Little has been heard from Northern Rock shareholders since the bank's recent crisis. Last night, Stuart Arnold spoke to one investor.

BRIAN Peart could be forgiven for feeling bitter at Northern Rock's recent troubles.

The retired builder, from Witton-le-Wear, County Durham, says he has lost at least £100,000 during the bank's recent share price crash.

Mr Peart, 70, is one of hundreds of thousands of people across the country who saw the Rock as a solid investment.

However, unlike some, he is not about to turn his back on the apparently ailing bank.

Northern Rock, one of the UK's fastest-growing banks and the fifth largest mortgage lender, seemed be riding high until it was revealed it had turned to the Bank of England for emergency support.

Panic ensued, with customers queuing up to withdraw savings. The resulting uncertainty over its financial position saw millions wiped from its share value.

Mr Peart, a regional representative of the UK Shareholders Association, said that when he bought his first shares in the company in December 2003, he thought they were the "safest shares in Britain".

Recent events have failed to dent his confidence in the business and he has no intention of selling his shares - he has actually increased his stake in the past few weeks.

He said: "The company is still making a very big amount of money and they are still in line to do that today.

"I support them, I don't think they have done very much wrong. They are one of the best companies in Britain and I hope that people stand by them and keep their shares.

"Adam Applegarth (chief executive) has done a very good job and I think he will pull them through this if given the chance."

Mr Peart said the company had been aggressive in increasing its share of the mortgage market but had relied too much on raising finance from institutions and banks, rather than deposits from the public.

But he still refused to accept that it was to blame for its difficulties. Statements about the bank's position had not been handled sensibly, he said, with the BBC suggesting it had gone cap- in-hand to the Bank of England.

He said: "The way they projected it was not the case and was the cause of the panic.

"The Bank of England itself and the Government also suggested that they were bailing the bank out and the whole thing just backfired."

He also said that hedge fund managers in the city had bet on Northern Rock shares by selling them at a high price and buying them back cheaply.

"Some people have had their own agenda to make money on the back of Northern Rock going down," he said.

Mr Peart said he was happy for the company to withhold a dividend payment to shareholders in the current circumstances.

He said: "I would rather the company remains strong and keeps the money rather than them give it away when it is thought it is not being paid at an appropriate time."