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10 years on from Northern Rock collapse

cash tour

5:52am 14th September 2017

It's exactly 10 years since the collapse of North East based Northern Rock, when customers across the country queued outside branches to withdraw their money.

It had expanded too fast and taken on too much mortgage debt - forcing the government to step in and prop it up.

A decade later many people are still out of pocket.

Dennis Grainger leads a campaign to get compensation for small shareholders, and thinks the PM has a moral obligation to pay people back.

The building society was based at Regent Centre on Tyneside and gained bank status in 1997.

But the company got into financial difficulty after borrowing substantial funds to help deliver mortgages and had to go to the Government to be bailed out.

A run on the bank followed after customers were concerned of losing their savings.

It was taken into public ownership in 2008.

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