As with Countrywide in the US, Northern Rock, UK's 5th largest mortgage lender has gone cap in hand to the Bank of England for some cash to see it through the next few months.
Because its majorly a lender than a deposit-taker, they've always relied on a very liquid and cheap overnight market. However, apart from being an aggressive lender, the mortgage business is now out of favor, and the bank found itself having to pay a higher premium each time.
As I suggested earlier, things are also thick for a parent bank of one Kenya's largest banks, but at least Bank of England would be prepared to bail them out to prevent a systemic financial crisis.
Expect big falls on the UK banking sector tomorrow.
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