Northern Rock in talks on future

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The bank said it is in discussion with a number of parties after it received approaches regarding a "variety of transactions", including the possibility of an offer being made for the company.

The bank added that no price had, as yet, been indicated and emphasised that there could be no certainty regarding the outcome of these discussions.

Jose Maria Ruiz-Mateos, a Spanish entrepreneur who made his fortune marketing the sherry Harveys of Bristol, is among those interested, according to the Daily Mail.

The newspaper says talks began after Mr Ruiz-Mateos wrote to Northern Rock at the end of last week to request a meeting to discuss the "possibilities of an acquisition".

Northern Rock's latest update followed its announcement that it will not pay shareholders an interim dividend payment it promised in July.

The bank had come under increasing criticism over the payment, worth an estimated £59 million, after the Bank of England stepped in as a lender of last resort less than two weeks ago.

The Newcastle-based group said it felt it would not be appropriate to make any dividend payment until it could make a full announcement "regarding the outcome of discussions with other parties and the development of the business model".

Conservative MP Michael Fallon, a member of the Treasury Select Committee, has also confirmed that Northern Rock will face the Committee next month.

He said: "The chairman and the chief executive of Northern Rock have been called to appear before the Treasury Select Committee next month. They will have to explain themselves in public and account for their actions."