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Northern Rock

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Coming to an end are the days of cheap money... and the start of a lot of disgruntled people... Saw it coming from miles away. Was just trying to figure out which institution would sink first. Look… Read More
Blanco Avatar
9y, 8m agoPosted 9 years, 8 months ago
Coming to an end are the days of cheap money... and the start of a lot of disgruntled people...

Saw it coming from miles away. Was just trying to figure out which institution would sink first. Looks like it has been made clear now...
Blanco Avatar
9y, 8m agoPosted 9 years, 8 months ago
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[helper]#1
Shares down 25%, big queues outside some of their branches - what they need is James Stewart from Its a wonderful life...
#2
Jesus imagine the money some people will lose?
The more they rush and withdraw thier money the faster the shares and there money goes down the swanny.
It's a no win situation unless you''ve hardly anything in you're accounts :)
#3
Northern Rock is NOT goin down down the bank of england are lending them the cash so people will not be losin any money
banned#4
gari189
Shares down 25%, big queues outside some of their branches - what they need is James Stewart from Its a wonderful life...


I was thinking that, my favourite film.

Luckily I sold my shares a long time ago.
#5
pavilion
Northern Rock is NOT goin down down the bank of england are lending them the cash so people will not be losin any money


People panicking and taking their money out are making things worse though.....
#6
Iom-RF
People panicking and taking their money out are making things worse though.....



init. what gets me is its all about mortgages side of things. The bank of england are lending the becos they are in the top 5 list for very good mortgages
#7
Indeed taking out the money is making it worse.
It's annoying to see the UK mimicking the US in this manner if invitable.

Share price down 32% today alone

Jan 2007: 1251pence
14/09/07: 438pence

We'll see if that plunges further when the market opens again.

http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/23193/one_month.stm
#8
My friend Amy works for them and she has always said that the left hand doesn't know what the right hand is doing.
They have had emails saying in affect it was a miscalculation in the holding funds which has caused a cash flow problem.
Well I would think somebody will be loosing there job over this.
[helper]#9
I wonder if one of the banks that refused to lend any money to Northern Rock will launch a take-over bid now the shares have plunged.....or is that being too cynical.
#10
Would be funny though Northern Rock MD walking in to this local HSBC.
"Yes sir"
"I'd like to take out a loan"
"yes sir how much would you like"
"800 million,and cash would be great"!:giggle:
#11
so what if you have had a personal loan with northen rock? if they go swanny i wonder if this means the loan would dissapear:giggle:
#12
NR's creditors would happily ensure the loan is continued or possibly demand full payment asap etc.
#13
Prissymiss
I was thinking that, my favourite film.

Luckily I sold my shares a long time ago.


How/where whould I buy shares in Northen Rock ?
#14
I use www.selftrade.co.uk personal dealing account as recommended by MSE now, cheapest price for selling and buying shares, £12.50/transaction for a lower user, others are more expensive/annual charges etc, (Barclays used to charge £40 per transaction over the phone I believe)

If you use recommend a friend who meet the criteria (I sent them over £500 worth of paper shares) you and your "friend" both get £50 credit on the account.

After successfully doing this for myself with someone I knew he gave me £30 of his referral I decided to electronically put family members paper shares into selftrade so I referred all my family to me, result was I got £580 for me and family :thumbsup:

I'm hoping NR will hit £3ish a share next week and that is when takeover speculation will begin and I might consider buying into them too :)
#15
At the end they are goin to get back on there feet.... It will take time its just that people are jumpin to the gun on this one i think .
#16
It's a shame so many are narrowminded and insecure to believe their savings are at risk for a company worth £113billion making the BoE loan look like a drop in the ocean.

All savings in the UK are guaranteed secure up to £2000 beyond wich with a 90% guaranteed secure on savings up to £33,000

It's very easy to believe someone cocked up and their liquid holdings were much less than they realised after the 9th of August when most banks stopped their corporate lending to NR to pass on as mortgage deals which they had to continue.

