The Northern Rock crisis: a multi‐dimensional problem waiting to happen

Purpose – The purpose of this paper is to offer an initial assessment of the Northern Rock (NR) crisis. Design/methodology/approach – The paper describes the context of financial market turmoil and the multi‐dimensional aspects of the crisis. Findings – The central finding of this paper is that the NR episode is a multi‐dimensional problem and reflects a complex set of inter‐related problems. Originality/value – The paper brings together some of the strands of the analysis and addresses several lessons that can be learned.