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Bradford and Bingley - Treasury to intervene
Comments
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Well fingers crossed folks, following the decision by the Irish to guarantee 100% deposits pressure is mounting on G.B to follow suit here, I think its a positive step to restore customer confidence in the banking sector.
HERE
Problem is that the funding methods are different in the UK to Ireland. Also, the FSCS couldnt afford to bail out all the banks (if indeed any of the main ones left) without taxpayer intervention. The Govt would not be able to bail out every bank so it technically cannot guarantee 100% of deposits without taking on a liability that, whilst unlikely, it theoretically cannot afford to have.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Quote from my, as yet, unpublished 'Observers Book Of Unemployed'
I have the perfect front cover for your seminal work..
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
Just heard that the Gov. are going to intervene in Brandford and Bingley, so what would happen to my shares with them? They were only worth 20p on Friday, so what is the likely outcome?
According to Channel Five News, as a former shareholder of the nationalised Bradford & Bingley plc., you could be in for Government compensation.
b&b nationalisation confirmedb&b nationalisation confirmed
Five News
Monday September 29, 2008
Angela Barnes
[...]
I am a shareholder – what impact will this have?
As of the end of 2007, there were more than 940,000 investors in B&B. Around a third held 250 shares or less - a relic of the bank's demutualisation eight years ago.
But investors who have already seen their shares lose more than 90% of their value since the beginning of the year to just 20p are likely to be dealt a further blow by nationalisation.
If it follows the Northern Rock precedent, the Government will pay independently-set compensation to shareholders, but the amounts will be small and could prompt a legal challenge from investors.
Believe that if you may..."If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0
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