If N Rock go bust........................

[Guest DavB93]

This is what happens when the media make public panic, Northern Rock have only asked for an overdraft with the BOE (They've haven't used any of it as it's only there as a backup) as like other posters have mentioned the Rock borrow money from the financial market and not banks thats why it's having to ask for the overdraft...

[Colos Short and Curlies]

This is what happens when the media make public panic, Northern Rock have only asked for an overdraft with the BOE (They've haven't used any of it as it's only there as a backup) as like other posters have mentioned the Rock borrow money from the financial market and not banks thats why it's having to ask for the overdraft...

 

Nearly...

 

NR do borrow from banks as well as financial markets, they just use the financial markets more than most.

 

Banks are refusing to wholesale lend with eachother at the moment and LIBOR is higher than the BoE lending rate, hence the reason NR went to the BoE.

 

The BoE would not have lent the money to NR if they felt that either (a) the problems were of NR's own making, or (b) the current situation was not temporary and indicated a long term issue.

 

Whoever leaked this info, nd whichever editor felt it was in the public interest to publish it deserve shooting tbh.

[Guest DavB93]

This is what happens when the media make public panic, Northern Rock have only asked for an overdraft with the BOE (They've haven't used any of it as it's only there as a backup) as like other posters have mentioned the Rock borrow money from the financial market and not banks thats why it's having to ask for the overdraft...

 

Nearly...

 

NR do borrow from banks as well as financial markets, they just use the financial markets more than most.

 

Banks are refusing to wholesale lend with eachother at the moment and LIBOR is higher than the BoE lending rate, hence the reason NR went to the BoE.

 

The BoE would not have lent the money to NR if they felt that either (a) the problems were of NR's own making, or (b) the current situation was not temporary and indicated a long term issue.

 

Whoever leaked this info, nd whichever editor felt it was in the public interest to publish it deserve shooting tbh.

 

Got to totally agree with you there mate, I don't have any money in Northern Rock or owt but unless you've got over 33k in there you can leave it in there as your covered.

 

Barclays had to borrow 3 billion the other week and cos it's not in the public eye (think it got mentioned on radio once) nothing is been made of it.

 

[merlin]

So none of this is the fault of reckless borrowing by 'I-want-it-now' chavs and reckless lending by NR..!!??

AND - there is a strong feeling that the BOE wanted to let them stew in order to warn off other greedy banks, but Greedy Gordon and his stool-pigeon Darling put pressure on the BOE to lend them the money to stop it all coming out and creating pressure on over-blown house prices...after all, we can't have the REAL basis of the UK's Economy challenged, can we!!??

 

The BOE is NOT independent - the members of the MPC are Political appointments.......

Amazing what the threat of a lost Pension will achieve..!!

[Colos Short and Curlies]

So none of this is the fault of reckless borrowing by 'I-want-it-now' chavs and reckless lending by NR..!!??

AND - there is a strong feeling that the BOE wanted to let them stew in order to warn off other greedy banks, but Greedy Gordon and his stool-pigeon Darling put pressure on the BOE to lend them the money to stop it all coming out and creating pressure on over-blown house prices...after all, we can't have the REAL basis of the UK's Economy challenged, can we!!??

 

The BOE is NOT independent - the members of the MPC are Political appointments.......

Amazing what the threat of a lost Pension will achieve..!!

 

Well less than 50% of the MPC are actually government appointed.

 

So whats your take on Barclays securing a £2bn emergency loan within the past month? Should we all be taking money out of Barclays also?

[iklgizmo]

Not sure if this has been mentioned anywhere, but Bobby Robson came into the head office today and put a shit loads of money into his savings account!

[Tom_NUFC]

The govt have now said they will guarantee all NR savings if NR were to go bust.

[Dave]

The govt have now said they will guarantee all NR savings if NR were to go bust.

 

Same as me saying I will give you £1,000,000 if the sun does not rise tomorrow.

 

If this is what it takes to make these morons realise their money is not in danger though then good on them.

