STL2STM2BookC_StringPrint_SetupTPrintStartupSound_TabLISTBook_PrefsAct List Scene Drawing_Model Draw_Specs diagram_struct_arrayDependentsScriptPad_ListManuscriptPlayPlay_PrefsModelSubscript_Set_ListSubscript_SetArraySimulation_ModelRun_Specsentity_struct_arrayentity_structint16_arraydouble_arraytoken_type_arraytoken_type run_handle_array!run_handle"Draw_Index#Poster_Info$queue%Units&diagram_struct'Point_array(movie_attach)Picture_Tab*Pad+Model_Index_array,slider_type-Model_Index.Log_Condn/Log_Page0Play_Where1Picture_Data2Picture3AliasRecord4Pathname5Button_Type6Condition7Movie_Tab8Dependent_Entry9graph_type:curve_type_array;curve_type<Panel=Sector_Specs>SET?Sense_Setup@select_struct_arrayAallow_struct_arrayBPicture_arrayCEntity_Controller_MapDSection_ListEFont_MapFFont_Map_Record_ArrayGFont_Map_RecordHWindow_ListIModel_WindowJPad_WindowK@@ >L,.~X"xxHHQ[HHQd'9C od * ,,vZ     L    JJ!  drmd   |P {@@ zhPP?UUUUUU??@"2   V : "ٿ޿$$ F"F:L(1 Dim_Name_1 0jj@?UUUUUU?3.@Time-32s@@i??@i@(UUUUT@@i@@???@L@i?@Northern_Rock_ liquidity_level6505 i! "@i@qX@y@ @b"""$@@3336@k@DDDH@@uUUUZ@@&fffl@~@www~@0@@@9@"""+@ꪪ@C333=@ @(DDDO@1L@9UUUa@A@JVfffs@R@[www@c`@k@t @|i@"""2@@s333D@˻@$DDDV@|@UUUh@-@džfffz@@7www@@興@A'@@"""9@ J@333K@@#TDDD]@+@4UUUo@<]@Dfff@M @Ugwww@]@f@nq.@və@""""@@z@333R@+@DDDd@@5UUUv@@fff@>@җwww@#@H@5@@R"""G@@ 333Y@[@DDDk@& @.eUUU}@6@?fff@Gn@Owww@X *@`x@h<@q)@y"""N@ڪ@3333`@W@_DDDr@h<@pUUU@x @Ffff@@www@P1@@C@Y@"""U@ @c333g@Ի@DDDy@l@UUU@@vfff@&@'www@8@؈@(1J@0@8"""\@A:@I333n@Q뻻@ZDDDD@b @jUUU@sM@{fff@-@Wwww@?@@aQ@@"""c@j@333u@@tDDD@The heart of this scenario. Northern Rock will try to maintain liquidity in a variety of market conditions - which are variable - and with a variety of strategies both those generated internally (Restricting lending and preventing withdrawals) and those proxied to the Bank of England (Depositor guarantees and injection of emergency liquidity). The initial value is the "Cash and cash equivalents" from NR interim report 2007, p20# $%&GBPUnited Kingdom Pounds  gbpc??????? BOE_depositor_guarantee_on1 !A policy decision to be made by HM Treasury, the BOE and the FSA to guarantee the funds of those who hold deposits in Northern Rock. The primary focus of this control is to maintain or bolster the confidence of retail and commercial depositors.# i$%& c[???????BOE_depositor_ guarantees\if Northern_Rock__liquidity_level < (6505/0.5) and BOE_depositor_guarantee_on then 1 else 0<  i / ?          !If liquidity is faltering and depositor guarantees are in place then this becomes a measure of the level of confidence that the authorities can inject to the retail sector. If either of the two conditions are not met this control has no effect.# $%&c%??????????t????@? ?&Normal_levels_ of_wholesale_liquidity1+ !uAn external variable intended to mimic the credit crunch. Here it is either on or off but it could easily be converted to a sliding scale to illustrate the effect of a more gradual tightening of the national and international credit environment. 