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WTF?_2
Posts: 4,592 Forumite
Good grief:
http://newsvote.bbc.co.uk/1/hi/business/7073556.stm
Northern Rock has borrowed almost £23bn in emergency funding from the Bank of England, the latest figures from the central bank indicate. That is roughly £730 for every UK taxpayer, since the Treasury has pledged to guarantee the money given to the troubled mortgage provider.
How much more money is going to be pumped into this mess?
http://newsvote.bbc.co.uk/1/hi/business/7073556.stm
Northern Rock has borrowed almost £23bn in emergency funding from the Bank of England, the latest figures from the central bank indicate. That is roughly £730 for every UK taxpayer, since the Treasury has pledged to guarantee the money given to the troubled mortgage provider.
How much more money is going to be pumped into this mess?
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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.
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.
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Don`t know, but if anyone is daft enough to still have any money with them they should withdraw it fast.
They can`t be trusted and nor can the government.0 -
Good grief:
http://newsvote.bbc.co.uk/1/hi/business/7073556.stm
Northern Rock has borrowed almost £23bn in emergency funding from the Bank of England, the latest figures from the central bank indicate. That is roughly £730 for every UK taxpayer, since the Treasury has pledged to guarantee the money given to the troubled mortgage provider.
How much more money is going to be pumped into this mess?
Its ok we will bail out the banks with the amazing stealth tax, inflation to the rescue. Get busy printing those notes.0 -
^"Good grief" Indeed :eek: What - exactly - do the BofE know that the rest us of don't. Only time will tell...oh, and another few Billion :rolleyes:BLOODBATH IN THE EVENING THEN? :shocked: OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!
THE KILLERS :cool:
THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:0 -
They are borrowing money - like NR normally do - but, as they cannot borrow from other banks, they use the BofE.
£23 Billion represents 230,000 mortgages of £100K. Mortgages that are secured, in the most part, by houses that have some value.
I don't know why people should withdraw their savings as the Governmement have pledged that the monies are SAFE.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Gorgeous_George wrote: »They are borrowing money - like NR normally do - but, as they cannot borrow from other banks, they use the BofE.
£23 Billion represents 230,000 mortgages of £100K. Mortgages that are secured, in the most part, by houses that have some value.
I don't know why people should withdraw their savings as the Governmement have pledged that the monies are SAFE.
GG
Yes - they'll just print the money and we'll all suffer financially from the debilitating effects of monetary inflation.
Good old risk spreading - wait, that's what got us into this mess in the first place :mad:--
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 -
free4440273 wrote: »^"Good grief" Indeed :eek: What - exactly - do the BofE know that the rest us of don't. Only time will tell...oh, and another few Billion :rolleyes:
I think I heard the bbc saying it has the potential to reach 40 Billion: staggering. but it's only money: I wonder what this teaches joe public:rolleyes:BLOODBATH IN THE EVENING THEN? :shocked: OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!
THE KILLERS :cool:
THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:0 -
I wish I could borrow £23B to buy gold. After all gold has some value, doesn't it? Just think as long as I keep buying £10B worth of gold a month it will keep rising in value, won't it? But what happens when I can't borrow any more to sustain the gold market?Gorgeous_George wrote: »They are borrowing money - like NR normally do - but, as they cannot borrow from other banks, they use the BofE.
£23 Billion represents 230,000 mortgages of £100K. Mortgages that are secured, in the most part, by houses that have some value.
I don't know why people should withdraw their savings as the Governmement have pledged that the monies are SAFE.
GG"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Thats 3% of the UKs GDP :eek:0
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Is it propping up the market?? I don't know much about these things, but IF NR was left to deal with the fallout from it's own business model...that has now gone wrong.....what would happen??........if I made errors in my business , I would have to sort them myself or fall on my sword.
Does this help from BOE artificially prop up the market too??
would love an "expert" view.0 -
Looks like between Dec 2006 & Sept 2007 roughly 100bn has been lent. I presume at least 23bn has come from NR.
http://www.creditaction.org.uk/debtstats.htm"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0
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