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bye bye bradford & bingley??

magicbeans Avatar
8y, 2m agoPosted 8 years, 2 months ago
friend of ours who works in london financial markets says this has gone kaput as well.... anyone else heard this...apparently will be on tomorrows news???
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magicbeans Avatar
8y, 2m agoPosted 8 years, 2 months ago
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#1
the government are nationalising it.
#2
More taxpayer burden :roll:
#4
Now totaly safe.

What gets me is they can nationalise a bank without even a thought but when it comes to factories they don't give a s**t about all the jobs and the foundation of this countries labour market.

Lets hope old labour come back and we can get rid of old torry.
#5
not quite going kaput...just being nationalised...same company name same services same everything just a new owner.......wonder what happens to the shares???
banned#6
ive got 10000 shares in bb- what happens to my shares?
banned#7
ROKO
ive got 10000 shares in bb- what happens to my shares?


think you will still have them, but obviously are not worth much at all at the mo

I have Bank shares, not a good time!!
#8
BritBrat
Now totaly safe.

What gets me is they can nationalise a bank without even a thought but when it comes to factories they don't give a s**t about all the jobs and the foundation of this countries labour market.

Lets hope old labour come back and we can get rid of old torry.


Somebody that does not really understand why banks are nationalised......a company goes bust and a few thousand people are at a loss. A bank goes bust and the ripple effect could bring down the entire financial amrket and a few million people are at a loss..if not an entire country.........no matter if it tory or labour they would both have to do the same for the sake of the country.
#9
ROKO;3071914
ive got 10000 shares in bb- what happens to my shares?


You lose them all well most of it, the bank you were a share holder of went bust so did you think you would get any return on the shares?

I would count yourself lucky that as a share holder you don't have to pick up any costs for what they may owe to banks or people.

Now wait until MSE or who ever wins this court case on bank charges and the banks will suffer even more then.

Everyone gets their bank charges back and UK.co goes belly up.
banned#10
hankmarvin4
think you will still have them, but obviously are not worth much at all at the mo

I have Bank shares, not a good time!!





apparently as soon the bank becomes "nationilised" - it exists the stock market- so the shares become 0

looks like its cold beans at xmas!
#11
BritBrat
You lose them all well most of it, the bank you were a share holder of went bust so did you think you would get any return on the shares?


You really should stop you silly comments as you clearly do not know what you are talking about.
#12
rob585
Somebody that does not really understand why banks are nationalised......a company goes bust and a few thousand people are at a loss. A bank goes bust and the ripple effect could bring down the entire financial amrket and a few million people are at a loss..if not an entire country.........no matter if it tory or labour they would both have to do the same for the sake of the country.


The problem is because of that reason the banks don't really care how they do business, they have free insurance paid by us. I hope the government learn this time round and force the banks to get their stuff in order :x Think of the stuff we could've done with all the money wasted on these banks!
banned#13
rob585
You really should stop you silly comments as you clearly do not know what you are talking about.


So what does happen to them?
banned#14
ROKO
apparently as soon the bank becomes "nationilised" - it exists the stock market- so the shares become 0

looks like its cold beans at xmas!


Mine are in RBS, they are safe!!!

Warm beans for me!
#15
colinsunderland
So what does happen to them?


There are many different possibilities. Usually compensation is offered to share holders by the government. Remeber that while the bank maybe nationalised it may only be for a short while as another bank may make an offer to buy it. Yes you will lose money as share holder but you will not lose everything.

B+B have millions tied up in assetts which will be sold off. Best just to sit back and watch. People who spread panic only make things worse.
#16
rob585;3071993
You really should stop you silly comments as you clearly do not know what you are talking about.


So what did the other bank share holders get a 1p in the £ or the whole value?

There is no value THEY HAVE GONE BUST.
#17
BritBrat
So what did the other bank share holders get a 1p in the £ or the whole value?

There is no value THEY HAVE GONE BUST.


Yet again a stupid comment...The bank has not gone BUST as you put it...you really are a pathetic little moron...go spend your time on another thread and leave this one to those that actually have an interest in B+B.....:x
#18
So why do us the tax payers have to take it over?

Let it stand on it's own then and see what happens.

rob585;3072086
Yet again a stupid comment...The bank has not gone BUST as you put it...you really are a pathetic little moron...go spend your time on another thread and leave this one to those that actually have an interest in B+B.....:x


I do have an interest I am a tax payer and I don't want my money wasted paying off share holders who own part of a failed bank.

If I had shares in a bank right now, tomorrow I would be taking them all out.

