Northern Rock ready for withdrawals

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Branch managers have agreed to open early and close late in anticipation of further queues of savers wanting to empty their account.

And with the stock market reopening after the weekend, attention is likely to focus on how the bank's shares fare amid widespread rumours of takeover interest.

Sources have suggested that an earlier attempt by Lloyds TSB to mount a rescue bid for the beleaguered bank was blocked by regulators and the Bank of England.

If Northern Rock's share price continues to plummet during trading, it will increase its vulnerability to a buy out and make it more attractive to suitors. It follows a two-day run on the bank which has seen as much as £2 billion drained from accounts, according to some reports.

Throughout the weekend, the chief financial watchdog and the Government has sought to reassure people that their money was safe.

Callum McCarthy, chairman of the Financial Services Authority (FSA), said: "To be absolutely clear, if we believed that Northern Rock was not solvent, we would not have allowed it to remain open for business. It is open for business and it can continue to receive deposits and allow customers to make withdrawals."

But pleas for calm have failed to negate concern sparked by the move by Northern Rock to seek emergency funding from the Bank of England.

That decision was prompted by ongoing cashflow problems caused by the drying up of the money markets, which has deprived Northern Rock of one of its main source of funding.

Experts are now predicting that the name of Northern Rock will cease to exist in 12 months time, with some saying a buy out will come sooner rather than later.