It bought a smile to my face seeing that BoE funding for Northern Rock is now at 21Bn, the amount raised from the auction of airspace for 3G mobile phones.
"Northern Rock has further increased the scale of its borrowing from the Bank of England, suggesting, according to one commentator, there has been a larger withdrawal by retail investors than previously thought.
The Newcastle-based lender borrowed a further £4.7bn ($9.5bn) from the Bank last week, it emerged on Thursday, taking the total to about £21bn.
Simon Ward of New Star, the fund manager, said: "The scale of the loan and its continued rapid increase suggest that, as well as losing wholesale funding, Northern Rock has suffered a larger withdrawal by retail customers than the guesses of several billion pounds circulating in the market.""
Still, at least it's secured and hopefully the gov. and hence the taxpayer get repaid before any decline in the asset value !
Daytona