The credit crisis quickly became international as banks around the world began reporting losses arising from their investment inUSmortgage-backed securities. Germany’s Deutsche Bank, France’s retail bank Cr´edit Agricole, Belgian bank Fortis, Swiss bank Credit Suisse, English bank Lloyds TSB and Japan’s Mizuho were all among those banks reporting reduced profits and bad debts arising from the subprime market. In September 2007, Northern Rock, Britain’s fifth largest mortgage lender, was granted emergency funding by the Bank of England after finding itself unable to secure loans from elsewhere. The news led to the first run on a British bank for more than a century as thousands of depositors queued to withdraw their money.