OUTGOING Northern Rock chairman Ron Sandler has paid tribute to the bank’s staff for ensuring its survival against the odds.

Mr Sandler, who arrived at the Rock when it was taken into public ownership following the run on the bank in 2008, will step down as executive chairman in the New Year when it is sold to Virgin Money. In an article written for today’s Journal, he praises staff at the Rock for keeping it alive when most commemtators expected it to go to the wall.

Mr Sandler has also thanked The Journal for supporting the Rock since its 2008 crisis.

Of his arrival, he says: “At that time, there were few who expected Northern Rock to survive in any form.

“However, it has not only survived, but it now has every prospect of becoming a prospering bank of the future, as part of Virgin Money, with a national branch network and an operational headquarters based here in the North East.

“I believe this is a fantastic outcome for the region, our customers, colleagues, the Northern Rock Foundation and all other stakeholders.

“It is an outstanding achievement that has only been possible due to the amazing commitment of a workforce, both here in the North East and across the UK sales and branch network that came out fighting to help rebuild a North East institution.”

More than 5,000 jobs have been lost at the Rock since it was taken into Government control.

Mr Sandler said he “bitterly regretted every job that has been lost” but the losses were necessary to secure a future for the Rock.

Virgin Money is to pay £747m for the Rock, possibly rising to £1bn if certain conditions are met. The new owners have guaranteed not to issue any new redundancies for the next three years, and are looking at the future of the Northern Rock Foundation.

Mr Sandler said: “We have a come a very long way and it has been a journey that has been both incredible and unprecedented. Some difficult decisions have had to be taken, and a great deal has been achieved.

“I have never underestimated the hard work, dedication and commitment of my Northern Rock colleagues to deliver against our milestones during this time. This is a true reflection of the North East region as a whole, which has remained steadfastly supportive, as has The Journal, and I extend my thanks for that.

“I will step down as chairman and leave Northern Rock when the sale completes on January 1. I will do so with some sadness that I shall no longer be part of a bank and a region that I have come to love, but also with a real belief that Northern Rock’s best days are still to come.”

Some difficult decisions have had to be taken, and a great deal has been achieved