Northern Rock - no reason to worry

The British Bankers' Association said: The Northern Rock is a sound and safe bank and there is absolutely no reason for either mortgage customers or savers to worry. All today's announcement from the Bank of England, Treasury and the Financial Services Authority means is that the Northern Rock has had to make alternative arrangements to meet its normal everyday short term borrowing requirements. The British banking system is carefully regulated and overseen which ensures that all banks operate safely and prudently in the interest of their customers.

Everyone should calm down and refrain from making simplistic comments in a very complex area which just cause unnecessary worry and concern.