Watchdog faces Northern Rock quiz

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Hector Sants and Sir Callum McCarthy - respectively chief executive and chairman of the Financial Services Authority (FSA) - are to be quizzed by the Treasury Select Committee.

MPs will challenge them on how they allowed Northern Rock's situation to deteriorate to such an extent that the UK saw its first run on a bank in 150 years.

The crisis - sparked by turmoil in the international credit markets - was quelled only after Chancellor Alistair Darling stepped in to guarantee people's savings.

Northern Rock bank is now believed to have borrowed more than £10bn from the Bank of England.

The bank had agreed to act as 'lender of last resort' in order to stop it collapsing.

Last month, BoE governor Mervyn King appeared before the committee, with concerns being expressed over the way governance is shared between the Treasury, the FSA and the Bank.

It is believed that US banks Citigroup and Merrill Lynch are working on a joint funding package of around £10bn of loans for Northern Rock, which could help stave off takeover bids.