The dramatic rescue of Bear Stearns by the Federal Reserve Bank over the weekend of 15 March 2008 was a bold and imaginative move to protect the international reputation of US financial markets. The timely rescue of Bear Stearns invites comparison with the dismal dithering of the UK authorities in their handling of Northern Rock.

The UK government's mishandling of the liquidity problem at Northern Rock exacerbated matters. The episode demonstrates the failure of the tripartite regime and bodes ill for the future of the bank under nationalisation.

The UK government took the unexpected and controversial move to nationalise Northern Rock. What does this mean for shareholders, depositors and mortgage customers ?

Sir Richard Branson of the Virgin Group is the UK government's preferred bidder for Northern Rock. But he is facing hostility from shareholders.