D'oh - from Guardian today22 Jan 2008 09:02
"In parliament yesterday the shadow chancellor, George Osborne, pointed out that Alliance & Leicester had borrowed at 7% to raise finance. Northern Rock is likely to be able to borrow at closer to 5% because of the government guarantee.
This gilt-edged backing could also mean that any bonds issued by Northern Rock will be more attractive to investors, making it even harder for other mortgage players to raise funds, and easier for Northern Rock to rehabilitate itself."