There's an article in the S. Telegraph by one of their City people on this subject headed,
"Why Northern Rock was doomed to fail
It seems there have been concerns about the company for months.
The last two paragraphs read,
"While Applegarth [CEO] is still reluctant to admit that he made a mistake, he acknowledges that his model is broken.
"What is absolutely sure is that the environment post August means that things will have to change," he says. "From Northern Rock you will see a very different company, a company that is noticeably lower growth, but with different funding sources. You will see less emphasis on shorter-term wholesale markets, and greater emphasis on longer term wholesale funding and retail cash deposits. The model will have to change because the world has changed."