The Fall of Northern Rock

Jacket text for The Fall of Northern Rock

Some of the most memorable images of 2007 - if not of the decade - are those of people queuing outside branches of Northern Rock to withdraw their money. They are images from another age, or from another country, surely this could not have happened in the UK in the twenty-first century!

But this is not how Brian Walters - author of 'The Fall of Northern Rock' - remembers the bank. He, and likely many other employees, remember it as a good place to work, and is proud of its success and its role as the largest private sector employer in the north-east of England.

This book is his inside story of the rise of Northern Rock, becoming one of the most respected and envied financial institutions in the UK, and its subsequent spectacular collapse. The book tells of his personal experiences at Northern Rock before, during and after the crisis, and comments on the events that unfolded around him and what impact they had on the business and the people within it. This first-hand account also explores the causes of the crisis and whether it could have been avoided.

'The Fall of Northern Rock' is essential reading for anyone wanting to understand the story behind the first run on a British bank since 1866.

Chapter headings for The Fall of Northern Rock

About The Author
Introduction

Starting at the Rock
A Short History of Northern Rock
The Commercial Finance Division
Not a Good Start
Going for Growth
2006 - A Year of Optimism and Growth
The First Signs of Trouble
A Short Period of Calm
Behind the Scenes
The Run on the Bank
The Immediate Aftermath of the Run
Northern Rock Directors Grilled by MPs
Trying to Find a Solution
The Preferred Solution - A Takeover
Leaving the Rock
Nationalisation Announced
What Went Wrong?

Appendices
- Timeline
- Chart of Northern Rock's Share Price
- Chart of the Bank of England Base Rate vs LIBOR

About Brian Walters

Brian Walters A.C.I.B. has worked in the banking industry for 36 years, having started his career at Barclays in 1971, moved up to the role of Corporate Manager in Coventry in 1992, and then moved to Leeds in 1999 as Head of Small Business for West Yorkshire.

He joined Northern Rock in 2005 to manage the Yorkshire based Commercial Finance Division and was there throughout the turmoil of 2007, but left in early 2008 to join a major building society as a Senior Lending Manager with its Commercial Division.

Brian lives in Harrogate with his wife and family.

More about Brian Walters