'On' equates to the 'normal' credit environment where there is significant liquidity and 'off' equates to no credit available.# i$%&c(???y???@? )Availability_of_BOE_ emergency_liquidity1+ !zThe decision made by HM Treasury and the BOE, possibly with FSA input on whether or not to introduce emergency liquidity.# i$%&%b { @r@r??@r@r@r@r@r^???@r@@r!Total_net_flow_of_ deposit_funds|if Emergency_brake__on_withdrawals < 1 then Emergency_brake__on_withdrawals*Net_retail__deposits else Net_retail__deposits,           !"@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r@r_The net amount of deposits that are received by the bank on a monthly period which can be modified by the bank through the use of the 'Emergency brake on withdrawls' which equates to shutting branches, switching off cash machines, withdrawal limits, etc. The emergency brake will have a proportionate effect depending on how forcefully it is applied.# $%& gbp/months  gbp  monthsf+ @檪@檪??@檪@檪@檪@檪@檪5???@檪@@檪Outflow_total_ of_loaned_funds,Buy_to_let+Commercial+Residential+Unsecured !        !"@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪@檪6Lending by all Northern Rock to all sources in the six months to June 2007. This total lending represents the normal scenario but it capable of being modified by the 'lending restrictor' which attempts to mimic the behaviour of Northern Rock in limiting the amount it lends in order to preserve its liquidity.# $%&xf @"""""@9??@"""""@9@"""""@9@9@9???@9@@9Other _expensesDividend+General__expenses     !"@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@"""""@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9@9Total of semi fixed expenditure including the dividend - which was cancelled in reality and can be cancelled here by a policy decision.# $%&xc @UUUUU@UUUUU??@UUUUU@UUUUU@UUUUU@UUUUU@UUUUU???@UUUUU?@UUUUU Residential(9170/6)*Lending__restrictor #     !The level of residential lending that was reported by Northern Rock in its 2007 first half results - divided by 6 to make it a monthly flow.# $%&UnitedKingdomPounds/mo  unitedkingdompounds  moc @b@b??@b@b@b@b@b???@b? @b Buy_to_let(899/6)*Lending__restrictor      !The level of buy to let lending that was reported by Northern Rock in its 2007 first half results - divided by 6 to make it a monthly flow.# $%&c @.UUUUUU@.UUUUUU??@.UUUUUU@.UUUUUU@.UUUUUU@.UUUUUU@.UUUUUU???@.UUUUUU? @.UUUUUU Commercial(91/6)*Lending__restrictor [     !The level of commercial lending that was reported by Northern Rock in its 2007 first half results - divided by 6 to make it a monthly flow.# $%&s??k+r???? accumulated_ net_lending0  !"# $%&bB??@9p5j??? Accumulated _lendingNet_loan_activity0  0!# $%&s@jffffm??@jffffm@jffffm@jffffm@jffffm???? @jffffmTotal_other_expenses0 !"