Northern Rock is one of the top five mortgage lenders in the United Kingdom in terms of gross lending. Northern Rock is a British bank based in northern England. Formerly the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange, distributing shares to its members who held savings accounts and mortgages with them. Northern Rock joined the stock exchange as a minor bank and was expected to be taken over by one of its larger rivals, but it has remained independent. In 2000, Northern Rock gained promotion to the FTSE 100 Index.
In 2007, the Bank has fallen victim to the credit squeeze triggered by the US subprime meltdown. Northern Rock received a liquidity support facility from the Bank of England.
English
Northern Rock is one of the top five mortgage lenders in the United Kingdom in terms of gross lending. Northern Rock is a British bank based in northern England. Formerly the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange, distributing shares to its members who held savings accounts and mortgages with them. Northern Rock joined the stock exchange as a minor bank and was expected to be taken over by one of its larger rivals, but it has remained independent. In 2000, Northern Rock gained promotion to the FTSE 100 Index.