FT.com / Companies / Financial services - N Rock borrows another £2.9bn

FT.com / Companies / Financial services - N Rock borrows another £2.9bn: "N Rock borrows another £2.9bn By Chris Giles, Gillian Tett and Jane Croft in London Published: October 5 2007 03:00 | Last updated: October 5 2007 03:00 Northern Rock borrowed another £2.9bn ($5.9bn) last week from the Bank of England, it emerged yesterday. Meanwhile, financiers close to Chris Flowers, the former Goldman Sachs banker, indicated yesterday that his buy-out group is intensifying efforts to bid for the stricken bank. Three weeks after Northern Rock went to the Bank for support, it owes nearly £11bn, equal to 45 per cent of its deposit base at the end of June. One bank analyst who did not want to be named said he was surprised that Northern Rock had reached this level of borrowing from the Bank so quickly. Analysts estimated that Northern Rock had £14bn of short and medium-term notes which need to be refinanced in the second half. It is possible that up to £2bn of retail savings deposits have also left the bank in the past three weeks. The scale of Northern Rock's debts to the Bank has not deterred Mr Flowers. His group, JC Flowers, is approaching senior British banking and former government figures to run the venture. The buy-out group has raised more than £15bn. In addition to this finance, Mr Flowers also plans to use money from a fu"