People queue outside the Northern Rock headquarters in Dublin to withdraw their savings from the beleaguered bank.
The growing crisis in the financial markets sees Northern Rock customers queuing for as much as three hours in an attempt to withdraw their savings from the UK based bank. The queue stretches from the Bleeding Horse pub on Camden Street to the Northern Rock Irish headquarters on Harcourt Street.
Northern Rock insists deposits are safe, but many customers are ignoring that advice. One customer queuing in Dublin voices distrust in the Bank of England's ability to safeguard his savings. Another is upset at how Northern Rock is handling the situation,
Everybody’s anxious because there’s no information.
A woman wonders what will happen if everyone queuing withdraws their money,
How much is going to be left, like tomorrow could be too late.
Northern Rock ran into trouble because borrowed money from other banks and lent it by way of home loans.
When borrowing costs went up the bank hit the rocks.
Senior manager of Northern Rock Brian Kavanagh insists the bank is a stable institution and there is no cause for panic. He apologises to customers for any delay in dealing with their queries.
Over a four day period an estimated three billion euro has been withdrawn from the bank in the UK and Ireland. Britain's Chancellor of the Exchequer Alistair Darling is taking fresh steps to stop the run on Northern Rock. Tánaiste and Minister for Finance Brian Cowen feels Northern Rock customers in Ireland should feel reassured by the chancellor’s actions.
Everyone agrees now the best outcome would be for Northern Rock to be taken over.
An RTÉ News report broadcast on 17 September 2007. The reporter is David Murphy.