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Investigate role of Rock watchdogs; VOICE OF THE NORTH.

LIKE many in the North East, I recently received correspondence concerning the valuation of Northern Rock shares.

Whereas no doubt the valuation is correct under the terms of reference, the bank should not have been allowed to get into the state it did. That it did is due to the inefficiency of the supervisory system set up by Gordon Brown when he first became Chancellor.

The Financial Services Authority and Bank of England were concerned about the health of Northern Rock for several years before nationalisation, but did nothing.

The more profit the bank made, the more tax the Government received. Now look where Brown's policy of "light touch supervision" for financial institutions got us.

What we want is an investigation into the role of the supervisory system relative to Northern Rock. The only people who can get action are our local MPs. The Journal could run a campaign to get things moving.

MAURICE HALL, Ponteland, Northumberland
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Title Annotation:Letters
Publication:The Journal (Newcastle, England)
Date:Dec 17, 2009
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