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
Bank of England £5 note the lack of serial numbers is not a problem. "If members of the public are concerned, then they should take the notes back to the bank where they will be exchanged." In April 2013 Sir Mervyn King announced on behalf of the bank that Elizabeth Fry would be replaced by Winston Churchill on the next £5 note which would enter circulation in 2016. It was also announced that the images featured on the reverse would include a 1941 portrait of Churchill by Yusuf Karsh, a view of the Houses of Parliament, a quote by Churchill ("I have nothing to offer