events
prelude to the 2008 financial crisis: Northern Rock bank experiences the first bank run in the United Kingdom in 150 years.
Related Wikipedia articles
2008 financial crisis
Worldwide economic crisis
The 2008 financial crisis, also known as the global financial crisis (GFC) or the Panic of 2008, was a major worldwide financial crisis centered in the United States. The causes included excessive speculation on property values by both homeowners and financial institutions,…Source: Wikipedia (CC BY-SA)
Northern Rock
British bank, 1850 to 2012
Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne, United Kingdom, Northern Rock was originally a building society. It demutualised and became Northern Rock bank in 1997, when it floated on the London…Source: Wikipedia (CC BY-SA)
Bank run
Mass withdrawal of money from banks
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may fail in the near future. In other words, it is when, in a fractional-reserve banking system, numerous customers withdraw cash from deposit accounts with a…Source: Wikipedia (CC BY-SA)