Between a rock and a hard place

Date of publication: June 15, 2008


In September 2007, following a number of news reports concerning the international liquidity difficulties generated by the U.S. ‘sub-prime’ problems, the United Kingdom experienced the first sustained run on a major retail bank for over 00 years. Although the causes and consequences of the run on the Northern Rock Bank have been explored elsewhere, this paper provides the first systematic account drawn from the perspective of Northern Rock’s customers at that time.

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