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| Version 1 | Version 2 |
|---|---|
| Northern Rock 'can't find buyer' | Northern Rock 'can't find buyer' |
| (about 2 hours later) | |
| Stricken lender Northern Rock is continuing to struggle to attract a buyer, a report has claimed. | Stricken lender Northern Rock is continuing to struggle to attract a buyer, a report has claimed. |
| At least 12 of the UK and Europe's biggest banks have now decided not to buy the Newcastle-based lender, according to the Sunday Times. | At least 12 of the UK and Europe's biggest banks have now decided not to buy the Newcastle-based lender, according to the Sunday Times. |
| The paper says banks have estimated that it would require too much capital - as much as £20bn - to successfully refinance Northern Rock. | The paper says banks have estimated that it would require too much capital - as much as £20bn - to successfully refinance Northern Rock. |
| No-one from Northern Rock was available for comment. | |
| Global credit squeeze | Global credit squeeze |
| Shares in the bank have lost nearly 75% of their value since it was forced to seek emergency funding from the Bank of England two weeks ago. | Shares in the bank have lost nearly 75% of their value since it was forced to seek emergency funding from the Bank of England two weeks ago. |
| Northern Rock got itself into financial difficulty because unlike most UK banks, it raises the majority of its funds via the global wholesale credit market. | Northern Rock got itself into financial difficulty because unlike most UK banks, it raises the majority of its funds via the global wholesale credit market. |
| This market has dried up over the past month as a result of the crisis in the US sub-prime mortgage market, which has made banks and other investors a lot more unwilling to lend to each other. | This market has dried up over the past month as a result of the crisis in the US sub-prime mortgage market, which has made banks and other investors a lot more unwilling to lend to each other. |
| Last week the government said it would guarantee all deposits held by Northern Rock, in an attempt to reinforce confidence in the firm. | Last week the government said it would guarantee all deposits held by Northern Rock, in an attempt to reinforce confidence in the firm. |
| However, some Northern Rock savers continued to queue outside some of the bank's branches to remove their funds. | However, some Northern Rock savers continued to queue outside some of the bank's branches to remove their funds. |
| A majority of analysts say the bank's future as an independent company is untenable, but a buyer has yet to come forward. | A majority of analysts say the bank's future as an independent company is untenable, but a buyer has yet to come forward. |
| Banks said to have turned their backs on a potential bid for Northern Rock are HSBC, Royal Bank of Scotland, Barclays and Lloyds TSB. | Banks said to have turned their backs on a potential bid for Northern Rock are HSBC, Royal Bank of Scotland, Barclays and Lloyds TSB. |