[Northern Monkey]

Not sure if this has been mentioned anywhere, but Bobby Robson came into the head office today and put a shit loads of money into his savings account!

 

didn't go in, did he.

[bobbydazzla]

if only the media could create a similar effect and get the lemming-esque general public to give a shit about genuinely important issues such as global warming and the things that are going on in Iraq and Zimbabwe.

 

[Guest Gemmill]

Not sure if this has been mentioned anywhere, but Bobby Robson came into the head office today and put a shit loads of money into his savings account!

 

Aye I knew about this too.  Ledge. 

[brummie]

So none of this is the fault of reckless borrowing by 'I-want-it-now' chavs and reckless lending by NR..!!??

AND - there is a strong feeling that the BOE wanted to let them stew in order to warn off other greedy banks, but Greedy Gordon and his stool-pigeon Darling put pressure on the BOE to lend them the money to stop it all coming out and creating pressure on over-blown house prices...after all, we can't have the REAL basis of the UK's Economy challenged, can we!!??

 

The BOE is NOT independent - the members of the MPC are Political appointments.......

Amazing what the threat of a lost Pension will achieve..!!

 

Well less than 50% of the MPC are actually government appointed.

 

So whats your take on Barclays securing a £2bn emergency loan within the past month? Should we all be taking money out of Barclays also?

 

I was thinking earlier today that i was sure I'd heard Barclays did the same a couple of weeks ago. Now you've confirmed it. I bow to you and your knowledge, my benevolent banking and finance overlord, you've saved me a trip to Google News..

[merlin]

So none of this is the fault of reckless borrowing by 'I-want-it-now' chavs and reckless lending by NR..!!??

AND - there is a strong feeling that the BOE wanted to let them stew in order to warn off other greedy banks, but Greedy Gordon and his stool-pigeon Darling put pressure on the BOE to lend them the money to stop it all coming out and creating pressure on over-blown house prices...after all, we can't have the REAL basis of the UK's Economy challenged, can we!!??

 

The BOE is NOT independent - the members of the MPC are Political appointments.......

Amazing what the threat of a lost Pension will achieve..!!

 

Well less than 50% of the MPC are actually government appointed.

 

So whats your take on Barclays securing a £2bn emergency loan within the past month? Should we all be taking money out of Barclays also?

 

I don't TOTALLY trust ANY Bank, but Barclays did not have anywhere near the amount of exposure to Mortgages that NR have - 80% of NRs assets are in House Loans, which means that when there is the threat of a fall in house prices -like now - their assets are worth less than their liabilities..

 

And as for the Govt 'guaranteeing' ANY Banking organisation, that reminds me of Major trying to prop up the pound in the ERM back in 1992 - you can't buck the Market, and if people took Darling at his word, the Govt would be bust in no time - if punters pulled all their money out of ALL banks, the Govt would fall as there is NO way they could meet the guarantees - more Fairy Stories anyone...!!??

[Guest Gemmill]

So none of this is the fault of reckless borrowing by 'I-want-it-now' chavs and reckless lending by NR..!!??

AND - there is a strong feeling that the BOE wanted to let them stew in order to warn off other greedy banks, but Greedy Gordon and his stool-pigeon Darling put pressure on the BOE to lend them the money to stop it all coming out and creating pressure on over-blown house prices...after all, we can't have the REAL basis of the UK's Economy challenged, can we!!??

 

The BOE is NOT independent - the members of the MPC are Political appointments.......

Amazing what the threat of a lost Pension will achieve..!!

 

Well less than 50% of the MPC are actually government appointed.

 

So whats your take on Barclays securing a £2bn emergency loan within the past month? Should we all be taking money out of Barclays also?

 

I don't TOTALLY trust ANY Bank, but Barclays did not have anywhere near the amount of exposure to Mortgages that NR have - 80% of NRs assets are in House Loans, which means that when there is the threat of a fall in house prices -like now - their assets are worth less than their liabilities..

