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faceless
admin
Joined: 25 Apr 2006
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 Posted: Mon Sep 17, 2007 5:02 pm Post subject: Failing Bank in England |
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I'm not sure if this story is news anywhere outside the UK, but the quote 'As a staff member of Northern Rock I would just like to say that there is no need to panic - the Bank of England and all other authorities back Northern Rock 110%' got me wondering... 110%? No wonder they're fecked .
This is apprently the first time in 70+ years that there's been a run on a bank in Britain. |
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Mandy
Joined: 07 Feb 2007
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| Posted: Mon Sep 17, 2007 5:53 pm Post subject: |
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Story is being mentioned elsewhere, e.g. http://whatreallyhappened.com/
If the BofE is now guaranteeing 100% of depositors, then the Bank should just admit it owns the bank .. i.e. take it over, and use it to
offer inexpensive mortgages and good savings rates to customers. Transforming the Northern Rock to a national savings / mortgage bank.
It would certainly force other banks to offer services which does NOT generate billions in excess profit for them. Welcome to the free market (when the government really wants to offer something special .. which this government does NOT)
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Mandy
Joined: 07 Feb 2007
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| Posted: Mon Sep 17, 2007 11:31 pm Post subject: |
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It's making headlines in the US as well :
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faceless
admin
Joined: 25 Apr 2006
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| Posted: Mon Sep 17, 2007 11:44 pm Post subject: |
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| I saw on the news earlier that the Alliance and Leicester building society had lost over 30% of its value too. The least in that report were HBOS at around 5% of total value lost, which is still a huge amount. |
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Mandy
Joined: 07 Feb 2007
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| Posted: Mon Sep 17, 2007 11:47 pm Post subject: |
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| If I had money in a former building society which converted to a bank, I would be concerned. The act of conversion was effectively the looting of the assets of the bank by the depositors of the time. Chickens coming home to roost .. |
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luke
Joined: 11 Feb 2007
Location: by the sea
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| Posted: Tue Sep 18, 2007 12:45 am Post subject: |
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| Mandy wrote: | | If I had money in a former building society which converted to a bank, I would be concerned. |
like abbey national?!  |
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Mandy
Joined: 07 Feb 2007
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