Northern Rock Crisis Article Discussion

mac1611

This may have been asked before ,but can I ask a quick question ?. If I have £60000 pounds in say for instance Northern Rock but over two accounts i.e £31000 in one account and £29000 in another ,if they had gone down the pan ,would I have been entitled to compensation for both accounts or does it just go on the individual and the money is treated as one account if that makes sense
thanks

gt94sss2

mac1611 wrote: »

This may have been asked before ,but can I ask a quick question ?. If I have £60000 pounds in say for instance Northern Rock but over two accounts i.e £31000 in one account and £29000 in another ,if they had gone down the pan ,would I have been entitled to compensation for both accounts or does it just go on the individual and the money is treated as one account if that makes sense

The money would have been treated as being in one account.

Regards
Sunil

jowie

The most pathetic tenuous marketing tactic in history!

http://www.svpserver.com/archive/2007/sep_20.htm

ooops and now I've just made it viral.... :eek:

dunstonh

According to one of the money experts on Radio 5 live this morning, from a certain perspective NR is now a nationalised bank.

Why?

NR havent drawn a penny from the Bank of England. They have no debt to the Govt.

randalf72

I believe that the point was made that should NR avail themselves of the credit line offered by the BOE secured against the assets (i.e. borrowers) of NR then technically NR is a nationalised bank with share holders, from there it would be a small step to become fully nationalised (and probably fairly cheap as well).

I didn't understand the full details but if you go to www.bbc.co.uk and search amongst the five live podcasts for 'wake up to money' from the 20th and 21st of sep, you can download and listen for yourselves.

btw these are only kept for a week before being wiped

randalf

harryhound

jowie wrote: »

The most pathetic tenuous marketing tactic in history!

http://www.svpserver.com/archive/2007/sep_20.htm

ooops and now I've just made it viral.... :eek:

You will need to have somewhere to keep the gold bars & cowrie shells, now that we are trying to find which bank chairman has no clothes.:rolleyes:

dougs

I think they want you back!

http://www.northernrock.co.uk/

If, like many of our customers, you wish to reinvest funds with us, simply download and complete the Savings Reinvestment Form, enclose a cheque and post it back to the Savings Department address given in the form.

If you have paid an interest penalty charge or CHAPS (telegraphic transfer) fee to withdraw funds between Thursday 13 September and Wednesday 19 September 2007, we will refund those charges to your account, provided you re-invest the funds in the same account with Northern Rock by 5 October 2007.

As a further incentive to you, we will also add any interest you may have lost due to closure or withdrawal during that period. Again, this will only apply if you re-invest the funds in the same account with Northern Rock by 5 October 2007.

gremmlin

my late motherinlaw has a siver account in NR
my wife is waiting to be granted probate
will the account be classed as a new account once this happens
re the news that only existing accounts will be guaranteed by the B of E

jakeshaw

Northern Rock has 6.31% on its Online Savings account. Its seriously worth considering not only for it being a good rate of interest but also:
A) Its guaranteed 100% upto £2,000 under the FSCS Scheme
It will assist this ailing institution during the short term liquidity crisis
C) A recovering Northern Rock means a recovering financial system, a system we all take for granted. If Northern Rock is left to fall - which bank is next?

A website https://www.backnorthernrock.com delves into detail a little more. Ive deposited 2k, can't see why not tbh!

bristolleedsfan

jakeshaw wrote: »

A website www.backnorthernrock.com delves into detail a little more

cheers 4 info