Money News
The Treasury has confirmed that the guarantee arrangements for existing deposits in Northern Rock will cover all accounts existing at midnight on Wednesday September 19th.
This guarantee covers future interest payments, movements of funds between existing accounts, and new deposits into existing accounts. The guarantee will also cover accounts re-opened in the future by those who closed them between September 13th and September 19th, inclusive.
The Treasury adds that since it would otherwise be unfair to other banks and building societies, the arrangements will NOT cover any new accounts set up after September 19th, other than re-opened accounts as set out above.
The guarantee in relation to Northern Rock will remain in place during the 'current instability in the financial markets'.
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