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Northern Rock’s borrowing from Bank of England totals £16bn

Northern Rock has borrowed a further £3bn from the Bank of England, taking the total to around £16bn.

The latest figures have emerged following the weekly publication of the Bank’s balance sheet.

New Star economist Simon Ward says: “The weekly increase of £3bn is up from £2.3bn and £2.9bn in the prior two weeks, indicating that Northern Rock’s funding problems remain acute.”

“There had been hopes that the rate of increase would slow following the government’s announcement last week that its guarantee would be extended to new retail deposits.”

According to reports, analysts believe that Northern Rock could access at least another £5bn before the end of the year.

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