Northern Rock bailed out by Bank of England

not just in relation to NR, but what are possible fallouts from the subprime crisis?

Is there a danger that repackaging of securities has led to no one knowing where a lot of the bad debt will land? A situation similar to the London Market XOL reinsurance spiral?
 
I tried to get online constantly from 8 am until now on fast broadband. Has anybody at all managed to get an online transfer since 8 am today or is the site closed completely?
I tried N R phone lines but never held for more than an hour. Does anyone know if lines are being manned again before monday morn.
I also rang the Financial Regulator's office. Got through No problem! All they would say was to keep trying & had no alternative advice to offer whilst admitting that they were swamped with complaints.
 
"dont panic" they are saying. I cant believe they have shut up shop and gone home for the weekend. you'd imagine they would have set up a 24 hour helpline considering all.
 
Has NR actually borrowed any money from the BoE? Or have they just agreed the facility to do so?
 
Got on NRock website last night at 2am and did same day transfer to my AIB Account. No sign of my money yet and assume it wont arrive today now.Got reference for transaction on site last night and have carried out this procedure before.Has anybody arranged a same day transfer before 11am deadline this morning actually received their money today?
 
NR lines all closed now "message says "open monday 9 am." No help lines set up it seems & now the site has a new message when you try to access your account it says "restricting additional access at this time" & apologises for inconvenience etc. Looks like a lot of people will be in the queue when they open the office door on monday.
 
I asked this same question earlier, I withdrew at 1.30am and no sign.
did get through to an 1850 number couldnt tell me if the money was transferred but they said that BOI may not have uploaded the info yet, bit doubtful about that snippet as BOI are usually very on the ball regarding transactions and updating 365
 
casatara said:
I asked this same question earlier, I withdrew at 1.30am and no sign.
did get through to an 1850 number couldnt tell me if the money was transferred but they said that BOI may not have uploaded the info yet, bit doubtful about that snippet as BOI are usually very on the ball regarding transactions and updating 365
Click to expand...

i agree.Have carried out same day and 3 day transactions before with no problem but cant even get onto N Rock site now to check if the funds have left my account.Was involved with Equitable Life and was told by insider when trouble first broke to bail out and am going to do the same with N Rock if I can.
 
So, if I understand correctly, we will get our money from either

1) NR (even if they have to borrow it from BoE); or
2) Whoever buys NR; or
3) The receiver (albeit slowly); or
4) The guarantee scheme (limited to c. €45k)

Is that the summary of the situation?
 
dmkelly said:
So, if I understand correctly, we will get our money from either

1) NR (even if they have to borrow it from BoE); or
2) Whoever buys NR; or
3) The receiver (albeit slowly); or
4) The guarantee scheme (limited to c. €45k)

Is that the summary of the situation?
Click to expand...
I rang the financial regulator today and they said the compensation (up to €50k) only kicks in once the bank is declared insolvent, and this in itself is a slow process.
 
Got through on the 1850315115 number at around 7 this evening.
It was Newcastle! So he could only take my name, ac. no. and telephone no. which he would send to Dublin with my request to close the account!!
He was very apologetic about the web problems!! I, like many others had failed to get through on-line all day today. Assured me this would be fixed if I would like to try later on. I opted to have him contact Dublin which he said might be tomorrow or Monday. Not really all that satisfactory.
 
battyee said:
NR lines all closed now "message says "open monday 9 am." No help lines set up it seems & now the site has a new message when you try to access your account it says "restricting additional access at this time" & apologises for inconvenience etc. Looks like a lot of people will be in the queue when they open the office door on monday.
Click to expand...

this is a bit of a joke. 25,000 customers and surely at least half (probably far more) trying to get into their accounts and they head off for the weekend.

Btw if I'd paid EUR25 for a 'same day' transfer I'd be asking for a refund.

Wonder what our hardline* financial regulator will do in response to this nonsense

*said with heavy sarcasm
 
I find the NR crisis unsettling, I've put my life savings in deposit with them. Lesson learned regarding internet banking, I have a demand account and I'll be leaving in the bare minimum. Their system of operation failed to deliver today what I needed and that was access to my account.
Perhaps I will be more like Bertie in future and not have a bank account. Sound financial sense that man.

It was on the bbc webpage, I liked it :) :

_44117505_north_rock_inf416.gif

Mortgage lending Northern Rock lends a large amount for mortgages, and finances this with money from banks and savers
Savings Northern Rock receives a relatively small amount of money from savers
Money markets Have stopped lending money to Northern Rock due to the crisis in the US sub-prime mortgage market
Bank of England Steps into the breach to give Northern Rock an emergency loan

Images: PA, Getty
 
Are NR allowing you to withdraw money in person even from the demand online account!?
 
Yes good question.
For demand online accounts - Can I withdraw money / close account in person?
Anybody know?

Plus some more!
I presume the Dublin office is: First Floor, Block 8, Harcourt Centre, Charlotte Way, Dublin 2?
What do I need to bring to withdraw / close account?
For a joint account - can one person close the account?
 
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