NORTHERN Rock is one of the North-East's best-known brands. It adorns the shirts of some of the region's biggest sporting names and it is trusted by legions of investors.

The shock announcement of the company's financial problems - resulting from a crisis in global credit markets - is not only a sad day for Northern Rock but for the region as a whole.

Experts have been at pains to stress that Northern Rock is not fatally wounded. Although much of its profit will be wiped out, they assure us that its long-term future is not in doubt.

It has the support of the Bank of England and, while we understand the concerns which led to queues outside branches of Northern Rock yesterday, it is important that customers keep the current difficulties in perspective and do not panic.

Chief executive Adam Applegarth has vowed that Northern Rock bosses will bust a gut to rebuild the company's financial stability and we hope that happens as quickly as worldwide influences allow.

We do, however, question the way news of Northern Rock's emergency plea to the Bank of England was managed.

Newspapers, radio and television stations were left scrambling for information when the news broke late on Thursday evening and precious little was forthcoming from Northern Rock.

The result was a situation in which the institution looked ill-prepared and was facing not only a financial disaster but also a public relations debacle which served to fuel the inevitable anxiety.