Northern Rock

Northern Rock's emergency funding line has now reached around £23bn, according to the latest balance sheet figures from the Bank of England.

UK rules on transparency were to blame for the Northern Rock bank run last month, according to European Commissioner, Colin McCreevy.

The Chancellor, Alistair Darling, has dismissed a Treasury Select Committee suggestion to merge the FSA and the Bank of England.

The FTSE was down 81.50 to 6527.90 with Northern Rock the worst of the bunch falling 8.61% to 186.90.

Northen Rock chairman Matt Ridley has stepped down to be replaced by former chairman of BUPA and Standard Chartered Bryan Sanderson.

Savers who lost tax advantages when they withdrew money from Northern Rock ISAs during the credit crunch will be able to re-deposit the money into any ISA and regain their tax advantages.

The Bank of England has rejected claims by Northern Rock's chief executive, Adam Applegarth, that it caused the collapse of talks with a potential saviour for the firm by refusing to provide a funding facility.

Northern Rock's top managers, including chief executive Adam Applegarth, have today faced a grilling from the Treasury Select Committee in Parliament, in which MPs said they should resign.

Northern Rock led the FTSE higher, up by 0.09% to 6730.70, at the close of the week on news a consortium led by Richard Branson's Virgin planned to make a bid for the firm.

A consortium led by Richard Branson's Virgin Group is reported to have put forward a proposal to rescue Northern Rock.