UK: Britain to nationalize Northern Rock Bank

Feb 18, 2008 LONDON (AP) — Treasury chief Alistair Darling said Sunday that the struggling bank Northern Rock would be nationalized after the government rejected two takeover bids. Northern Rock ran into trouble in September because it relied too heavily on short-term money markets instead of deposits for funding. A subsequent profit warning and appeal to the Bank of England for an emergency loan led to the first run on a British bank since 1866. Full Report