PR Week Echo Columns

Northern Rock, a building society turned bank, along with Bank of England boss Mervyn King, the FSA and most other money lenders, became the latest organisation to be dubbed 'beleaguered' by the entire British media. Despite acknowledging that the crisis had been caused by irresponsible lending in the US housing market, the press tore into the worsening financial situation and pointed the finger firmly at the Government: "Britain's rebooted regulatory system put in place by Gordon Brown in 1997 allowed the current crisis to occur" (Daily Mail, 16 Sept).

Adam Applegarth, Northern Rock's 'beleaguered' chief executive, offered "sincere apologies" (The Herald, 17 Sept) to the thousands who formed "a stampede of people withdrawing their savings" (Daily Mail, 17 Sept). But despite a very public display of support from Chancellor Alistair Darling and Sir Callum McCarthy, chairman of the FSA, both online customers and those turning up at branches across the country were intent on ignoring their assurances.

The effect on Northern Rock is expected to be terminal: "In a year's time it will not exist; as a brand it is shot" (Investment expert Justin Urquart Stewart, The Mirror, 17 Sept). But while banks are in the line of fire "it will be consumers who feel the pain" (Heather Connon, The Observer, 16 Sept).