British bank Northern Rock Plc said on Monday it had not yet drawn any funds from an emergency facility it had arranged with the Bank of England.

Shares in the British bank plunged 40 percent on Monday, following a 31 percent fall on Friday, sparked by news the BoE has pledged to provide emergency funds to the bank after a credit crunch hit its ability to raise funds in money markets.

Savings are safe. The Bank of England wouldn't have given us this facility if we weren't a solvent, well capitalized bank, a spokesman for the bank said, as thousands of customers continued to withdraw funds.