Northen Rock [Merged Threads]

Flynn_2

givememoney wrote: »

Where are you all putting your money now?

People were scorned for putting their money under mattresses but if this is the beginning....who's says they are not right.

Well... anyone with half a brain would but don't you listen to them.

Especially don't put your money in gilts or National Savings. They're broke too. Apparently Gordon Brown blew the lot on buying Microsoft. Seemed a good idea at the time but he didn't know Bill Gates had already flogged it to the Chinese. Even the copy of Vista he got was scratched.

Read all about it in tomorrow's Mail on Sunday but remember you read it here first.

FF99

caveman38 wrote: »

Thanks, I just wanted reassurance. I have more invested than the safety net would compensate for. I do not want to withdraw my money which is in a bond as it would lose a lot of interest as a penalty. The problem is just being an ordinary joe public and seeing that the local SE branches (which there a only a few) were open till 8 last night and today have extended their hours because there is again a 2 hour queue.
It does start to make you think come Monday you may be the only saver left - I know that's daft, but I'm only human.

Quite understandable. Problem with NR is the publicity. It was kept very quiet when Barings went under that Abbey National (as it then was) had a derivatives joint venture with Barings. For 2 days after the Barings collapse AN offered a new 1 yr bond with a mega rate of interest. They were flooded with money and nobody was any the wiser .......

jamie304

A lot of people are withdrawing their large ISA savings from NR in cash :eek: so are losing out big time on future interest.

Flynn_2

Now that is daft.

Hope they don't get mugged on the way home.

roddydogs

Update 14.21 Website still busy who are they trying to kid? theyve stopped people drawing out money, simple as that, how can anyone ever prove otherwise?

bantuair

Those with a bit of bob are running over the possibility of launching a takeover bid for NR. It's fundamentals have hardly changed. Even if all it's customers were to withdraw all their funds, they still constitute about 25% of their source of funds which they use to lend. They still have the other 75%, which can be replaced by alternative sources and the cover they have from the BOE.

I am of the view that if the government are giving them money, they are safe. I am tempted to buy, buy, buy. An even safer option is to the safer bank shares that have been hit by this crisis which has grouped them all under one stupid umbrella. Most banking shares are under 8 times earnings at the moment which in my view is an absolute bargain.

These mini crashes happen time and time again and are caused by speculation, in this case, about who is holding which loans. It will pass, as usual and the market will forget. Come results season and RBS are announcing record profits, the sector will rally again.

Smart investors of the Buffett type are rubbing their hands with glee.

Flynn_2

roddydogs wrote: »

Update 14.21 Website still busy who are they trying to kid? theyve stopped people drawing out money, simple as that, how can anyone ever prove otherwise?

By asking the IT team who manage the servers for a start. Not something they could keep secret indefinitely is it? The servers are busy which is hardly surprising. The branches stayed open late to deal with extra customers but they can't just instantly bring extra servers on-line.

Customers are naturally worried despite the government having stepped in. Why do some idiots want to start more baseless hysterical rumours to wind them up even more?

luv_my_brass

Have just tried to access the NR site and got through straight away, after reading more comments on here I'm feeling inclined to take out the rest of my savings. I have accounts with ING and about to move money to Coventry BS 'over 60's', any other suggestions?

GracieP

One of my workmate's parents had money with NR and managed to withdraw it at 4am Friday morning online. They opted to pay for the same day transfer and expected the money to be in their nominated account by yesterday afternoon but it wasn't.

They now have to wait until Monday to see if it comes through. Anybody else in this position?

luv_my_brass

quote/ "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!" end of quote/

Cheeky beggar!
I am of that ilk, although never had a blue rinse :P
We have worked worked for 45-50 years to accumilate enough to live on in our retirement, I worked an extra 5 years despite ill health, so as not to have to rely soley on the Government pension and I do not wish to lose a penny of it. I have withdrawn some of my savings and opened a new savings account with another BS, but it was time, as I knew NR were not paying the best interest rates. I shall probably transfer the remaining amount for the same reason. This was just the kick up the pants I needed to get on with it. So really, I think your sentiments quoted above are very shallow & patronising.