Friday, 26 October 2007

The Rock as a SIV

FT alphaville has a nice post on Northern Rock, gathered from the Bank of England's latest Financial Stability Review. They show this:

That's massive asset growth funded by issueing securitised paper. Hmm, that sounds like a SIV to me. After all, a SIV is just a simple bank with no deposit funding. That's NR these days.

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