BUSINESS: Northern Rock: Savers withdraw deposits after crash fears

A dramatic fall in its share price and future profits, but Northern Rock isn't expected to go bust. The bank has been hit hard after taking the rare step of arranging emergency funding from the Bank of England. The UK's fifth largest mortgage lender urged savers and borrowers to stay calm after admitting that the turbulence on the American money markets had damaged its business. But that didn't stop long queues from forming outside branches, with many people withdrawing their savings - and the bank warning that borrowers face more expensive mortgages in future and jobs are at risk. Questions are being asked about whether the Treasury and financial regulators should have seen the Northern Rock crisis coming.

ITN Source | September 14, 2007