So the Bank of England are having to bail out Northern Rock, but there's nothing to worry about...

Sure.

Share price is down 20% on the market opening. I fully expect account holders to try and clear their accounts out todays, after all, only the first £35k is covered in event of them going bust.

Hundreds of millions of pounds of loss being estimated, this year and next.

HBOS, Bradford & Bingley, Barclays & Llyods, all down this morning.

Alistair Darling was just on Sky News blaming the USA problems, and that it's only becuase the banks aren't lending to each other.

He didn't look very well. Looks like he's been up all night. No arrogance for a chnage. "Trust me" written all over his face.

He actually looked like he was going to vomit at one stage!

He reaffirmed that we have a "very strong economy" and a "very stable banking system". Ok, Darling.

The CEO of NR, Adam Applegarth, just on the phone on Sky News.

Banks stopped lending to each other on 9th August.

BoE facility set up but not used yet. They have bilions of pounds of cash in the bank (ironic) so don't see that they need it soon.

Rumours that customers cannot move money around are unfounded, just that the website is crashing due to large numbers of visitors. Highstreet outlets are still open and will move money.

BoE facility is UNLIMITED. No set amount, secured against the mortgages that NR have. NR just need it to see out the global banking freeze.

Urging other banks to come clear about their problems...

His final message? "Business as usual"

21%+ drop now; Bradford & Bingley hittign 7%. Looks like they could be next to face "issues"....

Drop is now 25%; queues at the branches and people complaining that they can't access there accounts online.

Bradford & Bingley down 9%, Alliance & Leicester down 8%. Still sliding.

Housebuilders also now starting to go down by 8%-10% as without easy mortgages, they won't be able to shift so many houses...

Online accounts are currently dead, as the web site is swamped. Telephone banking seems to be swamped as well. Customers sim[ply can't get through. Not a good message to put forward...

Share price now down 27%...

Down around 50% of Friday.

And NOW the government will gaurantee EVERY deposit at Northern Rock. Has this happened before?

Sky News live in Kingston. They shut the doors at 6pm in front of a large queue... And then sent a note out (through the letterbox!) to tell the queue that the Gov had guaranteed the accounts. Security guard inside the door. Unhappy queue.

Riots in suburbia?