Should Northern Rock Customers be Concerned

Northern Rock shares plummeted by a further 30 percent this morning whilst the mortgage lender took steps to sell the company.

Only last week Northern Rock was in talks with Lloyds TSB, but now these matters have reached a critical point as it has been reported that customers have been queuing from the early hours outside Northern Rock’s branches in order to withdraw their funds from the institution.

With an estimated 2 billion pounds already removed from the lender’s funds it is seen as imperative by senior figures within the financial services industry that Northern Rock arrange a sale as soon as possible. The company is further devalued on a daily basis with the shattered consumer confidence that recent news has engendered.

Northern Rock’s  advisers were planning a new push to find a “commercial solution” that would allow it to be sold as a going concern.