Embattled bank boss takes out adverts to say sorry

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But his competitors gave no ground, with several also taking space to boast aggressively about their merits over the former building society which has found itself in turmoil.

Applegarth said: "These have been troubled times but Northern Rock will prevail. We will not let you down."

He offered customers his "sincere apologies for the anxiety and inconvenience that we have caused you. I know how worried many of you must have been."

Applegarth said that the bank was "open for business as usual", "remained a wellmanaged company" and would continue to be "a safe place for your savings".

But on other pages of the newspapers, the HSBC offshoot telephone bank First Direct boasted that "we never close" while Barclays described itself as a "great home for your savings".

Britannia building society asked: "Is it fair when your great deal turns into a raw deal?"