NORTHERN ROCK savers have taken out about £14 billion in deposits from the bank that plunged into financial crisis seven weeks ago.

The figure, thought to have emerged during due diligence by three possible bidders, equates to almost 60% of the total £24 billion in deposits held at the bank before it was forced to go to the Bank of England for emergency funding on September 13.

Close to £3 billion was withdrawn in the three-day run on the bank in mid-September. The £14 billion exodus of funds underlines the lack of confidence in Northern Rock, despite the government’s pledge to guarantee people’s savings.

So far, Northern Rock, still led by chief executive Adam Apple-garth, has borrowed £22.8 billion from the Bank to pay withdrawals and fund lending. This could rise to close to £30 billion by the end of the year.

This weekend the battle to rescue Northern Rock took a dramatic twist as it emerged that Blackstone, one of the stricken bank’s advisers, is trying to lure dozens more potential buyers.

Blackstone is understood to have sent a detailed sales memorandum to up to 50 interested parties. These include private-equity groups, banks from Britain, Europe, China and India as well as building societies. However, sources said Lloyds TSB, which tried to buy Northern Rock in early September, is not interested at this stage.

Blackstone’s document sets out a range of options including a sale of the entire bank and carving up Northern Rock’s £109 billion mortgage book, branches and administration operations.

So far, only three bidders – private-equity houses JC Flowers and Cerberus, and a consortium led by Sir Richard Branson’s Virgin Group – are known to be conducting due diligence.

However, Northern Rock and its advisers are trying to interest a wider range of possible buyers, The memorandum details plans to restructure Northern Rock into a series of credit-worthy businesses.

As part of the process, Blackstone has lined up between eight and 12 major banks, thought to include Morgan Stanley and Deutsche Bank, to provide funding for buyers.

This is designed to prevent individual bidding groups from exclusively securing major banks as backers. Citi had been in talks to provide £15 billion in funding, but is now unlikely to be a lender.

Blackstone was called in to advise Northern Rock’s board two weeks ago alongside Merrill Lynch and Citi.

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