?[Z@[Z@ @[Z@Gqp@@I@![Y@#&ffffd@%Gqo@'g}'z@)@+>>@-I@/ꪪ@1[Y@2 ` _@3&ffffe@46lk@5Gqq@6Wwwwww@7g}'}@8x--@9@:8@;>>@<@=I@>OO@?ꪪ@@}-@A[\@A@B ` b@B88@C&ffffh@C>@D6ln@D@EGqt@EII@FWwwwwz@FߤO@Gg}'Ҁ@G@Hx--@I[[ @I@J `@J8@K!@K>>@L1ll@L@MAq!@MI@NR""""'@NOO@Ob}'}-@Oꪪ@P9ll@P}-@P@Q[\@QIq@Q@QI@R ` `@RZ""""!@R88@ROO@S&ffffd@Sj}'}%@S>@S򪪪@T6lh@Tz-)@T@U[@UGql@U3333-@UII@V` `@VWwwwwp@V81@VߤO@W#@Wg}'t@W>5@W@X4l@Xx--x@XDDDD9@Y[Z@YDqq@Y|@dFOO@dh[Z@dffff`@dqq@d}'}"@d@e>@e4IE@eV@ex `@elh@e@e-*@f8@f"@fDOM@fg[@f@fqp@f'}'@f33332@g>>@g3II@gUUUUUU@gw` `@gll@gwwwwx@g݂-@g8:@h!@hCO@he[]@h@hq@h}'Ҁ@h@i>B@i1I@iT@iv ` e@il@i""""'@i--@i88@j DDDDJ@jBOO@jd[[ @jffffm# $%&f @"""""@9??@"""""@9@"""""@9@9@9???@9@9 ExpenditureOther__expenses  !# $%&c !@9@9??@9@9@9@9@9@9???@9?@9General_ expenses (153.2/6)  ( @9 !Wages, heat, light, dividend...Figure derived from expenses incurred in the 6 month period to June 2007 and are (138.4)+(14.8) = 153.2m, page 18, NR Interim report 2007. All divided by 6 (months).# $%&gbp/mo  gbp  mo c6# @ ??@ @ ???? Dividend7if (Dividend_payment_policy) then pulse(59,4,0) else 00    ;      !"@ This is the NR dividend which was proposed and was set at 59m for the period modelled. This was cancelled in September 2007 and the deciosion on whether to pay this or not is a policy one.# $%&c @WUUUUU@WUUUUU??@WUUUUU@WUUUUU@WUUUUU@WUUUUU@WUUUUU???@WUUUUU?@WUUUUU Unsecured(554/6)*Lending__restrictor *     !The level of unsecured lending that was reported by Northern Rock in its 2007 first half results - divided by 6 to make it a monthly flow.# $%&c$@r@r??@r@r@r@r@r ???@r?@rNet_retail_ deposits%(Net_depositor__confidence*(1734/6))      ! Deposits by retail bank customers - based on figures presented by Northern Rock in June 2007 (then divided by six to allow for the period covered) and modified by the level of investor confidence i.e. the lower the level of confidence the lower the net deposit level.# $%&-bH*@@??@Cc{\zꪪ@@@@L???@@@Flow_of_ borrowing_fundsICovered__bonds+Securitisation+Net_non__retail_deposits+Net_loan_activity0#      0  !"@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@MNet wholesale cerdit inflows. Determined by those factors that feed into it.# $%&xc1??????????:????? ?Dividend_payment_policy1 !;The decision on whether to pay the 59m proposed dividend.# $%&s?@??@@@@????@Total_deposits0 !"@(UUUUU@8UUUUU@B@HUUUUU@N@R@U@XUUUUV@[@^@`@b@cUUUUU@e@f@hUUUUT@i@k@lUUUUS@n@o@p@qOUUUUT@r@rЪ@sUUUUU@tR@u@uUUUUV@v@wT@xUUUUW@x@y@zWUUUUX@{@{ت@|UUUUY@}Z@~@~UUUUZ@@.UUUUX@@@OUUUUW@@@pUUUUV@Ъ@1@UUUUU@񪪪@Q@UUUUT@@r@UUUUS@3@@UUUUR@T@@UUUUQ@u@@6UUUUP@@@WUUUUO@@@xUUUUN@ت@8@UUUUM@@Y@UUUUL@@z@UUUUK@;@@UUUUJ@.UUUUP@^@@UUUQ@@*@OUUUUR@@@UUUS@@@*@pUUUUT@@Ъ@UUUU@1@a*@UUUUV@@񪪪@!UUUW@R@*@UUUUX@@@BUUUY@s@*@UUUUZ@@3@cUUU[@@*@UUUU\@$@T@UUU]@@*@UUUU^@E @u@UUU_@ @*@6UUUU`@f @@UUUa@ @'*@WUUUUb@ @@UUUc@# $%&b I@r@r??@r@r@r@r@r???