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Update 14-02-2008

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Is on-line banking Safe ?
Lessons from the Northern Rock Bank Run

"Northern Rock", once a star of British banking and one of the largest mortgage lenders applied for emergency aid from the Bank of England to prevent a bank run. Instead, it precipitated one.

northern rock bbc

In the course of a single weekend, before the government guaranteed Northern Rock's deposits and police turned away panicky customers, the bank lost some $4 billion as customers emptied their accounts. As the Economist magazine notes, this was England’s first bank run since 1866.

The fact that customers also failed to access their on-line bank accounts,
causes widespread  doubts about  the reliablility of the online banking system in case of a major crisis and raises  questions also about the poor liquidity of deposits on on-line bank accounts.

More Youtubes on Northern Rock here

more funtamental analysis here

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