Hello, Michael:
I indeed screwed up the name. It's Northern Rock.
As for the British housing bubble, I can tell you that property prices are soaring in my old neighbourhood in Southwark (not a super-wealthy area), well outstripping the ability of the average Briton to afford them, and that rents are far, far lower than the cost to buy the same property. That's classic bubble behavior.
The Bank of England has indeed agreed to cover ALL of Northern Rock's deposits during the run on the bank. That has not stopped the run on the bank from continuing, however -- as of today, $4 billion has been pulled out of the bank:
The bank has been forced to call in the police to limit the length of queues and about half of the people waiting in line yesterday were sent away from the bank.
The bank's internet site is crashing and not allowing people to move their funds out, and there's an anticipated flood of as-yet unprocessed postal orders for withdrawal from post banking.
You can watch the BBC's coverage of the bank run here.
While the rush is on to assure people that nothing is wrong, the fact is that Britain's 5th largest bank would be out of business -- with significant depositor losses -- if the Bank of England wasn't running the printing presses on an unlimited basis to bail it out. Its assets are subprime mortgages of dubious value, in a British housing market that has stalled and is starting to see significant declines in both nominal and real housing values.
Make of it what you will! 
Cheers,
Brian