Says Jeff Randall in today’s The Daily Telegraph,

“The Rock’s “rescue”, presented initially as a cocktail of commercially priced loans from the Bank and some warm words from the Treasury, is morphing seamlessly into open-ended state aid with diminishing prospects for recompense. The sum involved has surpassed five per cent of the Chancellor's annual budget - and the drain continues. In effect, [Alistair] Darling failed to distinguish between protecting depositors' funds (the right thing to do) and bailing out shareholders and staff (a big mistake).  [Gordon] Brown is trying desperately to steer clear of the crime scene, while maintaining the fiction that taxpayers' interests are protected. He told the Commons on Wednesday that official loans are secured against the Rock's assets.”

However, it would appear that by 2010 the Northern Rock might still owe the Bank of England £6 billion.

The Northern Rock was a Labour sympathetic Bank based in a Labour heartland.  The Labour Government has broadcast a powerful message to all those who enjoy its largess.  A potential loss to the taxpayer of £6 billion? – for Labour, cheap at twice the cost.