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The Failure of Northern Rock: A Multi-Dimens

The Failure of Northern Rock: A Multi-Dimensional Case Study

Franco Bruni, David T. Llewellyn
2009
T4 217 pages · about 3h 37m to read Open Librarygoodreads

Edited academic volume from SUERF.

Summary

Franco Bruni and David Llewellyn edited this collection for the SUERF financial research network, assembling academic and practitioner analyses of the Northern Rock failure from several disciplinary angles.

The chapters cover the bank's business model and its dependence on securitisation and wholesale funding; the supervisory failure by the Financial Services Authority, which had approved the model and had not tested its funding assumptions; the deposit insurance arrangements, which did not cover balances in full and therefore gave depositors a rational reason to queue; the lender of last resort question and the Bank of England's initial reluctance to lend, including the argument about moral hazard and the effect of publicity requirements; the tripartite regulatory structure and the coordination failure within it; and the resolution options available and why nationalisation was reached.

The volume's collective conclusion is that the failure was one of the regulatory framework as much as of the institution. The specific reforms that followed in Britain, including the special resolution regime, full deposit guarantees up to a limit and the restructuring of supervision, address the failures the contributors identify. The book is academic and assumes familiarity with banking regulation. It is the most complete analysis of the episode available.

Key takeaways 7

  1. Northern Rock's model depended on continuous access to securitisation and wholesale markets, and supervision had not tested that assumption.
  2. Deposit insurance that did not cover balances in full gave depositors a rational reason to withdraw, which produced the run.
  3. The tripartite regulatory structure left coordination failures that no single body had authority to resolve.
  4. Publicity requirements attaching to emergency liquidity support made confidential lender of last resort assistance impossible.
  5. Britain had no special resolution regime for failing banks, which left nationalisation as the only alternative to disorderly failure.
  6. Moral hazard concerns delayed liquidity support in a case where the institution's problem was funding rather than solvency.
  7. The contributors treat the failure as a regulatory framework failure rather than as an institution-specific event.

Who should read it

Regulators and analysts of banking resolution who want the complete multi-disciplinary analysis of the case that reshaped British bank regulation.

Similar books 6

Chosen by shared topics, the entries that hold them, and the people who recommended both.

The Crunch: The Scandal of Northern Rock andThe Crunch: The Scandal of Northern Rock and the Escalating Credit Crisis
T3 The Crunch: The Scandal of Northern Rock and the Escalating Credit Crisis
Alex Brummer · 2008
Open LibraryGoodreads

By the Daily Mail City editor; Northern Rock as the opening of the crisis.

The Fall of Northern RockThe Fall of Northern Rock
T3 The Fall of Northern Rock
Brian Walters · 2008
Open LibraryGoodreads

The main dedicated narrative account.

Whoops!Whoops!
T3 Whoops!
John Lanchester · 2010
Open LibraryGoodreads

Clearest lay explanation of the UK funding model

Overhaul: An Insider's Account of the Obama Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry
T4 Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry
Steven Rattner · 2010
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

The Foreclosure of America: The Inside StoryThe Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream
T3 The Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream
Adam Michaelson · 2009
Open LibraryGoodreads

Insider account by a Countrywide marketing executive; the one dedicated book.

The Lost Bank: The Story of Washington MutuaThe Lost Bank: The Story of Washington Mutual, the Biggest Bank Failure in American History
T2 The Lost Bank: The Story of Washington Mutual, the Biggest Bank Failure in American History
Kirsten Grind · 2012
Open LibraryGoodreads

Washington Mutual's rise and its 2008 collapse, the largest US bank failure.

Where it sits in the reference 2

Northern Rock
Companies
The 2008 financial crisis
Financial panics

Topics

Company HistoriesFinancial History