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Ted Scott, manager of F&C UK's growth & income fund, said that the collapse of Northern Rock - the bank which has since been nationalised - came as a result of not having a balance sheet strong enough to match the growth in mortgage lending.
While other banks have found themselves writing off loans, he suggested, many have enough diversity in their business models to prevent them heading the same way.
"They have now been addressing the situation for over a year since the credit crunch started, which is why the cost of obtaining a mortgage has risen despite interest rates having fallen over the same period," said Mr Scott.
Northern Rock was the major casualty of the credit crunch in the UK, with similar difficulties occurring in the US, the case of Bear Stearns being an example.
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