Northern Rock has sought to calm its shareholders by telling them they can get “back on the road to recovery”.

The future of Britain's fifth biggest mortgage provider has been in question since it became the most high-profile casualty of the ongoing credit crunch.

Its share price has fallen steadily since February 2007 from £12 to its current value of 70.25 pence. Recently the fall has been exasperated by increasing fears of nationalisation.

Chancellor Alistair Darling told reporters on Tuesday that it would be "irresponsible" to rule out any option. He also said that a private sector solution to the Northern Rock crisis was preferred, but all options, including nationalisation, would be considered.

At a meeting in Newcastle, the lender's chairman, Bryan Sanderson told share holders: "We cannot reverse history but with your support, we can set the company on the road to recovery.”

"I assure you we are doing all that we reasonably can to look after the interests of shareholders, and we have you at the top of our minds."