@r@r Deposited!Total_net_flow_of__deposit_funds !# $%&c!+@z"@z"??@z"@j"@z"@z"@z"@z"???@z"?@z"Net_non_ retail_deposits"((2509/6)*Maximum__funding_level)     !Deposits by non-retail bank customers - based on figures presented by Northern Rock in June 2007 (then divided by six to allow for the period covered) and modified by the level wholesale liquidity i.e. the lower the level of liquidity the lower the net non-retail deposit level.# $%&c,@UUUUUU@UUUUUU??@UUUUUU@}UUUUUU@UUUUUU@UUUUUU@UUUUUU@UUUUUU???@UUUUUU?@UUUUUUSecuritisation (5632/6)*Maximum__funding_level      !The level of securitisation that was reported by Northern Rock in its 2007 first half results - divided by 6 to make it a monthly flow. This is then modified by the general state of national and international environmental liquidity. # $%&c-@vڪ@vڪ??@vڪ@fڪ@vڪ@vڪ@vڪ@vڪ???@vڪ?@vڪCovered_ bonds (2194/6)*Maximum__funding_level      !The amount of covered bonds issued and reported by Northern Rock in its 2007 first half results - divided by 6 to make it a monthly flow. This is then modified by the general state of national and international environmental liquidity. # $%&cU3????????????????Maximum_ funding_levelVmin(Availability_of_BOE__emergency_liquidity+Normal_levels__of_wholesale_liquidity,1)      !The lower of either the BoE funding added to commercial funding or 1. This factor is used to multiply the funds normally flowing into the model.# $%&c<????????????? ?Ambient_depositor_ confidence1 !This results on confidence that result from and are determined by adverse media reports and word of mouth. This can be set to mimic, to a certain extent, the panic that can set in within the retail depositor community.# i$%&sE@??@|@@@????@New_loan_ accumulator0$ !"@qxq@xq@5j@xq@.89@5j@q@xq@@.89@Lqr@5j@d8@q@ab@xq@8@@q@.87@UUUS@Lqo@ێ8@5j@Lq@d8@|@q@683@ab@*86@xq@UUUR@8@Hqn@è@3׎8@Ŀq@Kf@.84@bq@UUUP@z8@Lql@Ȓ@ێ8@ɩq@5j@282@Lq@UUUN@d8@Pqj@|@ߎ8@Γq@n@ϫ680@~8@ab@ЧFqm@*84@3 @xq@ѾՎ8@UUUP@Jq@Ґ8@d@Hql@b,83@Ө@q@3׎8@yUUUO@Կq@8@Kf@ՑJqk@.82@@bq@َ֨8@UUUN@4q@z8@h@Lqj@L081@ؒ@q@ێ8@cUUUM@٩q@8@5j@{Nqi@280@@Lq@ےݎ8@UUUL@q@d8@ܪl@Pqh@648/@|@q@ߎ8@MUUUK@ޓq@ي8@n@eRqg@߫68.@@~8@>pq@ab@T8@Fqn@8UUUR@*86@q@3 @U8@xq@㪪@Վ8@qr@UUUV@'8:@Jq@m@␀8@rq@d@V8@Hqv@?:UUUZ@b,8>@q"@# $%&!c<@ ?????????????? ?Lending_ restrictor=if Northern_Rock__liquidity_level < (6505/0.5) then 0 else 1 4  i / ?       !"?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????This controller is set to 1 for the existing or reference mode but can be restricted to reduce the flow of funds to mortgages. This is a tool, available to management, to maintain liquidity by restricting the amount of lending issued. # i$%&c>:?????????@??????Net_depositor_ confidence?min(BOE_depositor__guarantees+Ambient_depositor__confidence,1)      !AThe net result of the ambient consumer confidence and the manipulation of consumer confidence that results from regulatory policy decision making. The maximum level thta this variable reaches is 1 which equates to 100% confidence which is assumed to be the normal level i.e. people think their money is safe in the bank.