 

And as for the Govt 'guaranteeing' ANY Banking organisation, that reminds me of Major trying to prop up the pound in the ERM back in 1992 - you can't buck the Market, and if people took Darling at his word, the Govt would be bust in no time - if punters pulled all their money out of ALL banks, the Govt would fall as there is NO way they could meet the guarantees - more Fairy Stories anyone...!!??

 

They haven't guaranteed all banks.  They've guaranteed Northern Rock.  So if you've got your money with someone else, get fucking queuing.

[merlin]

So none of this is the fault of reckless borrowing by 'I-want-it-now' chavs and reckless lending by NR..!!??

AND - there is a strong feeling that the BOE wanted to let them stew in order to warn off other greedy banks, but Greedy Gordon and his stool-pigeon Darling put pressure on the BOE to lend them the money to stop it all coming out and creating pressure on over-blown house prices...after all, we can't have the REAL basis of the UK's Economy challenged, can we!!??

 

The BOE is NOT independent - the members of the MPC are Political appointments.......

Amazing what the threat of a lost Pension will achieve..!!

 

Well less than 50% of the MPC are actually government appointed.

 

So whats your take on Barclays securing a £2bn emergency loan within the past month? Should we all be taking money out of Barclays also?

 

I don't TOTALLY trust ANY Bank, but Barclays did not have anywhere near the amount of exposure to Mortgages that NR have - 80% of NRs assets are in House Loans, which means that when there is the threat of a fall in house prices -like now - their assets are worth less than their liabilities..

 

And as for the Govt 'guaranteeing' ANY Banking organisation, that reminds me of Major trying to prop up the pound in the ERM back in 1992 - you can't buck the Market, and if people took Darling at his word, the Govt would be bust in no time - if punters pulled all their money out of ALL banks, the Govt would fall as there is NO way they could meet the guarantees - more Fairy Stories anyone...!!??

 

They haven't guaranteed all banks.  They've guaranteed Northern Rock.  So if you've got your money with someone else, get f****** queuing.

 

At least that gave me a smile - they actually stated that they would guarantee ALL Banks' customers,,,

I won't be queueing - my money is NOT in the UK, I'm pleased to say....

[Wallace]

http://www.newcastle-falcons.co.uk/36_3470.php

 

17 September 2007, 1:45 pm

 

Newcastle Falcons today pledged its full support to main club sponsor, Northern Rock.

The club has backed the growing ‘Support The Rock’ campaign, urging all north-east sports fans to get behind Northern Rock and back one of the region’s iconic names.

“Northern Rock has supported us, and we will support Northern Rock,” was the emphatic message from Falcons commercial director, Mick Hogan.

 

“Our decade-long partnership with Northern Rock is the longest main sponsorship in Premiership rugby history. In addition to this the Northern Rock Foundation has given incredible backing to our own Falcons Community Foundation, impacting on so many lives in a positive way.

 

“They are not just a sponsor, they are part of the fabric of the club and of the region, so we are putting our full weight behind the ‘Support The Rock’ campaign in any way we can, urging the people of the region not to abandon one of their own in its time of need.”

 

Falcons director of rugby, John Fletcher, echoed Hogan’s sentiments, stating: “Northern Rock has done so much for rugby and sport in the north-east, so as one of the region’s main clubs it is only right that we should lend our full support to them.

 

“We therefore urge all north-east sports fans to show their local pride and support The Rock, who have done so much good for the north-east and for sporting teams across the region.”

 

Falcons captain Phil Dowson added: “Everyone knows how much support Northern Rock has given to the club and to sport right across our region, so it’s at times like these that we need to repay that backing.”

 

 

 

 

 

[Wallace]

It says at the end of the article that Bobby Robson is going to open an account with the bank.

 

 

http://www.chroniclelive.co.uk/north-east-news/todays-evening-chronicle/2007/09/18/first-sign-of-revival-72703-19809363/

 

First sign of revival?

Sep 18 2007 by Nick Whitten, Evening Chronicle

 

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CONFIDENCE in Northern Rock appeared to be returning today after the Government guaranteed savers their funds are safe.

 

The Geordie mortgage lender’s share price staged a mini-revival this morning following Chancellor Alistair Darling’s announcement of support yesterday.

