“There are bids on the table. The one thing you are pretty clear about is
that the depositors have been protected and mortgage holders are in a proper
position. Whatever else, nobody has lost their money.”
To me, that's a bit like saying "the pound in your pocket hasn't changed". Or at least depending on events, it's something that may come back to haunt him. The fact is that everyone in the country has lost £900, as the taxpayer has had to come to the rescue of Northern Rock (if it had been called East Anglian Rock, it would have been allowed to go to the wall). That money is not necessarily safe. The Board of Northern Rock seems to have its head in the sand and not taking bidders seriously. This saga is not over by a long chalk and as every day passes, the likelihood of the taxpayer losing money gets greater.
UPDATE 7pm: Fraser clarifies his views HERE.