NR offered ultimate protection

Northern Rock is now the safest bank in the world in which to deposit money. The UK government’s latest rescue package not only guarantees all deposits, including those left with the stricken mortgage lender since it first applied to the Bank of England for emergency funding three weeks ago. The Bank of England is also to accept in future as collateral any assets held by Northern Rock, including its notorious «together» loans, which offered borrowers 125% of the value of their homes. This remark...