 

Queues outside branches in the North East had died down this morning after three days of madness.

 

But queues elsewhere in the country were still large, with scores of people outside a branch in Kingston-upon-Thames, in London today.

 

Shares in the company had risen by more than 10% this morning to 315p after a terrible day at the Stock Market yesterday, which also hit other smaller British banks.

 

The queues outside Newcastle’s Pilgrim Street branch had disappeared this morning as many customers were reassured by the Government’s guarantee that their money was safe.

 

A spokesman for Northern Rock said: “Following the Chancellor’s guarantee, we are delighted to see our loyal customers returning to our branches to invest their money with us.”

 

Arthur Matthewson, 58, a retired gardener from Walkergate, said: “I think things are looking better now. I was worried at first, but I think my money’s safe after what the Government have said. I can’t see Northern Rock slumping now.”

 

Unemployed Paul Wilson, 50, of Newcastle’s West End, said: “I feel totally confident in the Government, although they could have prevented the panic by acting earlier.”

 

A retired brewery worker, 65, of Fenham, said: “I was worried for a few days but held back from closing my account. I’m happy I did because I think it’s been sorted out now.”

 

Giles Smallwood, 50, a loss adjuster from Gosforth, backed the bank by opening a new savings account. He said: “I’ve been following what’s been happening, and I’m convinced there’s no problem.

 

“When the Government and the Bank of England guarantee support, it must be OK. It actually makes the accounts safer than anywhere else.”

 

Wallsend Boys’ Club, the junior football team which once boasted Alan Shearer and Peter Beardsley as players, has thrown its weight behind the Rock.

 

The club contacted Northern Rock deputy chief executive David Baker today to tell him they would be depositing more than £20,000 which the club made at their recent charity dinner.

 

Club chairman Steve Dale said: “It is extremely saddening to see the panic that has ensued from the organisation seeking what is effectively a temporary overdraft facility from the Bank of England.

 

“I sincerely hope that the people who have been proud to see the company grow into such a substantial bank demonstrate that loyalty to the Rock in its hour of need, because without the Rock, and its foundation, our area will be a far poorer place in the future.”

 

But some account holders remained unconvinced by the Government’s assurances.

 

Nicola Dodds, 45, of Denton Burn, who has recently been made redundant from an insurance office, said: “I have no confidence in what the Government has said. I can’t afford to lose my redundancy money. I feel guilty about clearing my account and adding to Northern Rock’s problems, but I can’t risk it.”

 

Yesterday Northern Rock’s shares dropped to more than half the value they were on Friday morning.

 

The Alliance & Leicester also suffered, losing almost a third of its market value while shares in Bradford & Bingley also fell sharply.

 

But Treasury boss Mr Darling tried to stop the impending crisis by saying: “Should it be necessary, we, with the Bank of England, would put in place arrangements that would guarantee all the existing deposits in Northern Rock during the current instability. This means people can continue to take their money out of Northern Rock.

 

“But if they choose to leave their money in Northern Rock, it will be guaranteed safe and secure.”

 

Northern Rock chief executive Adam Applegarth today apologised to customers via a series of full page adverts in newspapers around the country, as shown on page 14 in today’s Chronicle.

 

The region has begun a fightback in support of Northern Rock.

 

While southern customers are unlikely to feel an emotional attachment to the bank, many in the North East are well aware of the contribution of our biggest plc.

 

Benefits include around 6,000 jobs in the region as well as charitable giving and sports sponsorship. Newcastle Falcons rugby club is proclaiming “support the Rock” on its website.

 

Former Newcastle United manager Sir Bobby Robson vowed to open an account online with Northern Rock today. He said the Rock had been a “great benefactor to many people” in the North East.

 

Newcastle City Council chief executive Ian Stratford said: “We are reassured by the Bank of England and the Financial Services Authority conclusions that Northern Rock is a sound and solvent business and we are sticking by them.”

 

 

[Liam Liam Liam O]

Just seen Freddy Shepherd backing the "Geordie Bank".  Thats them fucked then