Another £3bn at risk in Northern Rock

Telegraph:
"Another £3bn of taxpayer money has been put at risk in Northern Rock after the nationalised lender's off-balance sheet funding vehicle, Granite, was put in to run-off yesterday. "
"The "non-asset trigger event" means that roughly £3bn of taxpayer funds have been seized by Granite and will only be released once all the bondholders are paid back. One senior banker estimated that, at the current rate of repayment, the Government will not be able to recover the money until 2015 at the earliest."
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When money is tight, people spend less. Are you listening, Mr Darling?
Telegraph:
"Debt is at the root of our crisis. We did not arrive at this bad place because consumers and government were saving too much and spending too little. We will not escape it by carrying on as we did before. There will be no foundation for a lasting recovery until Britain rediscovers the virtue of living within its means."