Northern Rock run could have been avoided, says FSA chief

The run on Northern Rock could have been prevented, the outgoing chief executive of the Financial Services Authority has told the BBC.

Hector Sants said that he recommended that Lloyds TSB be granted a loan from the Bank of England to facilitate a takeover of Northern Rock.

Speaking to the BBC's Robert Peston, Mr Sants said the personal responsibilities of the Bank of England governor will become excessive.