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Trading Markets - Northern Rock disaster costs customers £270m
Sep 20, 2007
Northern Rock customers have, according to latest reports, withdrawn £10 billion over a 3-day period from their accounts. This will lead to a potential loss of £270 million in interest generated due to the speed, or lack thereof, of inter-bank transactions while customers move their savings to a different account.
AppLabs comments on how the Faster Payments Service, to be implemented soon, will help eliminate such problems.
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Geoff Hunkin, Programme Director (Information Solutions Division), Experian
