Northern Rock was a disaster waiting to happen . Critically evaluate the principal arguments for and against this statement.

The basic business model of Northern Rock with regard both to its asset structure and its funding strategies (especially as compared with its immediate peers and competitors)

The question whether the failure of Northern Rock was that of an institution (as in the case, for example, of Continental Illinois) or rather of a system: and if the latter, was the  system in question a market, a regulatory regime, or both?

You are not expected to take into account any events occurring after 30 November 2007

You should aim to keep direct quotations from third-party sources to an absolute minimum. There is no need to reproduce in full any quotations from the materials distributed with the course itself, including the annual reports and announcements of Northern Rock itself: in such cases it is quite sufficient to provide a reference in the usual format.