Mervyn King, Baron King of Lothbury banks", pinpointing the banks' sense of grievance on their finding it "very, very difficult to face up to the failure of their banking model". With King's term as governor ending in 2013, top UK banks have warned that unless a less "hostile" figure is found as a successor, they may feel it necessary to move abroad. On 26 November 2012, Mark Carney was named as King's successor. King had faced accusations of refusing funding to the Northern Rock Bank, precipitating a run on that bank, a situation not seen in the UK since 1914. King later said that it had
Three Rivers DC v Governor of the Bank of England Three Rivers DC v Governor of the Bank of England Three Rivers DC v Governor of the Bank of England [2001] UKHL 16 is a UK banking law and EU law case, concerning government liability for the protection of depositors, and the preliminary ruling procedure in the European Union. Depositors in the UK branch of BCCI sought damages from the Bank of England for failing in its supervisory duties. The Bank had granted BCCI authorisation in a way that breached the First Banking Directive 77/780. The government argued that the Directive was not intended to give individual depositors rights. Clarke