Northern Rock by Edu Pristine

Author of lecture Northern Rock

Edu Pristine

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Excerpts from the accompanying material

... from a mutual building society whose activities were limited by regulation largely to retail deposits and mortgages. Market disruption in the wholesale funding market and securitization markets prompted Northern Rock to seek immediate liquidity assistance from the Bank of England. In August ...

... asset/profit growth. High reliance on wholesale funding and securitization. Absence of any RMP and other established processes (recording key meetings, document filing, updating IRM and importing sub-sector issues etc. ) ...

... financial analysis/scrutiny of NR (due to personnel and other issues). ARROW I and ARROW II standard practices not followed, (e.g. formal records of key meetings were not prepared). Absence of challenge mechanisms nor MI to indicate ...

... products) will always be there. In absence of market liquidity and in crisis situations, liquidity support will increase from the central bank. The too big ...

... responsibility. HoDs were not able to give attention to NR due to lack of continuity and heavy workload. Several small lapses in following of standards were ignored in the name of less interference ...

... liquidity and stress testing 4. FSA to improve its use of information and intelligence in its supervision. 5. FSA to improve the quality and resourcing of its financial and sectoral ...