NR was forced to seek such assistan

NR was forced to seek such assistance because deposits had begun to be withdrawn, and it was unable to securitise its mortgage loans as had been planned because of funding problems in the wholesale markets and the virtual closure of the asset-backed commercial paper (ABCP) market. This meant that it unexpectedly needed to hold the assets on its own balance sheet. In effect, the BOE was taking mortgage loans as collateral from a bank that could not fund its operations in the market. Irrespective of any penalty in the interest rate, this amounted to a big subsidy.
One of the issues that has arisen, and related to the question of whether central bank support can be offered on a covert basis, is the question of any stigma attached to borrowing from the lender of last resort. There is clearly some merit in this argument in that for three days after the announcement of the support operation retail depositors withdrew funds from NR on a large scale: they were clearly not assuaged by the statements (including from regulators) that the bank was solvent. It was only after the government announced a full guarantee of all deposits that the drain ended.

Results (Indonesian) 2:

NR terpaksa mencari bantuan tersebut karena deposito mulai ditarik, dan itu tidak dapat securitise pinjaman hipotek sebagai telah direncanakan karena masalah pendanaan di pasar grosir dan penutupan virtual dari kertas komersial beragun aset (ABCP) pasar. Ini berarti bahwa itu tiba-tiba diperlukan untuk memegang aset pada neraca sendiri. Akibatnya, BOE mengambil pinjaman hipotek sebagai jaminan dari bank yang tidak bisa membiayai operasinya di pasar. Terlepas dari hukuman suku bunga, ini sebesar subsidi besar.
Salah satu isu yang timbul, dan terkait dengan pertanyaan apakah dukungan bank sentral dapat ditawarkan secara rahasia, adalah pertanyaan tentang stigma setiap melekat meminjam dari lender of last resort. Ada jelas beberapa manfaat dalam argumen ini dalam tiga hari setelah pengumuman operasi dukungan deposan ritel menarik dana dari NR dalam skala besar: mereka jelas tidak diredakan oleh pernyataan (termasuk dari regulator) bahwa bank adalah pelarut. Itu hanya setelah pemerintah mengumumkan jaminan penuh dari semua deposito yang sia berakhir.