R2OK!

gfloyd · Posted: Sat Sep 15, 2007 9:01 pm Post subject: Northern Rock

Anybody have money deposited or a loan from these guys? If yes, are you worried? Do you think the panic is justified?
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firewirefred · Guest

I think the people who are qeueing up for hours outside branches are just being stupid. The company has said that it might not even need to draw down on the BoE loan anyhow.

nod · Joined: 24 Dec 2006 Posts: 3558

As the guy said on the news, you trust nobody these days, especially with your life savings, and if the Government say it OK, then worry Shocked

nod · Joined: 24 Dec 2006 Posts: 3558

We don't have any accounts with them. We tried a couple of years ago but because our electricity bill (Proof of identity) had the house name spelt wrong they wouldn't accept us. Rolling Eyes

We went across the road to another BS, maybe luckily. Smile

gfloyd · Posted: Sun Sep 16, 2007 9:30 am Post subject:

nod · Joined: 24 Dec 2006 Posts: 3558

Totally agree, why take the risk ?

Did you see the couple who turned up for their £1M, did they have a carrier bag ? Laughing

Mark Mayhew · Joined: 11 Dec 2006 Posts: 2897

I wonder if the problems at NR will have a knock on effect in the wider financial markets-indeed do we think the mortgage rate will go up again. I hope not.

John W · Joined: 07 Dec 2006 Posts: 3367 Location: Warwickshire, UK

and then house prices will fall.....

starting to feel like 1988 again.

In 1988 we went off to USA for two years, we rented out the house, we didn't sell the house because prices were rising and it was valued at 55k. When we came back we sold it for 40k Rolling Eyes

But we did buy a house for 73k which had been valued at 85k in 1988, so in the end didn't loose out much and we got rent money.

So 2007, and the house is worth 210k, I expect it will drop to 180k by the end of the year Mad

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

Why would the Bank Of England give money to a bank who thought were going to go down? I mean the government gave money too Rover and it went under. Northern Rock were thinking of being sold of before this. Maybe they will? It's just another game the Government is playing. Get the public to panic pay their money into another bank, and make them stable and sell off another well known name? I reckon Gordon Brown knew of this before he got the PMs job?

SantaFefan · Posted: Sun Sep 16, 2007 7:49 pm Post subject:

Barkingbiker · Joined: 11 Dec 2006 Posts: 2313 Location: Lincolnshire

You gonna be a gentleman of leisure then Santa, or maybe you are buying NR at a knock down price Wink

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SantaFefan · Posted: Sun Sep 16, 2007 8:08 pm Post subject:

No BB, it'll be feet up time for me if it all goes ahead Very Happy

no more staff problems, Rolling Eyes

no more paperwork, no more calls in the middle of the night etc etc..
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Mark Mayhew · Joined: 11 Dec 2006 Posts: 2897

Hi SantaFefan-Perhaps you could move South and ask Steve Wright if you could move in with him-that way you could be with your hero 24/7.

On a serious note good luck with the next chapter of your life.

Barkingbiker · Joined: 11 Dec 2006 Posts: 2313 Location: Lincolnshire

SantaFefan · Posted: Sun Sep 16, 2007 8:58 pm Post subject:

Thanks lads! the deal is subject to a valuation in a week or so but I think it'll happen.
I won't be going far anyway so I'll keep posting for sure.

Actually Mark, I think I would get on ok with Steve, Very Happy

I like his humour and find myself using some of his lines. Rolling Eyes

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Johnnie Walker read out my message on Pirate Radio! Very Happy

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John W · Joined: 07 Dec 2006 Posts: 3367 Location: Warwickshire, UK

SantaFefan · Posted: Mon Sep 17, 2007 8:17 pm Post subject:

I'll probably work the deal so that we can keep the house on for six months or so after the business is taken over.
Problem for me is that the wife wants a place with 2 or 3 acres for her horse interests. Rolling Eyes

All the places I've seen are older "farmhouse" type affairs which I'm not into at all. I want a modern house! Laughing

If prices do start to fall, I think this type of property will be where it starts.
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Johnnie Walker read out my message on Pirate Radio! Very Happy

13/8/07
I have heard how radio should be.

gfloyd · Posted: Thu Nov 01, 2007 5:14 pm Post subject:

Bank 'loans Northern Rock £23bn'

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, and marks a rise of £2.2bn from the week ended 31 October.

Northern Rock has been in trouble since the global credit crunch hurt its business and led to a run on the bank.

To win back investor confidence, the government has guaranteed all Northern Rock deposits and loans.

The BBC's business editor Robert Peston said this means that the UK taxpayer's exposure to Northern Rock could be much more than currently thought.

"The extent of public sector support goes beyond these direct loans," Mr Peston said.

"The Treasury has also indemnified a further £20bn odd of retail deposits," he explained.

"So we are talking about total public-sector exposure to the Rock of £40bn - equivalent to around 3% of our entire economy.

"And that exposure could become much bigger, as other loans to the Rock fall due for repayment," he warned.
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The government will soon (indirectly) own most of the houses in the UK at this rate. Gordon & Darling have nationalised the entire country's housing stock.
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His name was ernie ........ and he drove the fastest milk cart in the west.....

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

When is Northern Rock going too be taken over? It seems the last of the good old building society will not exist?

gfloyd · Posted: Thu Nov 01, 2007 6:11 pm Post subject:

Briant · Posted: Thu Nov 01, 2007 7:15 pm Post subject:

If the Government have indeed nationalised the housing stock, then all these empty 'luxury apartments' bought by speculators can be confiscated and let out to 'key workers' for a peppercorn rent. N'est pas?

gfloyd · Posted: Thu Nov 01, 2007 7:17 pm Post subject:

SantaFefan · Posted: Mon Nov 19, 2007 2:35 pm Post subject:

Have a whip round anyone?
How can it survive now after the Government has said it won't support it in the New Year?
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Johnnie Walker read out my message on Pirate Radio! Very Happy

13/8/07
I have heard how radio should be.

RockitRon · Joined: 07 Dec 2006 Posts: 7646

It can't survive, and I cannot see anyone wishing to take it over without Bank of England (Government) support for the funding of the lendings of £100bn that it has on its books, because the normal inter-bank credit market, which NR relied upon in the first place, has disappeared into thin air.

The government may say that it won't support it beyond the New Year, but I don't think it has a choice. It is effectively a nationalised company now, which should be closed to new business, and existing business run down naturally or sold off as and when market conditions improve, which may take years.

The bit about "deposits of savers would continue to be fully guaranteed - and if the situation were to change plenty of notice would be given" sounds daft. Are they guaranteed or not, Mr Darling (they cannot be anything but)?
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Ron

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

A consortium led by Sir Richard Bransons virgin group looks like to be taking over Northern Rock, and they will pay off 11 Billion pound off tax payers money and another 11 Billion of the next 3 years.

The money they will borrow will be from banks like Bank Of Scotland. If Northern Rock share holders don't accept the deal then the bank could go into administration.

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

Job losses at Northern Rock.

http://news.bbc.co.uk/1/hi/business/7533113.stm