Skip navigation | Accessibility and accesskey details | Sitemap

UK National Audit Office publications

Work in progress: Northern Rock

Study Outline

In the summer of 2007, the tripartite authorities (the Treasury, the Bank of England and the Financial Services Authority) decided that emergency support would be necessary to keep Northern Rock in business and avert a loss of confidence in the banking system. The support operation was reported in the media, leading to a run on Northern Rock deposits, necessitating further emergency support through a series of government guarantees. Attempts by Northern Rock to find a private sector buyer for the business did not meet one of the Treasury’s key objectives - to protect the taxpayers’ interest - and Northern Rock was taken into a period of temporary public ownership in February 2008.

Our study will examine whether actions taken by the Treasury have protected taxpayers’ interests.

Publication Schedule

We intend to publish report in early 2009.

Members of the NAO Team

Email above personnel through our enquiries desk, marking your email for their attention

Media contact: Mark Anderson
Press Office
T: 020 7798 7558
Email Mark Anderson through our enquiries desk; please mark your email for his attention