MSN Money UK – Northern Rock was the darling of the UK mortgage sector, but fuelled its rapid growth by borrowing in money markets and selling on its mortgage debts rather than customer deposits.
The eruption of the credit crunch in August 2007 as banks clamped down on risks shattered its business model and forced it to seek emergency aid from the Bank of England.
Full coverage of Northern Rock
January 2007 – Northern Rock reports a 16.5% increase in annual profits to £587.7 million for 2006, beating City forecasts.
