September 20, 2007 (LPAC)--Northern Rock, the collapsing British mortgage lender, saw its stock price fall another 16% in morning trade today, reaching an all time low of 217 pence. Last February its shares were trading at 12 pounds.

Meanwhile the Bank of England announced that its recently announced policy of guaranteeing the deposits of the bank only apply to accounts created before September 19 and those that are reopened by those who recently closed their accounts, according to The Times of London. New accounts will not be guaranteed, thus dooming any chance of attracting new depositors.

The bank will most likely be bought by another bank for at most 2 pounds a share or less, according to Bloomberg.