# $%&cH??????????l????? ? Emergency_brake_ on_withdrawals0 !"?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????mThis is a management tool to preserve liquidity. It mirrors the ability to stop withdrawals - switching off cash machines, locking branches, etc. 0 is no brake, 1 = total stop. it could also model the website (internet banking) collapse that was observed and the jamming of call centre lines which would have restricted withdrawal/deposit activity (accidentally?).# i$%&s L@??@ @@@???? @Total_lending0! !"@Rq@bq@k檪@rq@w@88@{檪@F88@q@@@88@qq@檪@98@F8:@p*@q@c8@@qt@@88@iUUUX@qq@8<@檪@Gq @98@c@F8;@\qt@p*@8@q@.UUUX@c8@X1q@@8<@qu@j@@88@q @iUUUY@8@qq@(@@8=@Qqv@檪@{x8@Gq!@UUUZ@98@αq@c@N8>@F8;@UUUW@\qs@%Î8@p*@q@8@O_@q@.87@.UUUS@xqo@c8@ ʪ@X1q@8@@7gq@83@5UUUO@qk@a8@j@q@@88@@q@n8/@iUUUK@???@5j@?&@Loans_from_ wholesale_sources80513('(   @ !?Total funds from commercial sources page 10 NR interim report.# $%&f _@5j@5j??@5j@5j@5j@5j@5j@5j ???@5j'@5jFlow_of_ new_funding Loans_drawn2$0& 2!!See loans drawn for description.# $%&f3`@5j@5j??@5j@N8l@5j@5j@5j@5j???@5j(@5jLoans_ redeemed4Loans_from__wholesale_sources/Loan__redemption_rate&/0&  & /  !Assumes that loans redeemed - the total of all loans outstanding - will be repaid at the 'Loan redemtion rate' of the total outstanding. # $%&coj@5j@5j??@5j@5j@5j@5j@5j@5j???@5j?+@5jLoans_availablepReplacement__loan_target* min(Availability_of_BOE__emergency_liquidity+Normal_levels__of_wholesale_liquidity,1)12  1        !Target loans - the amount required to maintain equilibrium - times the lesser of the total availability of loans - which cannot exceed 1- so it is either the total amount required or some lesser part of that requirement.# $%&cz@(@(??@(@(@(@(@(@(v???@(?/@(Loan_ redemption_rate12(1 !wThe rate at which loans are redeemed. 12 = all loans redeemed within one year, 6 = all loans redeemed within 6 months.# $%&c$|??@9p5j????0Net_loan_activity%Flow_of__new_funding-Loans__redeemed'(   ' (  !Net loan activity. Which will be nil when in equilibrium. If negative then NR is repaying more than it is borrowing, if positive we are borrowing more than we are repaying.# $%&c*@5j@5j??@5j@5j@5j@5j@5j@5j???@5j?1@5jReplacement_ loan_target+Loan_balance__target/Loan__redemption_rate%/+2  % /  !Loans required per month which is the closing funding balance from the June 2007 NR interim results, page 10. The actual data is divided by the loan redemption rate to match the loans redeemed so that the system aims to replace loans redeemed with new loans.# $%&c -h@5j@5j??@5j@5j@5j@5j@5j@5j???