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| Version 0 | Version 1 |
|---|---|
| Northern Rock chairman steps down | Northern Rock chairman steps down |
| (10 minutes later) | |
| Northern Rock chairman Matt Ridley has stepped down over his role in the bank's near collapse last month. | Northern Rock chairman Matt Ridley has stepped down over his role in the bank's near collapse last month. |
| Mr Ridley had offered to resign in September but was asked to remain in his post to testify before a parliamentary committee this week. | |
| Northern Rock said that Bryan Sanderson would take over as chairman of the bank as soon as he has been approved by the Financial Services Authority. | |
| Mr Sanderson is a former Chairman of BUPA and of Standard Chartered. | Mr Sanderson is a former Chairman of BUPA and of Standard Chartered. |
| Mr Ridley told the Treasury Select Committee on Tuesday, that the bank had been hit by "wholly unexpected" events and he defended the way he and his colleagues had been running the bank. | |
| "We were subject to a completely unprecedented and unpredictable closure of the world credit markets," he said. | |
| Mr Ridley defended the bank's policy of borrowing large sums of money on the financial markets to lend as mortgages to house buyers. | |
| Most lenders raise more of their money from savers. |