N Rock to borrow £30bn by end of year

Northern Rock’s emergency funding line reached around £23bn yesterday, according to the Bank of England. The Bank of England’s ‘other assets’ category on its balance sheet has risen £2.2bn since last week. The ‘other assets’ category best indicates Northern Rock’s emergency funding as it usually remains static but has grown since the run on Northern Rock in September. Northern Rock has funding until February to either find a buyer, funding from elsewhere or sell off its mortgage book to pay back the Bank of England’s loan. To comment on this story contact: Jennifer Bollen Reporter Tel:...