As far as I can see they are not going to go up in value and can only go down.
banned#19
BritBrat
So why do us the tax payers have to take it over?

Let it stand on it's own then and see what happens.



I do have an interest I am a tax payer and I don't want my money wasted paying off share holders who own part of a failed bank.


It will protect the customers of B&B and help keep the market stabalised, I would imagine sections will then be sold to the highest bidder until there is no more
#20
Protecting customers is OK, I have no problem with that.

It's just the owners (Share holders) that I do not want my taxes to pay any profit for a failed bank.
banned#21
'A team of accountants appointed by the Treasury is making calculations to determine what shareholders in the now-nationalised Rock should receive.' From the BBC

So in time the same prob will be done for B&B shareholders

Grim times
#22
Give it 3-4 years and they will sell it off again at half the cost to a non UK based bank looking for a high street outlet
#23
how do you buy shares??
#24
Kellie + Paisley
how do you buy shares??


http://www.stockbrokers.barclays.co.uk/

Ticker code BB.
#25
hankmarvin4
Mine are in RBS, they are safe!!!

Warm beans for me!


famous last words
#26
Looks like Abbey National have now taken them over !

http://www.citywire.co.uk/personal/share-prices-and-performance/announcement.aspx?AnnouncementID=1034487

The last part of that bulletin also tells you what is curreently happening with your shares !!

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
To keep up to date with what is happening @ B&B keep reading the bulletin announcements at the bottom of this page :

http://www.citywire.co.uk/personal/share-prices-and-performance/share-factsheet.aspx?InstrumentID=153077
banned#27
ROKO;3071914
ive got 10000 shares in bb- what happens to my shares?

Blimey! When did you buy them? Valued at £25K at their peak, now about £1500 and possibly nothing now.
banned#28
BritBrat;3072055
So what did the other bank share holders get a 1p in the £ or the whole value?

There is no value THEY HAVE GONE BUST.

They haven't gone bust :whistling:

BritBrat;3072092

If I had shares in a bank right now, tomorrow I would be taking them all out.

Better cash in any pension you have then :roll:
banned#29
Latest:-





RNS Number : 5186E


H M Treasury


29 September 2008























Bradford & Bingley plc


* Today, the Chancellor of the Exchequer, announced that by order under the Banking (Special Provisions) Act 2008, Bradford & Bingley's UK and Isle of Man retail deposit business along with its branch network has been transferred to Abbey National plc. This transfer follows a competitive auction process for this part of the business, conducted by Morgan Stanley on behalf of HM Treasury. The remainder of Bradford & Bingley's business will be taken into public ownership.


* This action by the Tripartite Authorities, protects savers' money by transferring their money to Abbey. Bradford & Bingley's branches, call centres and internet operations will be open for business as usual to provide continuity of service to customers.


* Following recent turbulence in global financial markets, Bradford & Bingley has found itself under increasing pressure as investors and lenders lost confidence in its ability to carry on as an independent institution. The FSA determined on Saturday morning that the firm no longer met its threshold conditions for operating as a deposit taker under the Financial Services and Markets Act 2000 and FSA rules.


* The Government, on the advice of the FSA and the Bank of England, acted immediately to maintain financial stability and protect depositors, while minimising the exposure to taxpayers. It has worked over the weekend to bring about the part public, part private solution which best meets those objectives.


* For savers and borrowers of Bradford & Bingley it will be business as usual. Customers should continue to use their normal branches to access their accounts. The transfer of the retail deposit book has been backed by cash from HM Treasury and the Financial Services Compensation Scheme. Further details about these arrangements are set out below.


* Branches will be open this morning as usual, and internet, call centre, and all other transaction services will operate as normal. Although some of those employees are now employed under Abbey, they should all attend their workplace in the normal way. Savers' money remains absolutely safe and secure. Borrowers should continue to make their payments in the normal way.


* The remaining assets and liabilities of Bradford & Bingley - principally comprising its mortgage book, personal loan book, headquarters and relevant staff, and treasury assets and its wholesale liabilities - will be taken into public ownership through the transfer to the Treasury of the company's shares. HM Treasury and the Financial Services Compensation Scheme will recover payments in the wind-down of the remainder of Bradford & Bingley. To provide assurance to wholesale depositors and borrowers, and to preserve financial stability in this case and maximise proceeds in the wind-down, the Government has put in place guarantee arrangements for six months to safeguard certain wholesale borrowings and deposits with Bradford & Bingley. It is the Government's current intention to seek state aid approval from the European Commission to extend these guarantee arrangements as part of the restructuring of Bradford & Bingley.


* The FSCS has been triggered following the failure of Bradford & Bingley to meet its regulatory requirements, prior to the making of the Transfer Order.


* Under the Transfer Order, the FSCS has paid out approximately £14bn to enable retail deposits held in Bradford & Bingley and covered by the FSCS to be transferred to Abbey. The Treasury has made a payment to Abbey for retail deposit amounts not covered by the FSCS, amounting to approximately £4bn, to be transferred to Abbey. In return, the FSCS and the Treasury have acquired rights in respects of the proceeds of the wind-down and realisation of the assets of the remaining business of Bradford & Bingley in public ownership.


* The FSCS has financed its payout through a short-term loan from the Bank of England, which will be replaced with a loan from the Government after a short period of time. The repayment terms of the loan for the first three years provide for repayment of interest at a rate of one-year LIBOR plus 30 basis points, plus the repayment of any recoverables accruing to the FSCS from the wind-down of the business against the principal outstanding. The first payment, for interest from the period from now until end-March 2009, will take place at end-September 2009 and subsequent payments will be made annually thereafter. It is currently estimated that the first payment required in September 2009 by the FSCS under the loan will be approximately £450 million. After the first three years, it is intended that the loan will be refinanced by the Treasury, repayments of the principal to be made over a period of years in the light of prevailing market conditions.


* The Chancellor of the Exchequer today confirms that the Government stands behind the FSCS, so it can be relied on to be able to play its role in meeting future claims that arise.


* In the initial period of public ownership the senior management team of Bradford & Bingley will remain in place to manage the transition. The Chief Executive will continue to be Richard Pym. Over time the Government will look at the management of the residual assets to ensure that this is being done in the most efficient manner.


* In the Transfer Order, the Government has varied the terms of Bradford & Bingley's dated subordinated debt in order to allow for the wind-down. The Transfer Order also, among other things, extinguishes existing share options and provides for rights and obligations of lenders, bond holders, swap counterparties, suppliers and other counterparties which would otherwise be triggered by the transfer not to be triggered.


* The Treasury with the other Tripartite Authorities, acting in their respective capacities, sought a range of private sector solutions before taking this action. However, with its financial advisor, HM Treasury concluded that this option best delivered its objectives of maintaining financial stability, protecting consumers and protecting taxpayers.


* The listing of Bradford & Bingley's shares has been cancelled.


* The Banking (Special Provisions) Act 2008 also provides for a compensation Order to be made. This order - relating to compensation for shareholders and others whose rights may have been affected by the transfer into public ownership - will be laid in due course.


In due course the Government will set out further information on the operational management of the residual part of Bradford & Bingley which has been taken into public ownership.
banned#30
So basically a spanish bank gets all the good bits (branches and deposit accounts) and us taxpayers take on all the bad bits (mortgage book).

Nice one Labour!
banned#31
I always thought the FSCS was meant to have enough money to cover any bank failure payouts, not have to take a loan from the bank of england which will be transferred to the taxpayer after a short period!
#32
BritBrat
You lose them all well most of it, the bank you were a share holder of went bust so did you think you would get any return on the shares?

I would count yourself lucky that as a share holder you don't have to pick up any costs for what they may owe to banks or people.


Haha. You have no idea how stupid you've just made yourself sound. You can only buy shares in a limited company (be it public limited, a PLC, or a private limited, Ltd). It's called a "limited company" because your liability is limited to the amount you've invested in the firm... you don't legally have to pick up the pieces or pay any more in order to pay off debts.

So no, they wouldn't have had to "pick up any costs". :roll:
#33
Just been watching BBC News ....basically said that the Shareholder will lose everything !!!

Share price is only 20p now ! :roll:
banned#34
duckmagicuk2
Haha. You have no idea how stupid you've just made yourself sound. You can only buy shares in a limited company (be it public limited, a PLC, or a private limited, Ltd). It's called a "limited company" because your liability is limited to the amount you've invested in the firm... you don't legally have to pick up the pieces or pay any more in order to pay off debts.

So no, they wouldn't have had to "pick up any costs". :roll:


Think thats what BritBrat was saying, 'count yourself lucky you dont have to pick up any costs' - saying the same thing as you - so what he said was not that stupid
#35
I was, thank you.

And just in case you never picked it up :)

I hate this OLD Torry goverment (New Labour) and that is from a ex labour party member who was an active supporter.

Now in the next year watch all the rats leaving the sinking ship and what will be left to draw support from NOTHING.

Well not until they make an OLD labour party again.

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