Risk has looked at the Northern Rock fallout a couple of times recently - in this profile of the FSA's financial stability head, David Strachan, and most recently in this report of the Treasury's response.

The report included proposals for giving authorities powers for “stabilisation”, to avoid reaching the position where a financial firm becomes insolvent and needs to be taken into public ownership. Suggested actions include forced part-private ownership, which could be facilitated through property and share transfers to a private sector purchaser or a bridge bank. In the case of using a bridge bank, it would only operate until a private sector solution could be arranged or the possibility has been thoroughly explored. A time frame of up to 12 months in which to find such a solution is suggested.

It's worth remembering, of course, that the collapse of Northern Rock came virtually out of nowhere. Before 2007, the last bank run in British history was triggered by the aftermath of the US Civil War, for heaven's sake. Have we got any reason to expect the next one to be along sooner?