'Business as usual' for the Rock?
Updated on 18 February 2008
Northern Rock's new boss Ron Sandler insists it is business as usual for the beleaguered bank, now owned by the taxpayer. Faisal Islam reports for Channel 4 News.
Sandler, the man now charged by the government with running the bank, said every rescue plan had its risks.
But he maintained that nationalisation was a good basis on which to stabilise Northern Rock and develop a profitable business.
Prime Minister Gordon Brown called the decision "the right move, at the right time, for the right reasons". But it could be the start of a whole raft of future problems.
'The right move, at the right time, for the right reasons.'Gordon Brown on the Northern Rock privatisation
Other high street banks are already wondering how Northern Rock can be "vigorously competitive", as Mr Sandler hopes, without trading on an unfair advantage.
The government might be avoiding the "n" word - nationalisation. But ministers insist their plans for Northern Rock are in the best interests of Britain's taxpayers.
However, as the chancellor gave details of his emergency legislation to the Commons, the Conservatives called for him to be sacked, describing Mr Darling as a "dead man walking".
Northern Rock has told customers not to worry. It says nothing will change for savers or mortgage holders.
But there's no such reassurance for the government.