@5j?2@5j Loans_drawn.min(Loans_available,Replacement__loan_target)+1' + 1  !The lesser of either the money available to borrow - loans available - or the amount required - target loans - so NR never gets more than it asks for but it may get more than it requires to maintain equilibrium.# $%&  !  h'a t@*=2()*=Fundamental controls in the liquidity v investment equation+, i'J{y@I()*+-hh ???d"?./01# # , i'WYc@Yc K()*+-?"?./01# # , i'We@eK 9K()*+-?"?./01# # , i't.@.H &P()*Internal controls+, i't-@-H %P()*External influences+, i'Jx@g&g&()*+-???d"?./01# # , i'J}T@K()*+-???d"?./01# # , i' DD9 @7'bK()* Graph 1+, i'ZlT@ lI_()*+-@i@@j@"?./01# #  i'N)@)y !()*V6ۿwvw`n n `# `% n2IyDۿ3Iy yI Iy0!Aq"o# 777777"?#L#IIIIII1 #?oIIIIII ('8k,Arial (4) Main model45+6bb`ۿAnۿ n& n 71޿# 8 Main model., # i'WE@E:e :()*+-?"?./01# # , i'tH@H  @()*Liquidity warning+, i'JU@ ()*+-???d"?./01# # , i'ND ()*+6 Iܿ"ܿ n 718Click for model descriptionThis is a simulator of endogenous and exogenous inputs to the Northern Rock liquidity crisis. It is set to run over a period of six months using data from the 2007 Northern Rock interim results for the six months to end June 2007. It recalculates on roughly a daily basis. Base states are as follows; International liquidity is set at 1, i.e. 100% available. Investor confidence = 1, i.e. confidence in the bank is 100%. BOE depositor guarantees are off. BOE emergency liquidity is off. Lending restrictor is not on, i.e. lending is 1 (100%) Emergency brake on withdrawals is not on, i.e. 0. Dividend payment policy is on, i.e. the dividend will be paid ., # i'NSDSn5 Kv=()*+6 Ihܿn& n 718Resume., # i'tz@z r ()*Viewing Control+, i'NRXDRXm JPu()*+6 Iܿn& n 718Run., # i'NR;DR;m| J3u()*+6 Iݿn& n 718Stop., # i't,@,v  $~ ()* Run Controls+, i'tz@z  r ()* Information+, i'NRDRn Jv()*+6 Iݿn& n 718Pause., # i'tI @I  A ()*+, i't@  ()*Bank of England+, i'tJ@JD BL()*+, i'N}D} u()*+6 ޿A޿ n& n 71޿X# 8 Loan Model., # idrmd9plwh19plwh1 v ?w!  i' sU@-ihF()*+, ' a3+/q@()*+, 't @ XH`()*IHLiquidity problem - staying liquid and maintaining growth 'Main model'+, ' a3,@()*+, ' cj@.,()*+, ' c{@UYc4()*+, ' aD8^@k()*+, ' c@=F()*+, ' cZ@/d7()*+, ' dY @ Pb()*+, ' bX8@ )drX8 GJ(XXj)*(XXj+, ' f`'@ 1ljW %&'(O(``b)*(WW+, ' d_j @ Vahs()*+, ' f @ ^L"$5(f)*(f+, ' c@>()*+, ' aQ <V@X6()*+, ' cl @zY%()*+, ' c5 @)T&()*+, ' c @'()*+, ' c@x(()*+, ' d @v()*+, ' a@k@a#()*+, ' a@@'p()*+, ' a@}`@%A()*+, ' a@jV@2()*+, ' aM@n'@#()*+, ' az7@U()*+, ' a?hy'@{\()*+, ' s7B @%J_()*+, ' s: @M()*+, ' d7I@.@@R()*+, ' f6@%IR6(6Q6)*(l+, 'N*D*K  "xS()*+6$A$n& n 71ٿ# i8Control panel., # ' c@!"()*+, ' a! `$@"()*+, ' c@@#,T$2()*+, ' aj# n+@$:z()*+, ' aQ 5q@%ag()*+, ' aG[ h*b@&c2()*+, ' a i@'d()*+, ' a} e@(`()*+, ' d*@)|()*+, ' b@*zL )/0.T(D)*(D+, ' c @+C.()*+, ' c@,#/()*+, ' c@-) 08()*+, ' af+*M@.()*+, ' a_,*v{@/()*+, ' a7-*js@0()*+, ' c#@1Y2()*+, ' a/1#@2=()*+, ' c@3 478()*+, ' a3T4@4y()*+, ' cY @5O6()*+, ' a_5|0@hh886Z5()*+, ' aSc3@7^()*+, ' a3-@8()*+, ' d7B@9.