Northern Rock

Bank: Northen Work

Northern Rock Building Society was formed in 1965 as a result of the merger of two North East Building Societies; the Northern Counties Permanent Building Society (established in 1850) and the Rock Building Society (established in 1865).

During the 30 years that followed, Northern Rock expanded by acquiring 53 smaller building societies, most notably the North of England Building Society in 1994.

The bank has conducted during the 2000s a policy of loan risk: much of its funding came from the securitization, which made it vulnerable to the vagaries of the stock market.

Northen Rock: nationalization in January 2008

Particularly affected by the banking crisis, the British bank Northern Rock was saved from bankruptcy through nationalization February 17, 2008.

Returned to traditional lending institutions January 4, 2010, she received an excellent financial rating by Standard & Poor’s.