Since it's in the mortgage-lending business and we're seeing a decline, trading itself out of trouble is not an option. Selling assets at this time would be selling them short - and thus, failing the main shareholder - the state.

Nationalisation happened last September, so there's little point in bemoaning it now that it's official. If I have a problem, it's that the government hasn't renationalised all that John and his ilk flogged off on the cheap back in the 80s...

My proposal is that the government should act as tough bank manager to Northern Rock, limiting our exposure, not increasing it, and setting deadlines for repayments. The Company can then see if it can trade itself out of trouble, or turn to selling assets to repay the loans.

I feel that had a Tory government been faced with Northern Rock, nationalisation would have taken place in September, followed by a rundown of the bank and sale of assets - which is what Labour is doing now, but belatedly.

It's interesting, John, that you are advocating a hands on, political approach, as opposed to arm's length as the government is attempting. I imagine if the government was hands on in the way I desire (guaranteeing no compulsory redundancies, etc) you'd be complaining about politicisation. Am I right?

John: Thank you for your prompt response but I am still baffled. A bank manager does not lend a customer £100 billion and then tell it to pull its socks up. Northern Rock played the market recklessly and lost. Better regulation would have prevented this. Once it happened depositors had to be protected and the financial sector couldn't let a bank go down. So the government had to act. As with Rolls Royce (aircraft) which was nationalised under Heath and is a successful company now, it is much better to pursue the public interest clearly in such a crisis than look on a matter like this in narrow terms of a company that over-reached itself.

Anthony