Northen Rock [Merged Threads]

alared

The only comment I would make is that ordinary people have got more sense than the so-called "experts".

When the chancellor,BoE,government,"finacial experts" all tell you you`ve got nothing to worry about because NR is a good,sound company which will not go to the wall,and yet you can`t access the site to get at your cash,then it`s time to boot them into touch.

isofa

Unfortunately, people rushing to the bank to withdraw all their cash is going to cause more problems, and hype it up all out of proportion.

[Deleted User]

To be honest NR has simply been revalued on its lower profit expectations today. I believe their is a lot more bad times ahead for NR as everyone I know that has a NR mortgage is in dire straits financially. They have applyed american style risk and profit analysis and now they will suffer for it. I predict further falls in the share price as they get hit by more defaults over the upcoming 5 years and falling house prices.

Avoid credit, highly geared operations such as property etc right now.

Some "defensive" style companies you might want to consider right now include oil companies (rising prices) mining companies (rising prices) and gambling always performs well as gamblers cant get credit in the first place as they always default, and if they do get credit they then pour it into the companies then default then carry on gambling .

Some of the ones im in at teh moment that you might want to take a look at in my unethical portfolio -

CGM - Previously a gold prospector now a producer, profits expected to start hitting the balance sheet dec 07, low overheads compared to mines in other countrys
888 - Bad news over US hit price but is undervalued because of market will regain confidence over time, profits very strong and growing at a fast rate (25% according to the sept 07 interim), company is expanding into sports betting before xmas 07. unlike party gaming it remained profitable after the loss of the US business. The number 8 is a lucky number for chinese and asians which are also traditionally enjoy gambling.
RNK - sold off hardrock which reduced the value, but hardrock cafe was dead wood anyway, the company has reported strong profits this quarter and expanding. Expected to open a super casino (or do we know have to say large)

Other gambling companys look more overvalued, and not many gold mining companies are as expected to make as strong a profits as cgm.

but never take tips do your own research then on your own head be it

Lavendyr

Personally, assuming interest rates are round about equal, I would always try to keep any savings in any one account under the threshold covered by the FCS, i.e. £2000 + £33000, as anything above that is not covered should the company holding your savings go bust.

bluegrover

Remember BCCI!
Do you get our money now while you can, or wait for the BoE to give you a (small) percentage of your savings when everyone else has got their money out?

isofa

This is being discussed with more sense in other threads on this forum - this is an irresponsible post.

One cannot compare NR with BCCI, they operate in totally different markets and are different types of banks.

wombat42_2

bluegrover wrote: »

Remember BCCI!
Do you get our money now while you can, or wait for the BoE to give you a (small) percentage of your savings when everyone else has got their money out?

The post is irresponsible scare mongering.

bluegrover

Do either of you have savings at the bank?
Why leave your money with a bank that is at risk when there's many other places, probably offering better rates of return and security, so i disagree is scaremongering.

chesky369

I agree with Lavendyr, I never keep more than circa £30k in any one account but this is a matter of habit with me, I wouldn't start getting frightened about Northern Rock per se.

wombat42_2

bluegrover wrote: »

Do either of you have savings at the bank?
Why leave your money with a bank that is at risk when there's many other places, probably offering better rates of return and security, so i disagree is scaremongering.

There is no question about NRs solvency. It just has a cash flow problem so your post is irrelevant and irresponsible.