From the crowd I saw on TV in the NR queues, 70% I reckon would be remembering 1987's black wednesday and were scared of a repeat 20years later, Brown has done a better job than that tbh, although he should of foreseen the source loans from America which help fund loans and mortgages here causing a problem.
#17
if they go bust and you took a loan with them. Does that mean you dont have to pay it back?
#18
qazim
if they go bust and you took a loan with them. Does that mean you dont have to pay it back?


http://www.hotukdeals.com/forums/showpost.php?p=964482&postcount=13
#19
as the loan is agreed to be paid back over a period of time, they CANNOT demand you to pay back any loan immediatly as THEY would be in breach. The creditors however CAN takeover the agreenment and normal payments resume.Just paid to the creditors instead.
#20
It depends on the loan terms, but for most you are correct and of course a bank going under never means loans/mortgages and wiped it just means you pay the creditors instead.

NR won't go under though, they'll get taken over imo.
#21
schizoboy
NR's creditors would happily ensure the loan is continued or possibly demand full payment asap etc.


lol how the hell would i pay back stright away? seriouslly they cant demand money staright away?
#22
qazim
lol how the hell would i pay back stright away? seriouslly they cant demand money staright away?


AIUI only small minority even have such powers, even than possibly requires court proceedings, I'm sure it is kind of possible though.
#23
the only people who should even think about taking money out is people with more than £35000, its just loads of old people cuing up as they have nothing better to do.
#24
Mass Media Panic + stampeding effect by public = mass withdrawals.

NR Shares closed at 282.75p today.

If people carry on withdrawing I expect less than £2 a share by the end of the week.

Which will make it RIPE for takeover, alot of rich men will become richer and everything will return to normal.

PS: NR haven't even touched the Bank of England loan yet.

Welcome to the public/media ignorant knee jerk reaction.
#25
Are ALL Northern Rock customers over the age of 70 though?
#26
dunbar I guarantee you they are the ones 1st to withdraw

Why?
They remember 1987 black wednesday and 15% interest rates
They remember 1970's winter of discontent
They remember their parents stories of the economic strife after ww2

etc etc etc.
#27
Hmm, Where can I buy shares?, within 2 years they'll be going strong again!
#28
£2 by end of week, next week possibly

after the takeover, say speculation starts in October and shares soar.

£4+ come November imo

Disclaimer: Shares can go up as well as down, buy at your own risk :)
#29
152pence few mins ago:
http://uk.finance.yahoo.com/q?s=NRK.L

Will be interesting to see if it pops under £1.
#30
They say that Northernrock has had it's most profitable time recently, in it's history. All of the people paying the fees to get their money out.

Bunch of idiots to be honest with you.
#31
Over 1billion has been made by selling at the high peaks of the share price £190p, and buying at the low 149p-170pish and all the previous bumps and lows in September.

I feel sorry for the people who bought the shares at the high £10+ price though.

kitten it's a matter of perspective, although of course their cash was safe, but as the saying goes, everyone's a liberal until they get mugged.

Did you notice all the grey and silver hairs of the people queuing...

Black Monday 1987

Winter of Discontent in the 70s....

Plenty of history of corporate management taking silly risks and not caring, that's why imo.

PS: See last nights Bremner Bird and Fortune? Hilarious sketch with a rich banker on that :)
#32
sorry but if you ahve that much money you ar stupid for having it in one savings account.

You coverd for up to £35k in each bank, so any more than that, move money into a seperarte account.
#33
lol its ok for my money is all in Barclay's :) they wont go bust :)
#34
Wish I had some savings to be worried about!!!
banned#35
Iom-RF;975944
Hmm, Where can I buy shares?, within 2 years they'll be going strong again!

Hope you didnt buy any ;-)

schizoboy;975970
£2 by end of week, next week possibly

after the takeover, say speculation starts in October and shares soar.

£4+ come November imo

Disclaimer: Shares can go up as well as down, buy at your own risk :)

Isn't hindsight wonderful.

Are the shares effectively worthless now and will taxes have to go up massively in the April budget to pay back the interest on the £110,000,000,000 loan Darling took on from the bank of England?
#36
The safest bank to have your money in!! All backed by the treasury, who don't want to mess this up but will still pay out should this all goes wrong.

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