Dail Mail article, says "UK's banks had been three hours from total collapse".

tomstickland

http://www.dailymail.co.uk/news/article-1127273/Knees-Treasury-Britain-plunges-recession.html

• City Minister Lord Myners revealed that the UK's banks had been three hours from total collapse on a 'Black Friday' in October and had threatened to lock their doors and close down all hole-in-the-wall cash machines.

StevieJ

tomstickland wrote: »

http://www.dailymail.co.uk/news/article-1127273/Knees-Treasury-Britain-plunges-recession.html

Tom, I think you should upgrade your reading experience to the Sun

matbe

A friend who owns a shop told me this story in October and i thought its bad but not that bad surely?

Dont know where he got his info from but will have to speak to him more often now see what other info he has.

tomstickland

StevieJ wrote: »

Tom, I think you should upgrade your reading experience to the Sun

I look at these most days:
Times
Telegraph
Independent
Guardian
Daily Mail
Standard
Local rag1
Local rag2

The Times and the Guardian have the best sites.
The Daily Mail provides a well processed instant fix of outrage every day. I don't agree with their moral-outrage over Ross and Brand though; that just makes me laugh.

hethmar

Didnt we read this months ago -

StevieJ

tomstickland wrote: »

I look at these most days:
Times
Telegraph
Independent
Guardian
Daily Mail
Standard
Local rag1
Local rag2

The Times and the Guardian have the best sites.
The Daily Mail provides a well processed instant fix of outrage every day. I don't agree with their moral-outrage over Ross and Brand though; that just makes me laugh.

But all you can come up with is a quote from the mail :T

StevieJ

hethmar wrote: »

Didnt we read this months ago -

It so obvious !!!!!! would the govt cough up all that dosh :rotfl:

tomstickland

StevieJ wrote: »

But all you can come up with is a quote from the mail :T

You're assuming that I looked at all of those sites yesterday. I didn't - I just took a quick look at the mail.

HelpWhereIcan

Should also add that the BBa have insisted that Lord Myners has over-egged his account by implying that the issues related to all UK banks when it was restricted to RBS and Lloyds TSB.

http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html

Angela Knight, chief executive of the British Bankers Association, said: 'The issues related only to HBOS and RBS. To imply that all the banks would have gone under is wrong. It is complicated.'

but then again we all know how much store your average HPC follower puts in anything said by Angela Knight

WTF?_2

At the time, some of us regulars were warning of the strong possibility of bank failures and of course being slagged off by the usual suspects as 'doom mongers'.

I had quite a bit of dosh in an RBS subsidiary at the time - bought gold, started taking out my max limit every day from the ATMs to build an emergency cash fund and transfered the surplus over immediate needs into my NR eSaver account which was the next best thing to government bonds.

It's kind of gratifying to see proof that it was justified though damn scary to see the seriousness of the situation spelled out.

Even scarier is that the fundamentals continue to get worse - the cost of keeping the banks afloat is going to grow and grow and require some extreme measures that will involve the government grabbing money from all of us who have been prudent. The next problem will be ensuring that wealth is preserved against the consequences of what our government will do.

Woby_Tide

HelpWhereIcan wrote: »

Should also add that the BBa have insisted that Lord Myners has over-egged his account by implying that the issues related to all UK banks when it was restricted to RBS and Lloyds TSB.

http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html



but then again we all know how much store your average HPC follower puts in anything said by Angela Knight

I guess with the benefit of hindsight it is easier to say that people were panicing and making it seem a bigger deal, but until things unravelled it was always going to be unpredictable like the rest of that week had been.

During the hours(i.e. the Sunday night UK time) before Lehman went bust the information we were passed from who knows where was that they were planning and expecting for more than Lehmans to fail that day as part of a domino effect. As it transpired again it was a hollow assumption, but as they had tried to thrash out a deal to save it they had obviously considered the worst case scenario was it not saved.