Good grief - Fifty Seven Billion pounds of aid for Northern Rock

kingkano

!!!!!!? wrote: »

How much longer is this tragi-comedy going to be allowed to run for - the government must be really desperate to see 125% LTV and 6x salary loans continue.

They don't offer the latter anymore (and haven't for months). The most you can get out of them is just under 5x.

Id be surprised if they're doing much business on the together options as well, have you seen the rates? 8.5-9% without a fee and around 7.8% with a 2k fee.

The 57 bill. is interesting (and scary). I guess it means they ARE doing new business, somehow. Although it depends on how the takeover talks are going now.

Generali

The FT seems to think that Nothern Rock is going to be nationalised. Presumably that means that the shareholders will be wiped out. It should. The govt and BoE haven't had a great deal of choice other than to prop up NRK. They do have a choice whether to bail out the shareholders too.

free4440273

^Now comes the 'exciting' bit - Litigation (the Lawyers do well in good times, and bad :rolleyes:

edit: Fifty Seven Billion reasons not to touch NR (including with a barge pole :rotfl:

tr3mor

Gorgeous_George wrote: »

Err, it doesn't work like that.



GG

It's from Gordon's own back pocket then?

ruggedtoast

tr3mor wrote: »

It's from Gordon's own back pocket then?

He means its a loan not actually aid as the thread title suggests. Although about half has come from the Treasury not the Central Bank. Who knows when or if itll be paid back however , at best its inflationary and at worst its risking the countries economic policy propping up some turd that should have been regulated out of its appalling business practices in 2001.

I'll be voting lib dem next time. Every policy statement from those lying Nu La scum makes me angry now, and I dont think Ill ever bring myself to vote Tory.

WTF?_2

ruggedtoast wrote: »

He means its a loan not actually aid as the thread title suggests. Although about half has come from the Treasury not the Central Bank. Who knows when or if itll be paid back however , at best its inflationary and at worst its risking the countries economic policy propping up some turd that should have been regulated out of its appalling business practices in 2001.

I'll be voting lib dem next time. Every policy statement from those lying Nu La scum makes me angry now, and I dont think Ill ever bring myself to vote Tory.

Yep, the 57bn of loans are safe unless house prices fall and increasing numbers of people default on their mortgages.

Whew! And I thought we might be looking at a problem there.

dannyboycey

Aside from everything else he's doing to us and our country, he's now robbed £2,000 from us all. I think we can now see why Tony Blair couldn't stand the man.

If this were France, everyone would be banging on his front door, demanding their money back!!

It's almost as bad as having Thatcher back!

free4440273

^I was never a supporter, but at least the 'free market' was indeed the 'free market'. What we have here is a stitch-up - big time.

bristol_pilot

epz wrote: »

tory, they may be corrupt but its cheaper to let a few mps pocket brown envelopes rather than be incompitant like labour. i have no idea how they managed to blow a billion on a tent but the bit that really got me was it costing £24 million a month to keep closed, how does that work?

It was the Tories that commissioned the millennium dome without having any clear idea of what to put inside it. Politicians only know about policy, not management, so they're all incompetent. I don't know who I'd vote for either.

tr3mor

bristol_pilot wrote: »

It was the Tories that commissioned the millennium dome without having any clear idea of what to put inside it. Politicians only know about policy, not management, so they're all incompetent. I don't know who I'd vote for either.

It's a pretty poor choice. I'll probably vote Tory because I think they're likely to waste less of my money and interfere less with my life than the other two.