Bradford and Bingley - Treasury to intervene

juicyjude

Well at least we know what is going to happen now after months and months of stress and worry! A complete fiasco, and a disgrace that the Chief Executive has a salary of in excess of £700K whilst Joe Bloggs struggles and worries. I have learned a valuable lesson and when my 6 months bond matures in November I will look very carefully into making sure in the future I dont deposit more than £35K into any account. Why does the chancellor keep dithering about increasing the compensation figure to £50K. This would at least increase confidence a little, it is all about confidence.

Oblivion

Nick_C wrote: »

I never thought there was any point in the word floccinaucinihilipilification, but it seems to be appropriate for the discussions that are going on today!

Or you could just say 'gone tits up' and save a few electrons.

Dave.

Oblivion

juicyjude wrote: »

Why does the chancellor keep dithering about increasing the compensation figure to £50K. This would at least increase confidence a little, it is all about confidence.

Because he is a natural born ditherer!

The man from Del Mortgagethecountrytothehilt, he say yes, or was that no, or perhaps a maybe.

Dave.

RayWolfe

juicyjude wrote: »

Why does the chancellor keep dithering about increasing the compensation figure to £50K. This would at least increase confidence a little, it is all about confidence.

So getting back your deposit of whatever size does not give you confidence?
Whilst there is a lot wrong with politicians, how much have they allowed any depositor to lose in these difficult times?

Andrew64

Confirmation that the government is taking over B&B:

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

juicyjude

True, but the worry is still there in these uncertain times especially now so many institutions are merging and the protection is in effect getting less.

RayWolfe

The worry is only there if you allow it to be.
.... and the protection is ONE HUNDRED PERCENT!

Just_landed

Here I go again Say if you have a fixed term bond with B & B at the moment I understand my deposit is save, but will I still get the interest at the end of the term ? There must be some Northern Rock people on here at the moment who can answer this please or dunstonh maybe.:think:

juicyjude

I have exactly the same question just landed. Anyone there who can answer that question we would be most grateful thanks

dunstonh

it will be business as usual. Your money is safe, as is the interest.

There are still bits unknown but one thing for sure is deposits (instant, direct, fixed term etc) are safe. You may find yourself using Northern Rock branches in future (insert Abbey or HSBC in there subject to how B&B is split up, which will become clearer in next few days) as the B&B brand is going to go, as will the branches but your money is fine.

The losers on this one will be the B&B shareholders and B&B staff.