Northern Rock has no "underlying business problems"


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Customers of Northern Rock's mortgage schemes have no need to worry about the future of the bank, according to the Council of Mortgage Lenders (CML).

Discussing the lender's decision to approach the Bank of England for emergency financial support, the CML, in a joint statement with the Treasury and the Financial Services Authority, said the move was merely influenced by a lack of confidence in the financial markets.

Director general Michael Coogan also said the Bank of England wouldn't have provided a loan to Northern Rock if it doubted the quality of the business and said the move reflected the current state of the market.

"All lenders are facing funding pressure at the moment and what they need is a return to more normal market conditions as quickly as possible. We welcome the bank's intervention and confirmation that it is keeping a close eye on the situation."

Northern Rock is the UK's fifth largest mortgage provider and recently recorded a seven per cent increase in its pre-tax profits for the six-month period ended June 30th.

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