Alistair Darling has been Chancellor of the Exchequer since 28 June 2007. During September 2007 there was a run on a British bank, Northern Rock. Ultimate authority for deciding on financial support for a bank with debt problems rests with the Chancellor. The 2007 subprime mortgage crisis had caused a liquidity crisis in the UK banking industry, and Northern Rock was unable to borrow as required by its business model. Darling authorised a loan to Northern Rock provided an unqualified taxpayers' guarantee of saver’s deposits in an attempt to stop a run. Northern Rock borrowed up to ¬¨¬£20 billion and Darling was criticized for becoming sucked into a position where so much public money was tied up in a private company.