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Fri 09 Sep 2007Regulator in 'close contact' with FSA over Northern Rock
The Financial Regulator is keeping in "close contact" with the UK Financial Services Authority (FSA) and is monitoring developments at British mortgage lender Northern Rock which has received emergency financial support from the Bank of England to help it through the credit market crisis.
In a highly unusual move, the Bank of England announced last night it would step in to give short-term credit to Northern Rock to help it through the squeeze on liquidity.
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