Northern Rock - Shares [Merged Threads]

richib

Wig:

Ordered from Barclays Stockbrokers, will be mine first thing tomorrow unless NRK go bust overnight;)

Don't worry its only money!

barak

richib wrote: »

Wig:

Ordered from Barclays Stockbrokers, will be mine first thing tomorrow unless NRK go bust overnight;)

Don't worry its only money!

So you don't know what price you are paying for them? :eek:

jamesd

dealornodeal wrote: »

He is playing with words

The poster you quoted from misquoted the Chancellor and is the person playing with words.

dealornodeal wrote: »

Mr Darling said in a statement that "should it be necessary, we and the Bank of England will put in place arrangements that guarantee all the existing deposit arrangements".

That is NOT what Mr Darling really said. What he really said was:

"As I have said on many occasions over the past few days, people are able to get their money out if that is what they want to do.

I want to put the matter beyond doubt. In the current market circumstances, and because of the importance I place on maintaining a stable banking system and public confidence in it, I can announce today that following discussions with the Governor and the Chairman of the FSA, should it be necessary, we, with the Bank of England, would put in place arrangements that would guarantee all the existing deposits in Northern Rock during the current instability in the financial markets.

This means that people can continue to take their money out of Northern Rock. But if they choose to leave their money in Northern Rock, it will be guaranteed safe and secure."

Note the distortion of "guarantee all the existing deposits" becoming "guarantee the existing deposit arrangements" in the false and misleading inaccurate quote you copied here.

dealornodeal wrote: »

"The existing deposit guarantee scheme protects part or all of the first £35,000 of an individual’s savings only"

So this is now irrelevant for all existing deposits in Northern Rock, because the total value of the deposit is now 100% protected.

[Deleted User]

jamesd wrote: »

The poster you quoted from misquoted the Chancellor and is the person playing with words.



That is NOT what Mr Darling really said. What he really said was:

"As I have said on many occasions over the past few days, people are able to get their money out if that is what they want to do.

I want to put the matter beyond doubt. In the current market circumstances, and because of the importance I place on maintaining a stable banking system and public confidence in it, I can announce today that following discussions with the Governor and the Chairman of the FSA, should it be necessary, we, with the Bank of England, would put in place arrangements that would guarantee all the existing deposits in Northern Rock during the current instability in the financial markets.

This means that people can continue to take their money out of Northern Rock. But if they choose to leave their money in Northern Rock, it will be guaranteed safe and secure."

Note the distortion of "guarantee all the existing deposits" becoming "guarantee the existing deposit arrangements" in the false and misleading inaccurate quote you copied here.



So this is now irrelevant for all existing deposits in Northern Rock, because the total value of the deposit is now 100% protected.

Hi,

do you think that means all existing deposits at the time of the statement, or will new money be covered too. I just got my money out yesterday, and now wish I hadn't bothered, as now I have to find a new place for it, was thinking of just transfering it back, even though it already cost me £35 via chaps.

bristolleedsfan

[Deleted User] wrote:

Hi,

do you think that means all existing deposits at the time of the statement, or will new money be covered too. I just got my money out yesterday, and now wish I hadn't bothered, as now I have to find a new place for it, was thinking of just transfering it back, even though it already cost me £35 via chaps.

i wouldnt have moved any money out, those who have done were only encouraging those who wanted a run on the ex building societies, with alliance and leicester lined up to be talked down and run down next imo.

[Deleted User]

Hi,

suppose I got panicky, didn't want to lose a lot, I'm actually thinking of using some of the money and buying 4000 shares this morning, if I can get in early enough, my reckoning, if they can drop a third in a day then they can rise just as much in a day.

jamesd

He said "all the existing deposits" so unless there is a subsequent clarification I take that to mean only money that was with them at the time of the statement.

Other places seem to offer higher interest rates and if you want to help the situation you might consider a building society so that the money can be used to help lend to the buyers who Northern Rock won't be able to lend to.

The first 2000 is 100% protected by the normal guarantee system so you could presumably safely redeposit 2000.

bristolleedsfan

jamesd wrote: »

He said "all the existing deposits" so unless there is a subsequent clarification I take that to mean only money that was with them at the time of the statement.

Other places seem to offer higher interest rates and if you want to help the situation you might consider a building society so that the money can be used to help lend to the buyers who Northern Rock won't be able to lend to.

The first 2000 is 100% protected by the normal guarantee system so you could presumably safely redeposit 2000.

clearly darling sees the promise as a short term measure so the share price stabalises in order for NR to be sold, if mr darling had not made any such promise for the entire week their was a risk of NR share price hitting single figures with A+L possibly next to follow

http://www.moneyobserver.com/?page=news&id=767

[Deleted User]

jamesd wrote: »

He said "all the existing deposits" so unless there is a subsequent clarification I take that to mean only money that was with them at the time of the statement.

Hi,

yes, that's the way I understood it, I've opened a Sainsbury account, 6.25% gross, but have to wait for activation, so cash is sitting in Abbey current account just now making virtually nothing. :mad:

[Deleted User]

I`m glad I didn`t empty my account. Safe as the bank of England now and also bought shares yesterday afternoon. The news yesterday evening should raise the share price pre-market this morning