September 21, 2007 / 7:50 AM / 12 years ago

Paper says N.Rock turned down JPMorgan funding help

LONDON (Reuters) - Northern Rock NRK.L turned down an offer of 500 million pounds in funding from U.S. investment bank JPMorgan (JPM.N) that could have eased its liquidity problems, the Daily Telegraph said on Friday.

Northern Rock called on its top relationship banks just after it offered a profit warning on June 27, but it opted to reject the offer of help from JPMorgan, the newspaper said.

It said the offer was for funding of 500 million pounds, citing sources close to Northern Rock, but it said the loan would have been part of a wider funding solution proposed by the U.S. bank.

JPMorgan declined to comment, and Northern Rock could not immediately be reached.

Northern Rock has been engulfed in a funding and customer confidence crisis since the Bank of England stepped in as a “lender or last resort” a week ago.

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