Household HSBC Watch

STRICKEN lender Northern Rock, whose shares have lost nearly three-quarters of their value since last weekend’s bank run, is continuing to struggle to attract a buyer, according to weekend reports. At least 12 of the UK and Europe’s biggest banks, including HSBC, are said to have decided not to buy the Newcastle-based lender. The banks have estimated that it would require too much capital - as much as £20 billion - to refinance Northern Rock.

The bank’s shares plunged after it was forced to seek emergency funding from the Bank of England two weeks ago. For HSBC apparently Northern Rock is not another Household International.