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Bank customers 'should not panic' Bank customers 'should not panic'
(about 1 hour later)
Northern Rock customers in Scotland have been urged to remain calm after the lender asked the Bank of England for emergency help.Northern Rock customers in Scotland have been urged to remain calm after the lender asked the Bank of England for emergency help.
Queues formed in Glasgow, East Renfrewshire and Edinburgh as some customers sought reassurance and others withdrew savings and closed accounts.Queues formed in Glasgow, East Renfrewshire and Edinburgh as some customers sought reassurance and others withdrew savings and closed accounts.
Experts said that although the bank had asked for help it did not mean it was in danger of going bust.Experts said that although the bank had asked for help it did not mean it was in danger of going bust.
Chief executive Adam Applegarth said it was "business as normal".Chief executive Adam Applegarth said it was "business as normal".
The company, which has five branches in Scotland, appealed for support following an international credit crisis.The company, which has five branches in Scotland, appealed for support following an international credit crisis.
Mr Applegarth said that it had not yet borrowed any of the "unlimited" funds available.Mr Applegarth said that it had not yet borrowed any of the "unlimited" funds available.
He told analysts: "You don't get much better than being banked by the Bank of England."
As a Northern Rock shareholder, the situation pains me greatly but I'm going to hang on to see if a takeover is likely Graham ToughSenior accountancy partnerAs a Northern Rock shareholder, the situation pains me greatly but I'm going to hang on to see if a takeover is likely Graham ToughSenior accountancy partner
He told analysts: "You don't get much better than being banked by the Bank of England."
The bank said that it was considered by the Financial Services Authority to be "solvent". The emergency lending facility to Northern Rock was agreed by Chancellor Alistair Darling.The bank said that it was considered by the Financial Services Authority to be "solvent". The emergency lending facility to Northern Rock was agreed by Chancellor Alistair Darling.
"It means it can carry on trading, people can use their accounts in the normal way, they carry on making their mortgage payments in the usual way, Northern Rock will be able to carry on its business," he said."It means it can carry on trading, people can use their accounts in the normal way, they carry on making their mortgage payments in the usual way, Northern Rock will be able to carry on its business," he said.
Angela Knight, chief executive of the British Bankers' Association, said: "I think that anybody who is either a saver with Northern Rock or has got a mortgage... can be absolutely confident that they have got their money with or they have borrowed from a very sound financial institution."Angela Knight, chief executive of the British Bankers' Association, said: "I think that anybody who is either a saver with Northern Rock or has got a mortgage... can be absolutely confident that they have got their money with or they have borrowed from a very sound financial institution."
Irene Maitland closed her account after hearing the news href="/1/shared/spl/hi/pop_ups/07/uk_northern_rock/html/1.stm" onClick="window.open('http://news.bbc.co.uk/1/shared/spl/hi/pop_ups/07/uk_northern_rock/html/1.stm', '1189781580', 'toolbar=0,scrollbars=0,location=0,statusbar=0,menubar=0,resizable=1,width=500,height=400,left=312,top=100'); return false;">Northern Rock customers in Glasgow give their reaction to emergency funding href="/1/shared/spl/hi/pop_ups/07/uk_northern_rock/html/1.stm" onClick="window.open('http://news.bbc.co.uk/1/shared/spl/hi/pop_ups/07/uk_northern_rock/html/1.stm', '1189781580', 'toolbar=0,scrollbars=0,location=0,statusbar=0,menubar=0,resizable=1,width=500,height=400,left=312,top=100'); return false;" >In pictures
Despite the reassurances, queues formed at Northern Rock branches in Glasgow's St Enoch Square, Giffnock, East Renfrewshire and Edinburgh.Despite the reassurances, queues formed at Northern Rock branches in Glasgow's St Enoch Square, Giffnock, East Renfrewshire and Edinburgh.
Irene Maitland, from Houston, Renfrewshire, said she was horrified at the news.Irene Maitland, from Houston, Renfrewshire, said she was horrified at the news.
"I think it's been handled very badly, it's appalling," she said."I think it's been handled very badly, it's appalling," she said.
"I've closed my account and I've got to hope now my money comes through.""I've closed my account and I've got to hope now my money comes through."
Alex Arthur, 44, from the Merchant City in Glasgow, said he panicked.Alex Arthur, 44, from the Merchant City in Glasgow, said he panicked.
He said: "Through reassurances, as far as I can see everything seems to be okay. It is always a concern when you're own money is involved.He said: "Through reassurances, as far as I can see everything seems to be okay. It is always a concern when you're own money is involved.
"When the Bank of England throws their money behind it they are not doing it foolishly.""When the Bank of England throws their money behind it they are not doing it foolishly."
'Financial ombudsman''Financial ombudsman'
There were no queues at Aberdeen's Union Street branch.There were no queues at Aberdeen's Union Street branch.
One customer, who did not want to be named, said he had problems contacting the lender.One customer, who did not want to be named, said he had problems contacting the lender.
"It is appalling," he said."It is appalling," he said.
"I have been in touch with the financial ombudsman and they said there's no problem other than their funds.""I have been in touch with the financial ombudsman and they said there's no problem other than their funds."
Banking analysts said the problems at Northern Rock could make it an easy target for other banks.Banking analysts said the problems at Northern Rock could make it an easy target for other banks.
Graham Tough, senior partner of Glasgow-based accountants Martin Aitken and Co, has dealt with hundreds of personal insolvency cases involving Northern Rock.Graham Tough, senior partner of Glasgow-based accountants Martin Aitken and Co, has dealt with hundreds of personal insolvency cases involving Northern Rock.
He said: "It has achieved very successful profits until the recent downturn and it makes you wonder if they recognised the full effect of its potential bad debt problem early enough.He said: "It has achieved very successful profits until the recent downturn and it makes you wonder if they recognised the full effect of its potential bad debt problem early enough.
"As a Northern Rock shareholder, the situation pains me greatly but I'm going to hang on to see if a takeover is likely.""As a Northern Rock shareholder, the situation pains me greatly but I'm going to hang on to see if a takeover is likely."