Bradford and Bingley - Treasury to intervene

Speculator

According to the BBC, Santander "likely" to aquire B&B savings business.

bristolleedsfan

Speculator wrote: »

According to the BBC, Santander "likely" to aquire B&B savings business.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/09/santander_to_bb_rescue.html

Stavros_3

I wonder if the 6.51% savings rate will Foxtrot Oscar

bristolleedsfan

Speculator wrote: »

According to the BBC, Santander "likely" to aquire B&B savings business.

Im suprised that Santander didnt wait until A+L Share price was on its knees as well.

runciblespoon

julio69 wrote:

Do you know anything about B&B International and what their position will be? I have offshore savings fixed rate bond with them. I know they are a wholly owned subsidiary - are their savers just as safe as the BBs are now?

pizzagirl wrote: »

I you read this thread you'd know the answer to that question. It's been answered about 20 times.

Uh, no it hasn't. B&B International is based in the Isle of Man and isn't under the UK jurisdiction.

That means it's not subject to the FSCS, only the IoM's weaker compensation scheme. However the FSCS isn't being invoked here. Since the suitor is buying B&B's savings business I'd imagine they're buying the offshore arm too, and so B&B International would transfer to the new owner (B&BInt is savings only, it doesn't do mortgages). Therefore they would be no change as far as your savings are concerned.

All this depends on the exact terms of sale though, so remains to be seen. I think it's very unlikely that the new owner would let B&BInt go to the wall though (indeed, the pots of savings cash would be a good purchase for a bank struggling to borrow money at commercial rates)

sabretoothtigger

Savers at Bradford & Bingley have been told their money is safe by a Treasury minister


http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3096728/Financial-crisis-Bradford-and-Bingley-savers-told-money-is-safe.html

Just_landed

Its me again I was Informed that with being an A L share holder that I will have to fill a Spanish TAX form in because Santander own them now. OK Santander are now buying B & Bs savings side out. Nearly there I am a non TAX payer in the UK. The QUESTION is can I still claim the 20% TAX back ? I am getting FED UP with what is going on.:wall: :wall: :wall:

BYALPHAINDIA

I worked for the B&B in 1994/5 and they were 'Rubbish' then, So I am not surprised that they have 'failed'

Compared to the 'good old' N&P they were not an exciting employer.

We (the workers) used to nickname it 'The Bradford & Bingley Baby Society' as they used to 'cry' over something of nothing, Wheras other Banks would let it go.

I remember one of my 'bosses' turning down a customer who was 'self employed' - He earned 45,000 a year and because he was 'self employed' they said a polite = No.

Just hope the 'Spaniards' do it better.

edwinac_2

Speculator wrote: »

According to the BBC, Santander "likely" to acquire B&B savings business.

Banco Santander is accelerating its acquisitions.

According to reports, Santander also has its eye on Wachovia Corp, the giant North Carolina-based holding company for America's 4th largest commercial bank.

Wachovia is said to be "the next big bank to fail..and Wachovia is widely reported to be in "fire sale" talks with...Spain's Banco Santander."

It's interesting that the same acquisition model is being used State-side by the rapacious financier oligarchy.

It is a model in which the banking elite collude with the regulator (FSA/FDIC) who 'nationalises' the target bank for them.

The felled bank is then asset-stripped while its chaff is dumped on the taxpayer.

I expect that will become the blueprint for further hostile acquisitions and consolidations in the banking sector.

I see the Treasury is quite open about its plans to use 'National Rock' as the dustbin for the toxic debt it will clean out from the other collapsed banks.

This is all part of the service HMG offers to the fascist international financiers.

rickbonar

I suppose we can kiss goodbye to our free shares, even they sold us more as a "rights issue", (no doubt for speculators again to make a quick buck on) ... I'm £185 lighter.

It does go to show that "rights issues" show the bank is in trouble so watch out Barclays ... yes HBOS we already know and anyone else out there that have paid "rights issue" fees.

Be warned!