Northern Rock may have taken additional loan - Ward

Last week, Ward claimed the Bank of England’s weekly balance sheet indicated Northern Rock’s original loan was worth around £2.9bn. The balance sheet has grown significantly in the past two weeks, with an increase of 13% seen last week. Ward says of the £11.3bn added to the balance sheet last week, £8.4bn was to provide liquidity to the markets. The remaining amount, classified as ‘other assets’ was likely to be the loan to Northern Rock, according to Ward. The latest balance sheet data shows a further increase of 3%, or £14.3bn, which Ward says is likely to be due to further borrowing...