Rock loans reach £23bn

The Bank of England’s ‘other assets’ category on its balance sheet has shot up by another £2.2bn since last week. The ‘other assets’ category is generally thought to be the best indicator of Northern Rock’s emergency funding as it is usually static but has been growing since the run on Northern Rock in September. Former chairman of Northern Rock, Matt Ridley, revealed analysts' predictions of the amount Northern Rock had borrowed, based on balance sheet observations, were correct as he was grilled by the Treasury Select Committee. Northern Rock has funding until February when it must eit...