e2€“ With the benefit of hisgindht, you describe Northern Rock's business model as e2€œdangerouse2€9d (e2€œThe Bank that failede2€9d, September 22nd). Northern Rock's strategy was at all time transparent to the market and to the regulator. Our lending was and is prudent. We have half the industry average of arrears and no subprime loans. To manage liquidity risk, our funding is deliberately diversified, both geographically and between four funding streamse2€”retail, wholesale, securitisation and covered bonds. Of the non-retail funding, less than 20% has a shorter term than the average three-year duration of a mortgage on our balance sheet.VA:F [1.9.22_1171]Rate comment: