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Northern Rock seeks to reassure worried Irish customers
Tuesday, 18 September 2007
The British bank Northern Rock has taken out full-page newspaper advertisements today to reassure its Irish customers that their savings are safe.
Scores of Irish people queued outside the bank's head office in Dublin yesterday to withdraw their money and transfer it elsewhere.
The move follows the news that Northern Rock was forced to get an emergency loan from the Bank of England after struggling to raise case due to the global fallout from the US credit crisis.
The British Government has promised to guarantee all deposits held by the bank in an effort to calm panicked customers, who have already withdrawn billions of pounds in the UK.
Around 25,000 Irish people have savings accounts with Northern Rock worth a total of around €2.4bn.
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