Labour Party, he was a Member of Parliament (MP) from 1987 until he stepped down in 2015, most recently for Edinburgh South West. Darling was first appointed as Chief Secretary to the Treasury by Prime Minister Tony Blair in 1997, and was promoted to Secretary of State for Work and Pensions in 1998. After spending four years at that department, he spent a further four years as Secretary of State for Transport, while also becoming Secretary of State for Scotland in 2003. Blair moved Darling for a final time in 2006, making him President of the Board of Trade and Secretary of State for Trade and Industry, before new Prime Minister Gordon Brown promoted Darling to replace himself as Chancellor of the Exchequer in 2007, a position he remained in until 2010. He served ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidity Crisis
In financial economics, a liquidity crisis is an acute shortage of ''liquidity''. Liquidity may refer to market liquidity (the ease with which an asset can be converted into a liquid medium, e.g. cash), funding liquidity (the ease with which borrowers can obtain external funding), or accounting liquidity (the health of an institution's balance sheet measured in terms of its cash-like assets). Additionally, some economists define a market to be liquid if it can absorb "liquidity trades" (sale of securities by investors to meet sudden needs for cash) without large changes in price. This shortage of liquidity could reflect a fall in asset prices below their long run fundamental price, deterioration in external financing conditions, reduction in the number of market participants, or simply difficulty in trading assets. The above-mentioned forces mutually reinforce each other during a liquidity crisis. Market participants in need of cash find it hard to locate potential trading partne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Birmingham Northern Rock Bank Run 2007
Birmingham ( ) is a City status in the United Kingdom, city and metropolitan borough in the metropolitan county of West Midlands (county), West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the West Midlands (county), West Midlands metropolitan county, and approximately 4.3 million in the Birmingham metropolitan area, wider metropolitan area. It is the ESPON metropolitan areas in the United Kingdom, largest UK metropolitan area outside of London. Birmingham is known as the second city of the United Kingdom. Located in the West Midlands (region), West Midlands region of England, approximately from London, Birmingham is considered to be the social, cultural, financial and commercial centre of the Midlands. Distinctively, Birmingham only has small rivers flowing through it, mainly the River Tame, West Midlands, River Tame and its tributaries River Rea and River Cole, West Midlands ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mervyn King (economist)
Mervyn Allister King, Baron King of Lothbury (born 30 March 1948) is a British economist and public servant who served as the Governor of the Bank of England from 2003 to 2013. He is a School Professor of Economics at the London School of Economics. He is also the Chairman of the Philharmonia. Born in Chesham Bois, Buckinghamshire, King attended Wolverhampton Grammar School and studied economics at King's College, Cambridge, St John's College, Cambridge, and Harvard University. He then worked as a researcher on the Cambridge Growth Project, taught at the University of Birmingham, Harvard and MIT, and became a professor of economics at the London School of Economics. He joined the Bank of England in 1990 as a non-executive director, and became the chief economist in 1991. In 1998, he became a deputy governor of the bank and a member of the Group of Thirty. King was appointed as governor of the Bank of England in 2003, succeeding Edward George. Most notably, he oversaw the ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Model
A business model describes how an organization creates, delivers, and captures value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self-published, 2010 in economic, social, cultural or other contexts. The process of business model construction and modification is also called ''business model innovation'' and forms a part of business strategy. In theory and practice, the term ''business model'' is used for a broad range of informal and formal descriptions to represent core aspects of an organization or business, including purpose, business process, target customers, offerings, strategies, infrastructure, organizational structures, sourcing, trading practices, and operational processes and policies including culture. Context The literature has provided very diverse interpretations and definitions of a business model. A systematic review and analysis of manager responses to a survey defines business m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced. History The origins of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror. This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was stored. The Treasury of the United Kingdom thus traces its origins to the Treasury of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry. Due to perceived regulatory failure of the banks during the financial crisis of 2007–2008, the UK government decided to restructure financial regulation and abolish the FSA. On 19 December 2012, the ''Financial Services Act 2012'' received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England. Until its abolition, Lord Turner of Ecchinswell was the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Business Times
The ''International Business Times'' is an American online news publication that publishes five national editions in four languages. The publication, sometimes called ''IBTimes'' or ''IBT'', offers news, opinion and editorial commentary on business and commerce. IBT is one of the world's largest online news sources, receiving forty million unique visitors each month. Its 2013 revenues were around $21 million. As of January 2022, IBTimes editions include Australia, India, International, Singapore, U.K. and U.S. ''IBTimes'' was launched in 2005; it is owned by IBT Media, and was founded by Etienne Uzac and Johnathan Davis. Its headquarters are in the Financial District of Lower Manhattan, New York City. History Founder Etienne Uzac, a native of France, came up with the idea for the global business news site while a student at the London School of Economics. He found that the strongest business newspapers had a focus on the United States and Europe and planned to provide br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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