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Credit crunch

You are in: Wear > Credit crunch > Northern Rock - your stories

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What are your experiences?

Northern Rock - your stories

Have you been affected by the Northern Rock crisis? A year after its troubles first emerged we've been hearing what it has meant for people living and working in the north-east of England.

On 13 September 2007 the BBC revealed that Northern Rock - which has its HQ in Newcastle and a base in Sunderland's Doxford International Business Park - had asked for and been granted emergency support from the Bank of England.

Despite assurances that the bank was not in danger of going bust, the next day there were queues outside many branches of the bank with worried savers seeking to withdraw their money.

The bank was nationalised and in July 2008 Northern Rock said it expected to make about 1,300 staff redundant.

As the first anniversary of the crisis comes round the BBC has been finding out how people in the north-east of England have been affected.

Your experiences and comments

I have had ZERO information from Northern Rock or the Government or any one else other than other members of the public regarding my shares. If I did not watch the TV I would not know ANYTHING about the loss of my shares. I've had 6500 worth of shares taken from me without ANY Information AT ALL! What kind of country is this? As I'm self employed this was to go towards my pension. Ken, Sunderland

I am an OAP & the government's actions has destroyed my small holding of capital in Northern Rock. I have suffered a permanent loss & will be unable to build up these assets ever again. Peter, Sunderland

I had around 4000 worth of Northern Rock shares and have not received any correspondence from anyone. Can you please tell me if this investment is now worthless? Graham, Chester-le-Street

I worked for Northern Rock for almost 20 years before taking early retirement 6 months before the crisis. While employed I participated in all of the employee share schemes and took all of my annual bonuses over 10 years in the form of shares instead of cash. I was hoping to use my share savings to supplement my small pension but now those expectations are gone. A lot of my ex-colleagues have lost their jobs as well as their shares. Denis, Sunderland.

Will shareholders get the shares back or be given any kind of preference when it floats again? The people didn't listen to the government who said their savings were safe. They queued and made things worse. Graeme in Sunderland.

last updated: 12/09/2008 at 10:15
created: 13/08/2008

You are in: Wear > Credit crunch > Northern Rock - your stories

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