Back in 1999, David Andrews, then a reporter/columnist/Diary writer on the Daily and Sunday Express Money & City desks, broke the story about Northern Rock bank lending up to 120 per cent to first time property buyers.

The fear then – as now – was of a massive over-indebtedness, and a mortgage book held by the bank which was so heavily predicated on credit and the surmised belief that its borrowers could afford to repay it.

When the spectre of the 2008 financial collapse became a reality in early 2007, Northern Rock was of course one of the first major financial institutions to fail. Hindsight, as we know, is a wonderful thing….