Bradford and Bingley - Treasury to intervene

Stavros_3

Tallyho wrote: »

B&B were penniless :

http://blogs.news.sky.com/cityblog/Post:887e6692-b5da-4255-b328-d817d4ea48d7

I'm sorry but they are not penniless. They have deposits of 22billion. That doesn't mean that 22billion is sat in a case under the matress, its re-distributed in loans, gurantees and other investments. Santander are not a fly by the seat of your pants bank. They haven't got themselves into a mess by following the lead of some of our reckless institutions. Which is why it was an attractive buyer for the government and the FSA. As a result of the takeover I have returned 6 figures to the what was the B & B, now Santander cos the savings rate is a full 1% higher than where I moved it to. I'm well aware of the risk element but I'm much more comfortable with that level of risk than I was a week ago.
Look on it as wheat and Chaff, Santander have bought the good bits at a bargain price, and left the smelly stuff with Gordon and Alistair

ad44downey

Tallyho wrote: »

I have just come off the phone from my local B&B after my savings were transferred to Abbey Santander without my authorisation obviously . I already have savings at the Abbey so my B&B accounts £35000 FSA cover has now gone to the wall as it is already covered by the £35000 FSA Santander cover .

I am now exposed to a £35000 loss if Santander go !!!!

I'm absolutely furious if this is the predicament I am in if it is true .

Anyone know if this FSA umbrella now evaporates from under me on what were 2 seperate accounts cover into 1 ?

!!!!!!, haven't you read a single post on this forum?

Did any Northern Rock or B&B saver lose a penny?

Stavros_3

ad44downey wrote: »

!!!!!!, haven't you read a single post on this forum?

fatpig_2

Tallyho wrote: »

I have just come off the phone from my local B&B after my savings were transferred to Abbey Santander without my authorisation

Maybe you weren't at home when Gordon Brown phoned to ask for your permission? He probably left a message on your answering machine so you should check that.

johnmoney05

fatpig wrote: »

Maybe you weren't at home when Gordon Brown phoned to ask for your permission? He probably left a message on your answering machine so you should check that.

Nope. Gordon talked to me in a dinner party just by chance! Well, in my dream.

Stavros_3

In the news this morning re 100% savings gaurantee


Are my savings still safe?
Savers do not need to worry, their cash is now 100% covered by the Government, beyond the standard £35,000 limit given to individual savers with other High Street names. Although the savings business has been bought by Santander, the savings are effectively nationalised when it comes to compensation in the same way as savings with Northern Rock are 100% covered. The Treasury has not announced how long this 100% coverage will stay in place, but it is believed this will not be indefinite and will eventually fall back to the standard £35,000 coverage

nico26

Stavros wrote: »

I'm sorry but they are not penniless. They have deposits of 22billion. That doesn't mean that 22billion is sat in a case under the matress, its re-distributed in loans, gurantees and other investments. Santander are not a fly by the seat of your pants bank. They haven't got themselves into a mess by following the lead of some of our reckless institutions. Which is why it was an attractive buyer for the government and the FSA. As a result of the takeover I have returned 6 figures to the what was the B & B, now Santander cos the savings rate is a full 1% higher than where I moved it to. I'm well aware of the risk element but I'm much more comfortable with that level of risk than I was a week ago.
Look on it as wheat and Chaff, Santander have bought the good bits at a bargain price, and left the smelly stuff with Gordon and Alistair

I am looking to spread some of my money around and was reading martins page to try to get online account. B&B are still on there and clicking on the link it takes you into there site.It is showing a limited internet savings account with pretty good interest rate 6.51.Forgive my ignorance but will this account now go under Santander group if I plump for it?

Stavros_3

Yes The Santandar group have bought the Savings deposits of B & B, but the B & B account will not change for a while. Its one of the best buys for monthly/annual interest.

scott_lithgows

Was there no British banks who would have taken the savings side on?They are always looking for new customers with adverts on the tv and in newspapers.I feel i,ve been sold for Spanish gold and would have preferred my account to stay with a British organisation.
ps before anyone says "if you dont like it-you know what to do,I am transferring my accounts to the British Yorkshire buiding society.

Oblivion

scott_lithgows wrote: »

Was there no British banks who would have taken the savings side on?They are always looking for new customers with adverts on the tv and in newspapers.I feel i,ve been sold for Spanish gold and would have preferred my account to stay with a British organisation.
ps before anyone says "if you dont like it-you know what to do,I am transferring my accounts to the British Yorkshire buiding society.

Just remember that savers' deposits are a liability on the balance sheet ... as in creditors. Now, just name me a few truly British owned banks that are in a financial position to take on more liabilities ........

Dave.