Northern Rock: See how queues formed 15 years ago

On September 14 2007 it was announced that Northern Rock had gone to the Bank of England to ask for emergency support, causing what was known as the “run on the Rock” as the bank’s customers tried urgently to empty their accounts.

It was the first run on a bank in the UK for 150 years as the bank’s share price tumbled by more than 30% in a single day.

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Northern Rock customers waited outside of branches across the region, some for hours, as they tried to take their money from the crumbling bank.

We’ve taken a look back in the archives as Northern Echo photographers headed out to capture images of customers queueing at branches in the North East.

See the queues fifteen years ago this week

The queue outside the Northern Rock branch in High Row, Darlington on September 14, 2007. Picture: CHRIS BOOTH (Image: CHRIS BOOTH)

Northern Rock customers wait outside a branch of the building society in Newcastle on Friday September 14, 2007. Picture: PA/SCOTT HEPPELL (Image: PA/SCOTT HEPPELL)

The queue outside the Northern Rock branch in High Row, Darlington on September 14, 2007. Picture: CHRIS BOOTH (Image: CHRIS BOOTH)

The queue outside the Northern Rock branch in High Row, Darlington on September 14, 2007. Picture: ANDY LAMB (Image: NORTHERN ECHO)

The queue returned for a second day on September 15, 2007. Picture: CHRIS BOOTH (Image: CHRIS BOOTH)

Queues formed elsewhere across the country. This branch in York also saw massive queues. Picture: PA WIRE/JOHN GILES (Image: PA WIRE/JOHN GILES)

The queues continued over the coming days. This picture taken on Darlington's High Row on September 17, 2007. Picture: NORTHERN ECHO (Image: NORTHERN ECHO)

How did the crisis unfold?

September 13, 2007: It is revealed that Northern Rock was forced to apply to the Bank of England for emergency financial support after being caught up in the US sub-prime lending crisis.

September 14, 2007: Despite repeated assurances from The Bank of England that Northern Rock is financially sound, worried savers queue up around the bank’s 76 branches to withdraw savings and the share price plunges 30 per cent.

September 17, 2007: After £2.5bn is withdrawn from the North-East bank, Chancellor Alistair Darling steps in and guarantees all Northern Rock deposits in a bid to restore confidence in the beleaguered bank. The bank announces a freeze on recruitment.

September 18, 2007: The Government's tactics pay off as Northern Rock shares rally, the queues outside branches subside and savers begin to re-invest in the bank.

September 19, 2007: Northern Rock suffers another bruising day on the stock market, with shares falling 16 per cent amid rumours that the group has received a bargain basement takeover offer.

September 21, 2007: The Financial Times calculates Northern Rock was forced to borrow about £3bn from the Bank of England, as Chancellor Alistair Darling is called before a Parliamentary committee to explain the Treasury's handling of the crisis.

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September 25, 2007: Northern Rock bows to pressure and scraps a dividend payment to shareholders, totalling £59m, it previously announced in July.

October 1, 2007: The Chancellor fully guarantees bank and building society savings up to £35,000 under new rules in a bid to prevent a repeat of Northern Rock, as shares in the bank plunge to an all-time low on the tenth anniversary of its stock market floatation.

October 16, 2007: Northern Rock executives appear before a Parliamentary committee into the crisis.

October 19, 2007: The resignation of Northern Rock's under fire chairman Matt Ridley is accepted. Former BP managing director Bryan Sanderson is announced as the replacement.

November 17, 2007: Chief executive Adam Applegarth resigns. Board directors David Baker, Keith Currie and Andy Kuipers stand down but remain as officers.

January 4, 2008: The Chancellor announces plans to give the Financial Services Authority greater powers to step in and prevent another Northern Rock situation by allowing them to seize and protect customers' cash if a bank gets into difficulty.

February 17, 2008: Announcement of Northern Rock being taken into public ownership.

March 26, 2008: The Financial Services Authority publishes an internal report into the crisis, admitting it had too few regulators checking Northern Rock too infrequently and classified the credit crunch bringing the banking system to a standstill as "low risk, high impact".

July 30, 2008: Northern Rock announces it is making 1,300 employees redundant.

July 5, 2009: Northern Rock begins offering mortgages to existing customers for the first time since late 2007.

January 1, 2010: Northern Rock is officially separated into a savings and mortgage bank called Northern Rock Plc and Northern Rock Asset Management.

November 17, 2011: The "good" part of Northern Rock is sold to Virgin Money for £747m. It is estimated the sale sees taxpayers with a "paper" loss of between £400m and £650m.

January 1, 2012: The sale to Virgin Money is completed, and Jayne-Anne Gadhia is appointed chief executive.

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