Northern Rock clock
Posted by on Dec 22, 2010 in Building clocks | 0 comments
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This clock became an icon for the state of the banks in Britain during 2007.

During the crisis Northern Rock was at the heart of the first run on a UK bank for a century.

This one image has been seen many times since in magazine articles, newspapers and online as the banking crisis finally took grip in the UK.

Northern Rock clock - Newcastle

Northern Rock clock - Newcastle

Situated above the Northern Rock branch in Northumberland Street, Newcastle this one clock summed up the clock ticking on the banking industry.

Northern Rock
Northern Rock Building Society was formed on 1 July 1965 as a result of the merger of Northern Counties Permanent Building Society (established in 1850) and Rock Building Society (established in 1865).

Northern Rock Building Society then merged with a number of small local building societies and, prior to its conversion to a public limited company in October 1997, was an amalgamation of 53 societies.

On 1 October 1997, Northern Rock converted from a building society to a public limited company, listed on the London Stock Exchange and authorised under the Banking Act 1987.

Northern Rock clock - Newcastle

Northern Rock clock - Newcastle

Northern Rock entered Temporary Public Ownership (TPO) in February 2008.

The company’s priorities in 2008 included the repayment of the Government loan through an active mortgage redemption programme, and £18bn had been successfully repaid by 31 December 2008.

Northern Rock revised its business plan in early 2009 in close consultation with the Government as shareholder, and successfully applied for State Aid approval from the European Commission, which was granted on October 28th 2009 to restructure the business into two legal entities, both of which remain in TPO.

More information can be found on the Northern Rock website