Rob MacGregor - "Re-mutualise Northern Rock"

Following the green light from the European Commission to break-up Northern Rock into a 'good' and 'bad bank' , Rob MacGregor National Officer for the Finace Sector said: "The government now has the opportunity to make Northern Rock a beacon for a new era of responsible financial services.

"Northern Rock should be re-mutualised and returned to the local community from where it came, there can be no back door deals to sell it to the highest bidder. Northern Rock's de-mutualisation a decade ago was a disaster. Establishing it as a Building Society would inject more competition into financial services and give the bank back to its customers."Any break-up of Northern Rock can only be achieved if it guarantees jobs in the North East and protects the interests of savers and borrowers.

"Private companies and other PLC's should not benefit from the taxpayer bailout of Northern Rock and any new deal on the future of Northern Rock should include full repayment of the total costs of its bail out."