Northern Wreck - Amazing pictures

Northern Wreck (5th largest Mortgage dealer in the UK) have borrowed another £2.7 billion from the Bank of England last week – taking the total loaned since its crisis began in September to £29.8 billion.

Figures published by the London Stock Exchange that the Rock’s directors made more than £6.5m from share sales since January last year.

Chief executive Adam Applegarth made £2.7m and invested £5,989 from January 2006 to the present day.

His deputy, David Baker, made £1.9m and invested £50,032.

Financial Director (and on sick leave) Keith Currie sold £1.1m and bought £2,992 .

Andy Kuipers sold £742,520 and invested £116,492.

Vince Cable, acting leader of the Liberal Democrats said: “We are in desperate territory here as the amount of money being loaned to Northern Rock is increasing rather than decreasing."

“With the total now close to £30 billion, the taxpayer cannot be expected to continue to dole out such vast sums of money on a weekly basis – especially as much of it appears to be unsecured and may end up going down a plughole. The Government must seriously look at nationalising the bank and ensuring taxpayers’ money is secured.”

Meanwhile staff have been told of a Christmas bonus - a one-off payment of £200, plus up to 2% of their salary, depending on their attendance record.

Northern Rock PLC announced last night that Laurence Philip Adams has been approved by the FSA and has been appointed as a director of the company.