Letters | 3 May 2008

Call that a crisis?

Sir: Ian Hay Davison (‘How to rescue a bank’, 19 April) is right that the Northern Rock episode was far from unprecedented. But there is much more to say. The difficulties of a number of relatively minor institutions in the early 1990s, including National Mortgage Bank (to which he refers), were small beer compared with the crisis of the mid-1970s.