credit mkts recovering as per target, page-3

absolutely not. Northern Rock is rock solid from a credit perspective with unlimited credit backing from the BoE as required. What happened with 2b taken from savings accts was only due to a media beatup after the non financial media misinterpreted the BoE actions. Obviously 2b POUNDS in one day is a ridiculous run on a bank but it was a once off that has resulted in the BoE, other banks et al coming out to explain that customers don't need to fear for their savings. The only real implication for rams is that NAB may be interested in taking advantage of Northerns poor SP and launching a t/o - which would theoretically reduce the likelihood of them doing the same with Rams. However, as I have said repeatedly, I wouldn't factor in a t/o into rams SP.