By James Kirkup Politics Last updated: July 17th, 2009
http://blogs.telegraph.co.uk/news/jameskirkup/100003749/northern-rock-to-be-reborn-as-a-mutual/ 

Here's a thought that's been kicking around for a while in Labour circles: when the Government finally off-l0ads Northern Rock, it should turn the failed lender back into a building society instead of bank.

The mutual plan is being pushed by the Co-operative Party and is now backed by John McFall, the Labour chair of the Commons Treasury Select Committee. (John appears in a YouTube clip about the plan here.)

Now, there are some questions to be raised about how a mutualisation would work, and especially about how the plan would realise some much-needed quick cash for the taxpayers who saved the Rock.

But don't dismiss the idea. Intriguingly, I hear that Lord Myners, the City Minister, has recently been taking an interest in the mutual plan for the Rock... watch this space.