Northen Rock [Merged Threads]

stamford

PabloNeruda wrote: »

I just tried to get some money out of Northern Rock online, and they said I didn't have an account. The barstewards.

I mean, they're right, I don't.

But the BARSTEWARDS! I want some money!

:mad:

You really are a muppet - Why don't you waste even more time by doing all of the following

Phoning them
Writing to them (enclose an SAE)
Going into a branch

Jnelhams

Interesting how you get queues of people in a mass panic outside one bank to withdraw their money, from a bank in one of the tightest regulatory systems in the world. Northern Rock will not go bust, you will not loose all your pennies. People seem to forget what happened to Midland bank....When they faced a similar situation, words were had and HSBC took them out. Did any one loose their savings ? no.

It is in none of the other banks interest to see Northern Rock collapse, and if you look at the fundementals of this company the only reason to take your money out is to buy their shares.

[Deleted User]

mikael wrote: »

The people getting their money out are the clever ones - they have nothing to loose and everything to gain. What advantage is there to keeping your deposit with NR? There is no upside to it. If it does go under, they may loose their money, and for many people they may never be able to earn it back. Whilst the BOE is providing unlimited credit to the bank at present, who is to say that it may withdraw it sometime. Why take the risk, however small it is?

Read on a share dealing forum somebody has made 67K with a sell short spread bet on NR today. He is going into the bank on monday to pay off his mortgage, he says oooh the irony.


GENIUS, I take my hat off to that man.

purch

Looks like my memory doesn't seem to be failing me, smarty pants.

....resorting to Wikipedia makes anyone's argument as bankrupt as NR will never be.

The entry is plain wrong....

Firstly the day in question should be referred to as 'White Wednesday'

Secondly the Bank spent our Foreign Currency reserves, buying Sterling in the vain attempt to keep us in the ERM

The Bank was forced to go to the Bundesbank to borrow over 15 billion Marks in order to sell them on the open market. As it happens they only sold about 9 billion of those DMK's and rolled the rest over for 6 days until the date they were due to repay them to the BUBA. The rollover trade was done in one transaction of 5.2 billion Marks with a medium sized American Bank, and the trader who accepted the trade was non other than........guess who ???

Dithering_Dad

noh wrote: »

Thats the problem with Wikepedia. Its written by its users and is not always correct.
What purch says is correct.
http://www.guardian.co.uk/EMU/Story/0,2763,210056,00.html

Nigel

Wikipedia stands corrected.

However, regardless of whether the gold reserve or whatever was used to try to prop up the ERM, the point is that the government's attempts to manipulate a free market fell about their ears...

That's what's great about MSE discussions, forget the salient points and argue about the minutia :rolleyes:

lartin_mewis

Why would anyone takeover NR which prides itself on some of the tightest and efficient working practices, and also pays (I think) approximately 17% of its annual profits to the NRF charitable organisation (please correct me on the amount if necessary)?
The 'blue-rinse brigade' who were queueing outside of the branches (and Head Office) today are reacting to the hype within certain media (and also the inability of the Chief Executive to effectively reassure customers and shareholders) and are completely oblivious to the workings of the industry (not that I am any kind of expert). If you told them the Germans were bombing them again they would stick on their tin helmets and grab their ration cards...they just react to what people tell them!
Surely, moving your money out of NR (who have taken the hit earlier than the other banks who WILL be affected sometime) and putting it into another bank, you are just going to be doing the same further down the line?????
PS I also feel that Lehmanns have a lot to answer for...

lartin_mewis

Oh, also, why would the BoE lend to an institution that could not pay it back?????????

Jnelhams

Anyone got some gasmasks and their government "Preparing for emergencies" booklet still? What page does panic come under?

Geoffo_M

maypole wrote: »

Just heard a financial person on Channel 4 news, tell Jon Snow that he thinks NR will probably be taken over in the next few days. Did I hear correctly?

I watched that interview. I didn't hear about being taken over in next few days, but it was mentioned that there are 3 other banks/bs who might be exposed, although not as much as NR. I wonder who they are?

[Deleted User]

bradford and bingley also subprime at 125% under self certify