WHILE their colleagues across Britain were facing a stampede of customers, staff at Oxford's brand new Northern Rock branch experienced a panic-free start after setting up shop in the city.

Northern Rock opened its Oxford branch on August 28, just two weeks before the company was plunged into the financial crisis that has seen branches besieged by thousands, desperate to get their money out. The new branch at 129 High Street, close to Carfax, has been totally refitted with private interview rooms for customers seeking mortgages, loans and savings products.

But the new arrival in High Street was spared long queues of panic-stricken customers lining the pavement from the early hours of the morning.

It appears that many investors did not realise that there was a newly-opened branch in Oxford. But anyone turning up at the office hoping to make a withdrawal quickly learnt that the branch is a specialist centre for mortgage and personal loan customers.

While it offers deposit-taking facilities for savers, it is "cashless" and unable to assist people wanting to take out money.

Few new businesses to have opened in the High Street can have had more inauspicious starts, with a marked lack of customers this week seeking to take advantage of the range of "savings deals".

"It's been quite quiet. I am sure not everyone knows we are here yet," said one member of staff.

The branch will undoubtedly be viewed as one of the last monuments of Northern Rock's boom years, which saw the company rise to become one of the UK's top ten mortgage lenders. The Oxford operation was part of a plan to open a network of 100 "new-style branches" to provide a service to loan applicants.

A press release issued just days before the company was rescued by the Bank of England offers no hint of turbulence to come.

Northern Rock Operational Director, Andrew Thompson, said last month: "Our new branches are designed to provide a high quality of information and advice to individual loan applicants.

"We have found that such branches are proving extremely popular with customers looking for a new loan, who can simply walk in off the street when it suits them. Although our new branches are cashless. No cash withdrawal or cash deposit facilities are available. They also offer a range of savings deals."

The branch manager in Oxford is Tom Worden, who has over 20 years management experience in financial services. His team of four staff were all recruited from the Oxford area.

The premises on Oxford's historic High Street have previously been used as a watchmakers, a robe-makers, men hosiers, a cafe, a wine merchants and more recently as an employment bureau.