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Hampshire
GU32 2EW
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Press releases

Press Release

Thursday 29 May 2008

The Fall of Northern Rock

Harriman House

Rock bottom
- The first book to shed light on bank crisis

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.

In the first book to be published on Britainâ€™s biggest banking disaster, Brian reveals 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. He says:

"The fall of Northern Rock has landed the government and the taxpayer with a major financial headache that might take years, if ever, to cure."

The book tells of Brianâ€™s 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.

His first-hand account explores the causes of the crisis and whether it could have been avoided. He comments:

"The dramatic pictures of the September run have provided history with a lesson in what can happen when public confidence in a bank disappears. If Northern Rock's fall has achieved anything, it is to change the way a similar crisis might be handled in the future."

Northern Rock - The Facts

- The collapse was the biggest bank failure in UK history.

- When taken into public ownership the Bank of England was supporting Northern Rock to the tune of around Â£100 billion in terms of loans, guarantees and other liabilities; the equivalent of saddling every family in Britain with an estimated Â£3,000 of debt.

- Northern Rock employs approximately 6,000 staff.

- Northern Rock's share price collapsed from around Â£12.50 earlier in 2007 to just 90p when suspended prior to nationalisation, a fall of 93%. However, shareholders are expected to get next to nothing once the shares are independently valued.

Ends

ABOUT THE AUTHOR:

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.

Brian lives in Harrogate with his wife and family. Since the publication of his first book he has appeared on BBC Radio Five Live, Sky News and the BBC News Channel.

ADDITIONAL INFORMATION:

More details can be found online at: www.harriman-house.com/northernrock

For further information on this book or its author, please contact Helen McCusker in the PR department at Harriman House:

Tel: +44 (0)1730 233885
Email: pr@harriman-house.com

Harriman House Ltd, 3A Penns Road, Petersfield, Hampshire, GU32 2EW

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The Fall of Northern Rock

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