Bank's Irish customers queue for their cash

"I just want my money back and I want to be able to reinvest it in whatever way I feel secure," said Mary, who braved the cold yesterday to queue outside Northern Rock's Dublin office to withdraw her savings.

Her comment summed up the feelings of the vast majority of the 300 people waiting on Harcourt Street yesterday.

"If any financial institution loses its credibility, I think it is finished," she said. "You can see what is happening here by the queue. Initially, at the weekend, we didn't think there was any urgency, but I think the lack of information from Northern Rock and the fact that the bank can't be contacted either online of by telephone speaks for itself."

Many felt the lack of communication from the bank was compounding its problems and adding to the feeling of helplessness among savers about the security of their money.

"They just have annoyed me anyway because information is non-existent. Their website is just blocked. At this stage, I'm not prepared to tolerate it any longer," said Tom Marrinan, a customer waiting in line.

He conceded that the long queue of people intent on withdrawing their cash was probably adding to the sense of panic. "I accept that, but none of us want to be the martyr or none of us wants to be the fool who said I didn't cause the panic and then finds the well is dry. It's human nature. Unless we're given a cast iron guarantee, we're not prepared to take that risk."

Another customer, Malcolm Goldsworthy, agreed that panic queuing was unlikely to help the situation but felt the bank had brought the problems on itself because customers had been unable to access it by phone or over the internet and not enough staff were allocated to deal with the crisis.

And what about the guarantee from the Bank of England? Did it not count for anything?

"Not particularly," said Mr Goldsworthy. "I'd have much more peace of mind if I had my money in my hand."

Other deposit holders voiced concern over the nature of the guarantee, arguing it only covered the first £30,000 (€44,400) which they said was scant consolation to investors in a bank where the average deposit is said to be around £100,000 (€148,000).

The widespread coverage of the bank's problems was also leading to the sense of unease. "I was kind of assured by the guarantees on Friday and Saturday but, looking at the share price today continuing to plummet, I would feel safer changing my deposit to somewhere else for the time being," said Dubliner Colm Rourke.

He said he knew the problems weren't all of the bank's own making. "There would certainly be outside factors like the US mortgage issue but that is cold comfort when you are a small investor."

Mr Rourke said he would put his money into a current account for now. "Otherwise, I will choose one of the more local, solid organisations. I probably wouldn't get the same deposit rate but I prefer to see the colour of my money than to take a chance."