Alliance and Leicester rebounds strongly

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After Mondays dramatic trading which climaxed in an alarming 31% crash in A&L shares over the last minutes of the day the lender has lead a strong resurgence - up 32% in share price on Tuesday, with further recovery on Wednesday.

Alliance and Leicester were prompted to respond, stating that "we know of no reason why our share price has fallen so sharply today. We have a very different business model to Northern Rock, and our funding is not overly reliant on wholesale markets."

Having dipped by 31% to a low of 600p at the close of trading on Monday, a cut of £1.2 billion from its market value, A&L has since seen an impressive recovery with shares bouncing back to well over 800p. The bank, Britain’s 7th biggest, made a show of self-confidence by continuing its share buyback programme, buying £3.7million worth of shares.

Account holders visiting the A&L website have been assured that these share price fluctuations will not affect them: "You may have read in the press about recent movements in Alliance & Leicester's share price. Please be assured that this does not affect your account in any way whatsoever."
To find out more about A&L Mortgages, Loans or Savings visit www.alliance-leicester.co.uk

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