This report does not consider:
- the causes of Northern Rock’s problems
- The Treasury's worst case scenario planning was not quite bad enough. Instead of a base case loss of £270 million, Northern Rock lost £585 million last year (although the Treasury did also allow for a "recession case" loss which was closer to the real figure, so they were not that far out).
- After the bank went into public ownership, a further £1.8 billion of high loan-to-value ratio mortgages were issued - though £1 billion of these had already been committed before the problems, so the issue is over just £800 million of loans.