The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Northern Rock – If you pay peanuts…

I’ll leave it to my colleagues at Euromoney to provide a proper analysis of the events that led to a run on Northern Rock. But inevitably I have some views on the subject. When I expressed these in the office, I was quickly informed, not for the first time this month, that I was “out of order”.

As a debate raged about what went on to cause the fallout I said that everyone was missing a crucial point. This is the location of Northern Rock’s treasury operations. I sent an email to the company asking them if they could confirm it was in Newcastle. It took some time coming back to me, which might have been because my questions were expressed in Oxford English. So I ran them through an online translator ( and sent them again. “Did yee get a chance te gandie at this simple question please? Can yee please tell me weor yer treasury office is located, hoo many staff it has an what thor experience is?” I asked. Why, you may ask, should this be relevant?

A spokesman confirmed that its treasury is located in Northern Rock’s Newcastle-upon-Tyne head office and that it has experienced staff, before adding: “Whatever your translator charged, you were robbed.”

Still, I remember that a few years ago the Halifax tried to recruit staff to work in its Yorkshire-based treasury; even though it was prepared to pay close to London salaries, it simply couldn’t attract individuals of an adequate calibre to run its expanding treasury operations.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree