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Additional info for Financial Institutions and Markets: 2007-2008 -- The Year of Crisis
69) Ridley also emphasized the unexpectedness of the run: I think it is worth reflecting that all of us, both here and in the authorities, were surprised by the degree to which the announcement of a facility from the Bank of England—not the use of it but the existence of a facility—and the reassurances that went with it about us being a solvent and profitable business did not have a sufficiently reassuring effect on customers. (p. 69) In view of the awareness apparent within the Tripartite authorities and within Northern Rock’s board that a retail run was one possible consequence of the announcement of the Bank of England’s liquidity support, the Treasury Committee asked witnesses from the Tripartite authorities about the extent to which a government guarantee—the device that was used on Monday 17 September to halt the run—had been the subject of prior consideration.
The latter, for example, placed restrictions on the use of deposit insurance information in advertisements (because of fears that this would distort competition), failed to mandate the risk adjustment of premium contributions and set the maximum period for depositor compensation at three months, in normal times, without suggesting a minimum. 25 Moreover, once they become aware of the limited de jure protection they actually enjoy, they have every incentive to be at the front of the queue. The second flaw, meanwhile, results in cross-subsidies 36 MAXIMILIAN J.
Implications for Central Banking and Bank Regulation and Supervision in the UK What, then, do these events and revelations imply for central banking and bank regulation/supervision in the UK? Conveniently, analysis can be structured under three headings, namely, central bank liquidity provision and the lender of last resort (LOLR), the tripartite arrangements, and deposit protection arrangements, and each area will now be addressed in turn. 12 The actions taken by the US Federal Reserve (“the Fed”) and the European Central Bank (ECB) in the second week of August satisfied these requirements apart from their failure to impose a penalty rate of interest on borrowers.