Northern Rock: a Case Study

  • Dimitris N. Chorafas
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)


According to financial history books, the concept of lender of last resort dates back to 1797, when Francis Baring so described the Bank of England. A century later, the Bank of England (BoE) obliged by saving his institution from bankruptcy, but it did not repeat the gesture a second time in 1995, and the venerable Barings Bank went bankrupt; several economists applauded the decision not to intervene.


Credit Risk Hedge Fund European Central Bank Money Market Credit Institution 
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  1. 5.
    Deutsche Bundesbank, Monthly Report, September 2000.Google Scholar
  2. 10.
    Merrill Lynch, Interest Rate Committee Forecast, 19 November 2007.Google Scholar

Copyright information

© Dimitris N. Chorafas 2009

Authors and Affiliations

  • Dimitris N. Chorafas
    • 1
  1. 1.New York Academy of SciencesUSA

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