A&L next

olly300

Nelly calm down.

I've just watched Newsnight and appears that all the OAPs in the queue at one branch of Northern Rock withdrawing money, were saying they don't trust the UK government because Blair et al are liars. Hence the government has come back to safeguard all their deposits.

The government is not safeguarding debtors with 125% mortgages etc or shareholders, it's safeguarding depositors who are sensible (like you) who have worked hard and saved their money. Some of these people probably have had money in NR since it was a BS.

Guy_Montag

But Nelly, NRK is dead. All HM Govt is doing is under-writing the depositors money.

Shareholders will likely lose the lot & hopefully the board of directors will end up selling their affections to sailors at Teesport.

olly300

board of directors will end up selling their affections to sailors at Teesport.

Unfortunately not.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2469492.ece

" Even if Mr Applegarth [ Chief Executive], whose pay package was £1.3 million last year, is ousted by the board, he will still benefit financially. Mr Applegarth, who is 45 and has worked for the group for 24 years, would probably receive another year’s salary. He has amassed a pension fund entitling him to payments of £266,417 a year and owns almost 100,000 shares in the group - although their value has fallen steeply in recent days, to £430,365, against a £1,151,572 peak last year."

I wonder if the pension fund is final salarly.......

nelly_2

Guy_Montag wrote: »

But Nelly, NRK is dead. All HM Govt is doing is under-writing the depositors money.

Shareholders will likely lose the lot & hopefully the board of directors will end up selling their affections to sailors at Teesport.

yeah but no but yeah but
arent they only supposed be be guaranteeing a certain ammount?

first 2 grand and 90% of the next 33 grand?

Isnt that the rules?

If they change the rules to bail them out im pulling my cash, going to cedar point for a month, and when they pull me in for a tax investigation im gonna stand there and !!!!!! on there desk

maybe squat and !!!!!! not decided yet depends what mood im in

olly300

If they change the rules to bail them out im pulling my cash, going to cedar point for a month, and when they pull me in for a tax investigation im gonna stand there and !!!!!! on there desk

Yes they have changed the rules.

They have had to because as I stated earlier a Newsnight journalist was going up and down a queue of OAPs outside a Northern Rock branch where every single person he spoke to said the Government were a load of liars which was why they were in the queue.

The government is scared of a banking crash leading to a economic recession. They have a problem because the problems with NR were put in the public domain and handled badly so at the moment no-one wants to buy them.

SickStu

don't know about anyone else but AL @ 6 quid looks tempting. I'll be up early tomorrow to (hopefully) take advantage - even if it's just a dead cat bounce

EdInvestor

The Chancellor has announced that all bank deposits are now guaranteed, so no need to worry any more.

beingjdc

SickStu wrote: »

don't know about anyone else but AL @ 6 quid looks tempting. I'll be up early tomorrow to (hopefully) take advantage - even if it's just a dead cat bounce

I remember someone saying that about Northern Rock on Sunday evening

MarkyMarkD

olly300 wrote: »

We do anyway.

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

I don't quite see the relevance of that link. FSCS is actually funded by a levy on authorised firms - it's not underwritten by the government or taxpayers at all.

MarkyMarkD

Yant1 wrote: »

Well this is Alliance and Leicesters business plan -

No 125% mortgages
No self certification
Any credit people currently have seriously damages the ability to get a mortgage
No poor credit risks
Only cherry picking the very best of customers, even their own bank managers have been turned down.
Partnership with bank of america on credit cards
Unsecured loan? no youve missed a payment on your credit card 4 years ago
Need to use GIRO? thats our network
Need to use the post office? yep we own that to

Now lets compare that to NR -

Lots of missed payments is ok
125% you got it
How much you want?
unsecured loan for that much needed depreciating asset of holiday you got it, take it we dont want it?
No other business to speak of other then loans, yep thats us call us now

I think A+L is infinitely safer then NR. But a share price is driven by market forces so that doesnt stop it crashing.

Whilst your sentiments are fair enough, and A&L is nothing like NR, your facts are not wholly correct.

No 125% mortgages - yes, actually, since April 2007
Partnership with bank of america on credit cards - actually it's MBNA; it's a partnership in the sense that A&L don't operate the accounts or hold the credit risk.
Need to use the post office? yep we own that to - actually the government own the Post Office. But yes, you can access your A&L current account through the Post Office.