Northern Rock bailed out by Bank of England

hi everyone,
off in the morning to withdraw my mams money with her.
can anyone tell me exactly where northern rock offices are?? i thought it was harcourt street but the q's were on camden street


forget above, found a map for the camden court
 
Last edited:
Bedlam said:
Has it been confirmed if this guarantee applies to non-uk accountholders?. I am just thinking of the Equitable Life situation when Irish policyholders didn't fare as well as their uk counterparts
Click to expand...

I rang the 1850 number - got through to their UK call centre - asked the question re the Chancellor's statement covering Irish depositors and she said yes - would love to hear someone in Ireland state something to substantiate this
 
snowy said:
hi everyone,
off in the morning to withdraw my mams money with her.
can anyone tell me exactly where northern rock offices are?? i thought it was harcourt street but the q's were on camden street
Click to expand...

It wasn't Camden Street and it's not exactly Harcourt Street either. Where you saw the queues is actually between both streets. It's a street that joins Camden Street and Harcourt Street (down the side of the Camden Court Hotel). There are a few shops on the street (Insomnia, a Hairdressers etc) and the queue for the bank will form just opposite those shops. The bank itself is in a tall narrow grey building on the opposite side of the street to the shops I mentioned, and slightly further on than the shops themselves. I'm sure there will be some activity there, so you can't miss it. If you get to Camden Street or Harcourt Street someone will point you in the right direction.
 
The office is on Charlotte Way, which had the distinction of being the first new street in Dublin in 200 years when it was completed in the early 90's. Since the government has guaranteed all deposits the run should taper off.

The crisis isn't over though as recent share holders will attest!!!
 
Bedlam said:
Has it been confirmed if this guarantee applies to non-uk accountholders?
Click to expand...
Hard to tell at this moment in time since it's still just hot air:

http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2007/press_95_07.cfm
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 in the financial markets.
Click to expand...
EDIT: Wonder who will decide whether it's necessary or not? Any chance the BoE would block it as it could create a moral hazard among all banks there?
 
rabbit said:
All depositors are covered
See the official quote http://www.hm-treasury.gov.uk/newsro...ress_95_07.cfm:
"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 in the financial markets."
Click to expand...

Thank you for posting that link rabbit - it should help bring some sanity back to this thread & reduce the level of speculation ( I say should but then again.....)

I think now that he current situation affecting deposit account holders it just getting to the funds & how NR are going to be in position to work through the backlog.

I was able to get onto the site again this morning - this evening though I'm having no such luck.

ninsaga
 
sapmanie said:
snowy


SIGH :(

Yes, I passed a long line of them on way into work this morning.
http://www.independent.ie/national-news/bank-customers-rush-to-withdraw-savings-1081441.html

If you must join them, the address is:

Northern Rock plc, First Floor, Block 8, Harcourt Centre, Dublin 2
Click to expand...

unfotunatly i must join them, my dads estate needs to be paid. We actually rang them to withdraw the day before the announcement but didnt have the password. So off to q we go in the morning:(

Thanks everyone for directions :)
 
snowy said:
unfotunatly i must join them, my dads estate needs to be paid. We actually rang them to withdraw the day before the announcement but didnt have the password. So off to q we go in the morning:(

Thanks everyone for directions :)
Click to expand...
 
sapmanie said:
geroid
Click to expand...
sapmanie said:
Smug? No, you're mistaking that for intelligence. But that's your problem. I'm just trying to reassure people a little. I realise that's a losing battle in an air of stupidity and paranoia, but in the long run perhaps, just perhaps, will people remember that there was someone with a voice of reason.

The latest quote for worried depositors:




[broken link removed]]


Hi Sapmanie

Just thought that I, as one of the great ignorant unwashed masses, would attempt to reply to some of your superior intelligence posts.

As soon as I heard the Northern Rock news on Friday I decided to get my money out - pronto. Contrary to your superior belief, I am not an ignorant silly paniciker, and I believed the money was safe - until the bank run happened.

So why did I withdraw ? - because history and human nature teach us that bank runs defy all logic.

Now say that in the unlikely event NR becomes insolvent due to the illogical bank run and BoE bails it out, I am not prepared to wait for what could be 2-3 years and long and lengthy battle with the receiver and all the paperwork etc. before BoE finally returns my money. For every "panicker" there are 10 others who think like me, hence the bank run , hence he who gets his money out early laughs last.

(The best crack is that of the first a/c closers on Friday, very few have actually got the money yet)

Add in the fact that we in Ireland are well used to being told the standard lie of "ah sure everything’s grand" just before the brown stuff files all over the room. (See carpedeum's excellent post on PMPA etc.) - I'm outa here with my loot.

Don’t worry Sapmanie, you "superior intellect types" have always existed. (As stated sitting in the first class bar in the Titanic, laughing at the ignorant clambering for the life boats, while quoting technical statistics"

At worst I've just changed bank accounts, and amused your superior intellect, otherwise I may be enjoying my money on holidays while you go blind reading BoE paperwork and claim forms.

To everyone else - I also reckon that other bank runs could happen on the back of this one. Remember, when a run on the banks occurs, logic goes out the window. I've a friend who works on the counter in AIB and they can’t believe how busy they've been with withdrawals on the back of the NR bank run.

Time to go ala Bertie and get the hot press ready ? See you all on the next Titanic!
Click to expand...
 
Hi all, just to leave ye know, have checked my PTSB account and the funds withdrawn from NR have arrived:D . Happy Days. Now, WHERE TO PUT IT????
 
markell50 said:
Hi all, just to leave ye know, have checked my PTSB account and the funds withdrawn from NR have arrived:D . Happy Days. Now, WHERE TO PUT IT????
Click to expand...


you must be so relieved, even with all the hype it must be a releif to know you have it in your account and dont have to worry

maybe invest a small amount in the local off license and relax
 
If i had money in Northern Rock I would probably want to withdraw it asap. not because i think its a bad bank, but because this herdish, panicky behaviour which is driven by the media mainly would make me worry for any bank
Sky News take a bow
 
Cheers Snowy, am very relieved as money was for a site purchase. The sense of panic was to say the least, overwhelming, was having visions of what it must have been like for people in 1929 and the sense of unreality in relation to what happened with Nick Leeson and Bearrings! Enjoying a vodka right now:D
 
ninsaga said:
Why bother- whats the value in that? How about if the UK was attacked with a nuclear bomb - the scenario does exist in reality - but why bother?

ninsaga
Click to expand...

I said a realistic scenario.

Am I missing something here? I know there's no logic to what's going on, but can someone please explain to me how people could loose?

Equitable Life and the like which people have mentioned had zero chance: there was nothing in it for anyone to come along and take them over.

Sooner or later someone will step in any buy them out. Or am I wrong in this?
 
when everyone has their money out , then yes i think they will be taken over. maybe people can use their money to buy up shares in NR but i wouldnt recommend it
 
You must log in or register to reply here.
Back
Top