HBOS/Lloyds TSB merging

debbie42

Entertainer wrote: »

you would get 100% of £2,000 and 90% of the next £33,000.

It used to be this. It's now a straight 100% up to 35K, for savings.

competitionscafe

jack_pott wrote: »

Judging by the usual amount of imagination involved, the new name will be Halifaxbankofscotlandlloydstrusteessavingsbank.

Heard this one on BBC Radio 5:

Anglo Scottish Banking Organisation (ASBO)

schoolrunmum

Does anyone know if my (substantial) savings, currently held in a Halifax sharedealing A/C will be safe?

hsvqbutr

The only reason Gordon MUPPET Brown is pushing this merger forward is so he dont have to bail another finacial institute to the tune of god knows how many billion. If he didnt push it he would be bound to do the same for them as he did for Northern Rock. If he didnt he would be hauled over the coals for siding with bank over another.

sabretoothtigger

Makes more sense then nationalising it and if in a few years things are looking up the same lax regulation now can be reversed and the companies split

schoolrunmum wrote: »

Does anyone know if my (substantial) savings, currently held in a Halifax sharedealing A/C will be safe?

35k like current accounts I presume, as its not a separate institution

dazza-s

I'm wondering when the merger takes place what happens to my regular saver account. I am paying into it 500 a month for the special 12% interest rate. Wondering if I get that interest at the end. I should do as that what the agreement is and as I understand it when banks merge they take on the current fixed interest agreements?

Fuzzythinking

Hi

Is HBOS share worthless? Is it a huge gamble to invest some money into HBOS share tomorrow morning?

FT

Entertainer

Fuzzythinking wrote: »

Hi

Is HBOS share worthless? Is it a huge gamble to invest some money into HBOS share tomorrow morning?

FT

No they are not worthless they are talking about various figures for the takeover which I wont mention here so as not to encourage you. And yes it is a gamble as to whether you would make anything. Bear in mind that some very savvy hedge funds have made literally billions trading HBoS shares in the last year (selling short and no doubt buying recently as well.) If you think you can get ahead of them in the information wars then you're a better man than me. Good luck but I don't fancy your chances against them.

TehJumpingJawa

sabretoothtigger wrote: »

Makes more sense then nationalising it and if in a few years things are looking up the same lax regulation now can be reversed and the companies split

It seems this is the flawed premise that much of the financial world is operating on.

If fuel production peaks within the next decade, things won't be 'looking up' for a great many years.

I believe this merger is simply a delaying action, which will eventually have a far greater fallout.
If HBOS were to fold, could the government realistically levy sufficient assets to meet it's FSCS liabilities? Perhaps.

However, if the creation of 'Halifaxbankofscotlandlloydstrusteessavingsbank' goes ahead, we will have an institution so large that FSCS guarantees will be valueless - it will be financially impossible for the goverment to honourthem.

edwinac_2

TehJumpingJawa wrote:

f the creation of 'Halifaxbankofscotlandlloydstrusteessavingsbank' goes ahead, we will have an institution so large that FSCS guarantees will be valueless - it will be financially impossible for the goverment to honourt hem.

The compensation scheme is already worthless for that very reason.

It is said that the equivalent US scheme, the FDIC, which "insures" retail deposits up to the value of US$100,000 is backed by reserves of less than a penny on the dollar.

The Emperor's New Clothes, any one?

See: Guarantees Are Worthless,When the System Is Bankrupt, John Hoefle, Executive Intelligence Review, Sept 5, 2008