Financial Times FT.com

Social cost of an ailing institution

By Chris Tighe

Published: February 2 2008 02:00 | Last updated: February 2 2008 02:00

For a decade the Northern Rock Foundation made an unprecedented impact on one small area of England as millions of pounds flowed annually into its coffers.

All strata of society in Northern Rock's home region, from the wealthiest business people to destitute drug addicts, indirectly benefited from some £190m generated by the mortgage bank's aggressive expansion and administered by its charitable arm.

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