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 run suspect other depositors will believe the story. The story becomes a self-fulfilling prophecy. Indeed, Robert K. Merton, who coined the term "self-fulfilling prophecy", mentioned bank runs as a prime example of the concept in his book "Social Theory and Social Structure". Mervyn King, governor of the Bank of England, once noted that it may not be rational to start a bank run, but it is rational to participate in one once it had started. A bank run is the sudden withdrawal of deposits of just one bank. A "banking panic" or "bank panic" is a financial crisis that occurs when