Darling to face bank crisis quiz

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The House of Commons Treasury Select Committee, which on Thursday questioned Bank of England Governor Mervyn King, will also take evidence from City watchdogs at the Financial Services Authority (FSA).

The committee's chairman, John McFall, said he had written to the Chancellor - who has already said he will make a statement to Parliament on the Northern Rock affair - to tell him that it is widening its inquiry into the stability of the UK's financial markets.

MPs on the cross-party committee want to know why the so-called "tripartite" framework of the Bank, the Treasury and the FSA responsible for financial stability since 1997 failed to prevent the run on the bank which led to queues of savers withdrawing their money from Northern Rock branches.

Mr McFall said that what had once been seen as a "Rolls-Royce" structure turned out be "an old banger" when put to the test.

He told the Guardian Unlimited website: "There seem to be more questions unanswered than answered as a result of the hearing (on Thursday).

"We wish to hear evidence from the Government through the Chancellor and the FSA through chairman Callum McCarthy, as well as from the Bank of England Governor."

He added: "The tripartite agreement was established by this Government. There is supposed to be one authority at all times that takes the lead. It seems to me there was no-one taking the lead and there was confusion. This was seen as a Rolls-Royce document, but when it was put into practice it was an old banger. It didn't work."

Downing Street confirmed that the Treasury was considering Mr King's call for an overhaul of legislation regulating the bank system. But Prime Minister Gordon Brown's spokesman said it was too early to say whether legislation would be tabled when MPs return to Parliament after their summer break next month, or whether reform of the tripartite framework would be considered.

Shadow chancellor George Osborne has said regulatory reform is an "urgent priority" and offered Mr Darling the co-operation of Conservative MPs to get the necessary legislation swiftly on to the statute book.