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Northern Rock to be Nationalised
m00m00
Posts: 1,755 Forumite
Breaking news on the bbc news ticker
interesting times ahead.
interesting times ahead.
It's a health benefit ...
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Comments
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Breaking news on the bbc news ticker
interesting times ahead.
http://news.bbc.co.uk/1/hi/business/7249575.stm
Yep - the whole 100 BILLION POUND mess now right slap bang in public hands.
Still, taxpayers had already taken liability for the losses so I guess it's better* to have a publicly run company to try to act in the taxpayers best interests instead of a private company looking to take risks with public money.
* 'Better' in the sense that it's better to be shot cleanly in the head than take a belly wound and be left to die.......--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
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This whole thing with NR is extraodinary. Any 'normal' company would be let to 'go to the wall' if it failed as NR has but for some reason this was not allowed to happen. Investors were protected with the FSA guarantee and so only those with more than 33k or so would lose out in any case.
And now the tax payer will have to pick up the bill. Basically, the government are rewarding the poor business practices undertaken by NR by rescueing it. What kind of message does this give to the other banks?. 'We're not going to let you go bust, so you may as well lend as irresponsively as NR did'.
Well thanks Mr Brown. I really wanted NRs problems added to my tax bill.0 -
This whole thing with NR is extraodinary. Any 'normal' company would be let to 'go to the wall' if it failed as NR has but for some reason this was not allowed to happen. Investors were protected with the FSA guarantee and so only those with more than 33k or so would lose out in any case.
And now the tax payer will have to pick up the bill. Basically, the government are rewarding the poor business practices undertaken by NR by rescueing it. What kind of message does this give to the other banks?. 'We're not going to let you go bust, so you may as well lend as irresponsively as NR did'.
Well thanks Mr Brown. I really wanted NRs problems added to my tax bill.
NR had to be kept afloat to protect the rest of the banking system. If it had went bust it would have had the effect of degrading public confidence in the banking system and attention would have focussed on other slightly shaky looking organisations like A&L and B&B. Maybe even Barclays. The consequences of multiple banks going under would be catastrophic.
I'm annoyed that I didn't act quicker and get some of my cash into NRs extremely high interest bonds that they were offering a short while back
After all, they're backed by the taxpayer which makes them as safe as NS&I. --
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
NR had to be kept afloat to protect the rest of the banking system. If it had went bust it would have had the effect of degrading public confidence in the banking system and attention would have focussed on other slightly shaky looking organisations like A&L and B&B. Maybe even Barclays. The consequences of multiple banks going under would be catastrophic.
I don't agree with this. It's not a sustainable policy for the government to bail out failing banks. By supporting NR they are setting a VERY dangerous precendent that they are in no position to support (in fact it's probably illegal in EU law). What if A&L and/or B&B have problems?. Based on their behaviour so far, the government would have to guarantee their deposits also, and so on..... Also, to say that the current state of affairs doesn't degrade public confidence in banks is untrue. The queues of people outside NR branches will be remembered for a long time. The fact is, is that NR is bust. If I'm ever unlucky enough to be in the same position in the future I trust that Mr Brown will come to my rescue.0 -
If NR were left to die it would have a very negative impact on our banking system and a lot of investment money would be pulled and end up abroad. Loss of jobs and that, not just in banking etc., not good for economy.
But they should have done that from day one. Also the investors should not be getting a pumper profit nor the top guys with their golden handshakes.0 -
What fun, I see legal action ahead then."The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."
Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)0 -
Great .. my business is going through hard times.... could i be nationised as well please??? thought not (I'm not a bank!!)
Northern Rock was a private business - if it fails then so be it - banks are nothing special?? So, now if you run a bank it's offical - you can't kill it whatever you do as the tax payer will mop up after you...0 -
The whole situation is a joke.
Northern Rock is dead, this whole situation is the banking industries fault, let the whole industry sort itself out.
Fun times ahead.
Also lets be honest, other banks probably will run into problems if house prices continue to fall which seems quite likely.0
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