26 March 2008
Graham Goddard, Unite Deputy General Secretary said: "The failures which resulted in the crisis in Northern Rock mean that some 2,000 jobs will be lost at the bank. Unite recognises that the FSA has accepted their responsibility in relation to their monitoring of the bank. We are calling on the FSA to ensure that their supervision practices are strengthened so there can be no repeat of the mistakes that occurred in Northern Rock.
"Unite wants to see a full investigation into the events which lead to the troubles of the Newcastle based bank. This enquiry must take a broad perspective of all those involved, including the previous management of the company. The hard working staff at Northern Rock deserve to know what went wrong and that lessons will be learnt.
"At a time of massive uncertainty for employees in the financial services sector it is vital that the Government and the FSA are able to demonstrate that those who contributed to the failure of Northern Rock are held to account. Unite cannot accept that anyone whose actions contributed to the problems in the bank are able to walk away without any questions being asked of their conduct. We will be pressing for a full investigation."
