Hundreds of people have joined queues outside Croydon's branch of the beleaguered bank Northern Rock.

Savers have been queuing outside the Wellesley Road branch since this morning eager to withdraw cash.

Across south west London police officers have been called to keep order, and some branches are only letting customers in five at a time.

Despite the panic withdrawals the bank's chief executive assured customers through the company's website that their money was safe.

Adam Applegarth told customers: "Let me now reassure you. Your money is safe with us and if you want some, or all of it back, then you are perfectly entitled to it. Whilst you may have to wait a little longer than usual to receive it, you will get it."

Northern Rock saw its shares plummet 32 per cent to 297.5p on the stock market today.

Northern Rock had to go to the Bank of England last week to agree loans of up to £31.5bn, the first time the Bank of England has been used as a lender of last resort since 1973, which sparked the mass withdrawals.

The bank has been hit by the collapse of risky mortgages on the American market.

A Northern Rock spokesman said the Bank of England, the Treasury and the Financial Services Authority have all confirmed Northern Rock is financially solvent.

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