RBS about to implode?

Conflict

RandomDan wrote: »

Not being clued up on such things, I have a question. My mortgage is with RBS (well, One Account, but bought out by RBS). What would be the upshot for the typical mortgage holder such as myself (2.5x income mortgage, 50% equity) if it were to become nationalised?

Should be absolutely no difference to you, if they are nationalised.

Similarly, what would happen if they went under?

Due to RBS's size if they went under its probably game over for the world wide banking system as we know it. As such the normal case of the debt being sold on might not happen as there is nobody to sell the debt on to, hell the UK government might just say all mortgage debts are wiped as the system would be so messed up at that point it wont matter one difference.

RandomDan

tuggy12 wrote: »

You'd still owe them exactly what you owe them now.

Thanks; that's dull but reassuring. Let them collapse then for all I care.

louiser123

Cleaver wrote: »

Because if Woolworths, Officers Club and Zavvi go to the wall it prevents you buying tat, bad clothes and CDs. If all the banks go to the wall our country pretty much stops working. That's why they are different.

then the government should have come in with a total different tatic, because i can see that all will happen is the gov will be the bank, and the fat cats ect who played a huge part in the fall will be still up there advising the [EMAIL="bl@@dy"]bl@@dy[/EMAIL] govt!!!

if and i say if i had a big amount of savings in a bank( i dont by the way thankfully) i would be there every day getting it out cos quite frankly its safer under my matress than it is in the bank!!! and yes i know that would cause mayhem, but why not i wouldnt trust a peodo to look after my kids even if the govt gave me a cast iron guarantee they were safe same goes for money if you cant trust the people taking care of it you simply take care of it yourselfs dont we?/

Kez100

I appreciate why this has to be done. I just don't know where the £10,000 (or more,whatever it is) per person is supposed to come from. Even if I could scrape £10,000 together - I could - but I can't scrape £40,000 together to cover the four of us (and I live in a modest income, careful with money, family).

So, how do we pay?

Will Quantative Easing pay part of it for us (I know it comes at a price on inflation and currency) or will we all have to pay it in tax at one point (plus presumably interest)?

My ikkle brain hurts and I hate banks.

I'm going to watch Newsround. Might undestand it then!

Masomnia

RandomDan wrote: »

Thanks; that's dull but reassuring. Let them collapse then for all I care.

What if your employer used them to pay you? You'd care then, wouldn't you?

Masomnia

Kez100 wrote: »

I appreciate why this has to be done. I just don't know where the £10,000 (or more,whatever it is) per person is supposed to come from. Even if I could scrape £10,000 together - I could - but I can't scrape £40,000 together (and I live in a modest income, careful with money, family of four).

So, how do we pay?

Will Quantative Easing pay part of it for us (I know it comes at a price on inflation and currency) or will we all have to pay it in tax at one point (plus presumably interest)?

My ikkle brain hurts and I hate banks.

Probably a bit of both

Kenny4315

For the first time since this SH*TE came to the foreground I just can't see the end to it. :mad:

What is the governments solution, to nationalise every FFffing bank out their ? :mad:

With further massive house prices falls they have only seen half of the SH*TE hit the fan (AT MOST when you take in account companies should have had some kind of rainy day fund), and they still can't cope. :mad:

Hence, with regret I am revising my house price falls from 30 to 35% to 35% to 40%, and will be delaying purchasing by a further 3 month till Oct/Nov 2009.

tmm_aka_tracy

Hi Guys,

I have an offset Mortgage with the One Account (RBS). My facility is only £62k, but I am 43K ahead as I have been working hard to get close to being mortgage free, with the option of being able to draw on money in the case of any emergency.

Would it make sense for me to move say £40K into another non RBS account, essentially, using my full mortgage facility, but ensuring that I still have significant savings in case I need them.

If they were to go under, I assume my mortgage (debt) of £17K would be passed on, but that I would have no access or option to withdraw any of my savings?

I'm feeling quite worried, but wouldnt know where to transfer the 'cash' to as the banks are all much of a muchness and subiduaries of each other (aren't they?).

Any wise words?

Thanks

martynh99

penguine wrote: »

How long before short-selling of bank shares is suspended again?

Why would they want to do that, it's clear the drop in shares is in now way related to short selling - oh hang on, it was suspended on Friday morning and by the afternoon Barclays...........

Get your point, shame the Govt don't :rotfl:

Kenny4315

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

see point 5 about off-set