Northern Rock chairman Ridley says has offered to resign
Datum : 16/10/2007 @ 11h24
Quelle : TFN
Name : Northern Rock Plc (NRK)
Kurs : 206.75 -9.5 (-4.39%) @ 13h08
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Northern Rock chairman Ridley says has offered to resign
LONDON (Thomson Financial) - Northern Rock chairman Matt Ridley told the
Treasury Select Committee of cross-party MPs that he has offered to resign in
the wake of the mortgage lender's bailout by the Bank of England.
"I have made it clear to the senior independent director that my resignation
is available to him as soon as he thinks it's in the interests of the company,"
Ridley said.
Ridley added that Northern Rock's crisis was the result of "an unpredictable
concatenation" of events.
Northern Rock revealed on Sept 14 that this summer's global credit crunch
had forced it to seek emergency funding from the BoE, prompting its share price
to slide by up to 80 pct.
Northern Rock funded three-quarters of its mortgage lending through
borrowing on the wholesale markets, and found itself unable to refinance its
debts when worries over rising defaults against US sub-prime mortgages prompted
banks to stop lending to each other on Aug 9.
myles.neligan@thomson.com
mn/vs
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