Who is the kingmaker in the battle to sort out Northern Rock? Step forward John Kingman, the Treasury’s managing director of finance, charged with the task of determining the bank’s future.

Mr Kingman, a former press secretary to the Chancellor (1999-2000), is reported to have confided in friends that it is the most difficult task that he has ever undertaken.

It is not hard to see why. Mr Kingman must juggle the conflicting interests of the Government (politicians eager to get shot of the problem) and the shareholders (hedge funds and retail investors after the best price).

There is also uncertainty over who is really running the sale: Mr Kingman or Alistair Darling and Gordon Brown? Either way, it looks unlikely that Mr Kingman will get shot of the poisoned chalice any time soon, with no deal expected before Christmas.

Mr Kingman made his mark as a civil servant working for Stephen Dorrell, the Conservative National Heritage Secretary, then spent two years as a columnist at the Financial Times. Now, at 38, he is second in command at the Treasury. Previous Treasury roles include managing director of Finance and Industry, director of the Enterprise and Growth Unit and head of Productivity and Structural Reform. He is described as being quietly charming, self-effacing, yet self-confident.