Northen Rock [Merged Threads]

amcluesent

>HUGE NEWS<

Start of a systemic failure?

benood

amcluesent wrote: »

>HUGE NEWS<

Start of a systemic failure?

However this does not mean that the bank is in danger of going bust, the BBC Business Editor Robert Peston says.

I won't start looking for my tin hat and protect and survive booklet quite yet;)

equitydealer

the last thing Northern Rock want is for savers to panic and withdraw their savings

nilrem_2

Don't worry you are not going to lose any money, the only people who might lose a little are people with shares because of falling share prices, can you just imagine the panic if a UK bank or building society went bust losing savers their cash? It would result in widespread panic with savers withdrawing their funds from all financial institutions causing a 1930's style depression.

In the highly unlikely event of a bank or BS going bust they would be taken over by others to avoid what I mentioned above.

Your maney is safe!:)

PauliPauli

After having asked original question over a month ago .... I'm grateful to the advice that convinced me to move my savings out to HSBC .... well if HSBC go under ..... money will be the least of our problems

nilrem_2

ashm1 wrote: »

Northern Rock asks for Bank help. HUGE NEWS

http://news.bbc.co.uk/1/hi/business/6994099.stm

IMHO this is not HUGE NEWS at all, that sort of headline just makes people worry and panic when it is not necessary! It has been well reported recently that because of changing circumstances banks are raising money to loan out in different ways to what they have been doing in the past, this is one of the reasons that savings rates have been rising recently even though the BOE rate was unchanged!

islandannie

equitydealer wrote: »

the last thing Northern Rock want is for savers to panic and withdraw their savings

I`m sure it is .

However that`s just what i`m going to do right now.

amcluesent

>The last thing Northern Rock want<

Yep, but if my money was there I'd be queuing at door 1st thing tomorrow...

ivegotabig1

The Miracle Economy & the Era of cheap limitless credit are well & truly over !!! Many of us warned that this would happen sooner or later !!! & even Some quite learne'd individuals took no note !! Including it would appear the highly paid Exec's at northern rock !!!......Muppets

bristolleedsfan

equitydealer wrote: »

the last thing Northern Rock want is for savers to panic and withdraw their savings

many did so several weeks ago. :wall: