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Chancellor Alistair Darling defended his handling of the Northern Rock crisis, after a critical Treasury select committee report from MPs.
Writing in the News of the World, Mr. Darling insisted he had made the right decisions and done the “right thing”.
He also promised to set out plans to strengthen the Bank of England and the Financial Services Authority (FSA).
The Newcastle-based mortgage bank found itself into financial difficulties amid the global credit crunch caused by the sub-prime lending crisis in the US.
Last week, Mr. Darling proposed turning the firm's £25bn loan from the Bank of England into bonds and selling them to investors.
But if a private sale is not reached, the bank will come under temporary public ownership, he has warned.
In his newspaper article, Mr. Darling wrote: "The chairman of the FSA has been quite clear in saying that there are many things that should have been done far better."
"We need to tighten up the system and fill in any gaps, but the reforms I announce need to build on the reforms made 10 years ago, not reverse them."
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