Live updates

Northern Rock: Part 3 of our special report

It wasn't just savers and shareholders who were affected by the collapse of Northern Rock - every year some of the bank's profits had been given to charities.

They say the Northern Rock Foundation's closure means it is sorely missed at a time when funding is at an all time low.

Jonny Blair reports on how the community chest ran out:

Northern Rock: Part 2 of our special report

Ten years after the collapse of Northern Rock, some investors are still fighting for compensation for their shares.

When the government took control of the struggling bank, customer's life-savings were guaranteed - but shareholders received nothing.

Jonny Blair examines the impact on the lives of former customers and workers:

Advertisement

Northern Rock: Special report 10 years on

It's ten years since panicked customers queued to withdraw their savings from Northern Rock, the first run on a UK bank in more than a century.

The effects of the sudden and shocking collapse of Northern Rock were felt way beyond the North East

Jonny Blair investigates the high stakes of the ultimate financial gamble:

Northern Rock: What went wrong?

Northern Rock wasn't unusual in that it borrowed money from other banks, but it didn't change its strategy when a financial crisis hit the United States.

Jonny Blair explains what went wrong for the Rock:

Advertisement

Chi Onwurah MP 'disappointed' by charity closure

Newcastle Central MP Chi Onwurah said the announced closure of the Northern Rock Foundation is an 'incredibly sad day' for the North East.

The charity will close at the end of the year after Virgin Money, its only source of income, halted funding.

The Northern Rock Foundation has made such a difference to so many lives as well as supporting the culture and values of the area.

I have often personally seen the positive consequences of Northern Rock donations.

I am very disappointed that Virgin Money could not find a way of working with such an important local institution given the personal commitment to the city and the region that Richard Branson and the company emphasised as part of their bid for the bank and in subsequent exchanges.

– Chi Onwurah MP, Newcastle Central

Virgin Money 'will continue to support NE community'

Virgin Money says it has have been 'very proud' to support the Northern Rock Foundation in the North East and Cumbria.

Today the charity announced it will close at the end of the year after it failed to reach agreement with Virgin Money on future funding.

The Northern Rock Foundation has contributed to some fantastic work here in the North East and Cumbrian regions for many years and we have been proud to support them with £1.5m of donations over the last two years.

We have tried hard to find a way to continue working together on programmes that would deliver significant benefit to the region, however we have not been able to agree a way forward.

We will continue to support the North East community strongly in a variety of ways and look forward to establishing new partnerships to deliver a range of exciting new projects.

– Jo Barnett, Head of Social Enterprise at Virgin Money

Northern Rock Foundation closes after failed funding talks

The chairman of the Northern Rock Foundation said they are very disappointed that talks with Virgin Money have broken down, leading to the closure of the charity.

The Foundation, which was originally the charitable wing of failed bank Northern Rock, doesn't receive funding from any other source.

It is very disappointing after such extensive discussions to have to accept that Virgin Money will not commit to fund the Foundation in future.

Trustees are keen to ensure that our remaining funds are used to achieve significant benefit in the North East and Cumbria and we will announce our plans later this year.

– Alastair Balls, Chairman of the Northern Rock Foundation

Northern Rock Foundation to close

The charitable arm of failed bank Northern Rock will close after Virgin Money confirmed it could not continue to fund it.

The Foundation said its closure was now inevitable as Virgin was its only funding source.

The Foundation's current grant programmes were due to close at the end of this year.

Announcements on the use of remaining funds will be made in the future.

Load more updates