@()*+, ' c@:p;=>()*+, ' a<:y:@;Y()*+, ' cX@<0;()*+, ' a:Z'@=()*+, ' a:_+@>()*+, ' s;@?kN()*+, ' c&@@+: ()*+, ' d;I@A2D%()*+, ' b6 @B%^4 9D(66,)*(  +, ' c |@C$D()*+, ' aBCB)D@D 2()*+, ' s<@E rO()*+, ' aq;@F`}()*+, ' a(H (@G%X5()*+, ' c-~@H#VTG()*+, ' b<K@I+X{AK(<$<s)*(+, ' c# @JyK()*+, ' a)JIE5@hh88K$:J()*+, ' s>% @L Q@()*+, ' d=N@M4F()*+, ' f<!@N+XpMP(<<)*(L+, ' c  @OP()*+, ' aON6@hh88P ;()*+, ' s8"@Q K()*+, ' d:@S@R17CI()*+, ' b;q#@S*@WRU(;H;)*(+, ' c C* @T9U()*+, ' a/OTSd#@UG7w()*+, ' d?W@V6H ()*+, ' f>$@W-ZyVY(>>)*(yiy+, ' c _@X3 Y()*+, ' a.XW!@Y 9()*+, ' cK%@Z-i[()*+, ' aBZ@[G()*+, '' s&@]Yb()*+, ' dp_@^gy()*+, ' f'@_|p^}X(x)*(+, ' f6( @`znUab{~(f)*(%+, ' dn`@aew()*+, ' a]`y@b5()*+, ' c @c+k()*+, ' c@d#l()*+, ' aj@es+()*+, ''' cZy2@hP^um()*+, '' c,q+@j"!7|klme()*+, ' aWcj 1j@k!)q()*+, ' adjF@lf(()*+, ' aAjh@m/cYx()*+, '''''''''N D +V v3^()*+6$A$n& n 71ٿ# i8Control panel., # 'tl @l pwHdx()*IHLiquidity problem - staying liquid and maintaining growth 'Loan model'+, 'N@+x3()*>$wvw`n n `# `% n2IyL$3Iy yI Iy0!Aq"o# 777777"?#L#IIIIII1 #?oIIIIII ('8k,Arial (4) Main model45+6h$v$ n& n 71޿# 8 Main model., # 'N)D)Ks y!S{()*+6$A$ n& n 71޿X# 8 Loan Model., # ' cV/@zLm}{()*+, ' arz`<@{J2()*+, ' c0@|}~C()*+, ' a_|A@}()*+, ' a`|\NM@~:()*+, ' c |@/()*+, ' aN*@()*+, ' c1@  e[()*+, ''' ah_](@U}()*+,  drmd9plwh19plwh19plwh19plwh1 +66MB"$ $.$ٿ$~ :bb $"P0h@@+The liquidity of Northern Rock;J<J">@d?M."~}|{zzyxwvuttsrqponnmrqponnmlkjihhgfedcbba`_^]\\[ZYXWVVUTSRQPPONMLKJJ"GJLORUWZ]`behkmpsvx{~  "%'*-0258;=@CEHKNPSVY[^adfiloqtwy|:$PH@@+Flows into liquidity;(<"@@i."YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY<"?M."+<" @@i."<"@r@YY."YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY"GJLORUWZ]`behkmpsvx{~  "%'*-0258;=@CEHKNPSVY[^adfiloqtwy|:#$d(PrR@@+)Internal intervention levels and effects;r<"?@YY."YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY<" ?@YY."YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY<"@@i."<" @r@YY."YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY<"(?M."."GJLORUWZ]`behkmpsvx{~  "%'*-0258;=@CEHKNPSVY[^adfiloqtwy|:$n#P|@@+$Total accumulations in the system 1;<"?pեb."~}|{yxwvutsqponmljihgfedba`_^]\ZYXWVUSRQPONMKJIHGFECBA@?>=;:987643210/.,+*)('&$#"! <""? '/.""~}||{zyyxwvvuttsrqqponnmlkkjihhgffedccba``_^]]\[ZZYXXWVU<" @YY. "YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY"GJLORUWZ]`behkmpsvx{~  "%'*-0258;=@CEHKNPSVY[^adfiloqtwy|:$$#P2@@+$Total accumulations in the system 2;<" @?Q. "~}||{zzPPONMMLKKJIHHGFEEDCCBA@@?>==<;;:98876554332100/.<"j?M."~}{zyxwutsrponmkjihfedca`_^][ZYXVUTSQPONLKJIGFEDCA@?><;:97654210/.,+*)'&%$"!  <" L? '/. "~}|{{zyxxwvuutsrrqponnmlkkjihhgfeedcbaa`_^^]\[[ZYXXWVUTTSRQ"GJLORUWZ]`behkmpsvx{~  "%'*-0258;=@CEHKNPSVY[^adfiloqtwy|# i45 YX W: xNx  6    !  drmd P = Z   = !  drmd        !  drmd \d  >ι?T @bbr2N@F L(ABC #D.# iD.# iD.# iD.# iD.# iD.# iD.# i Ex2FGHArialHArialHArialEI J OJOK   &+