You said Irish banks applied for emergency loans from the ECB all the time but we just never hear about it.
You can file that in the same drawer as the 9/11 conspiracy theories and recent Elvis sightings ...
Northern Rock bailed out by Bank of England
- Thread starter Sim Two
- Start date
You said Irish banks applied for emergency loans from the ECB all the time but we just never hear about it.
You can file that in the same drawer as the 9/11 conspiracy theories and recent Elvis sightings ...
magicbeans
Registered User
- Messages
- 38
For those of you still playing the waiting game . . .I managed to get my a/c closed on the Saturday at 5pm. Money came into my local bank this morning. (Only two thirds of it, contacted NR and they said they made a mistake, the rest is on its way and will be in next week) 
Does anyone find it strange that on Thursday this week the UK Gov. announced that its guarantee would ONLY cover NR accounts existing at midnight on Wednesday and reopened accounts, not new accounts ?
It's almost if they are admitting that the future of NR is a lost cause. You would think that it would have been to everyone’s advantage to use the Gov. guarantee to attract new accounts to help put NR back on its feet, and after a year or so when things were more secure then they could lift the cover. It seems they're not interested in trying to secure NR long term . . .I wonder why ? - Seems like reason no. 362 to steer clear.
Does anyone find it strange that on Thursday this week the UK Gov. announced that its guarantee would ONLY cover NR accounts existing at midnight on Wednesday and reopened accounts, not new accounts ?
It's almost if they are admitting that the future of NR is a lost cause. You would think that it would have been to everyone’s advantage to use the Gov. guarantee to attract new accounts to help put NR back on its feet, and after a year or so when things were more secure then they could lift the cover. It seems they're not interested in trying to secure NR long term . . .I wonder why ? - Seems like reason no. 362 to steer clear.
I managed to log in for the first time yesterday, closed the account. It didn't let me enter an amout to transfer. I assume as I'd asked to close the account, it would simply arrange to transfer all monies to my nominated bank account. But when I checked it today, the money was stil there and there was a pending transaction to move 0 euros to my nominated account. So I don't know what happened there. Have now asked to move my money to my nominated account. Hopefully it will move out of my account on Monday. Worrying times for all
G
gonk
Guest
Anyone who's opening a new account to replace their Northern Rock one would do well to look closely at the terms & conditions of their new bank.
I don't know if any banks operating in Ireland have similar T&Cs, but it would be no harm to check.
From today's (Sep 22) Guardian:
Hard-boiled Egg stuns savers
After the run on Northern Rock, which saw thousands of people queuing to take their money out, we exclusively reveal that internet bank Egg has taken steps to protect itself in a similar crisis - when it could freeze accounts for up to 60 days
Would you be prepared to keep your life savings in an account that could be frozen for up to 60 days if the bank thought its financial stability was threatened? After the events of last weekend, few would answer with an unequivocal "yes". However, that is exactly the position in which savers with internet bank Egg now find themselves.
Money can reveal that last year Egg changed its terms and conditions to allow it to halt online withdrawals in the event of a run on the bank. While no one thought much of it at the time, the events surrounding Northern Rock will leave many Egg customers shocked to learn that they won't be allowed access to their money if at any time Egg is faced with similar problems.
Full story here: http://money.guardian.co.uk/weekly/story/0,,2174164,00.html
I don't know if any banks operating in Ireland have similar T&Cs, but it would be no harm to check.
From today's (Sep 22) Guardian:
Hard-boiled Egg stuns savers
After the run on Northern Rock, which saw thousands of people queuing to take their money out, we exclusively reveal that internet bank Egg has taken steps to protect itself in a similar crisis - when it could freeze accounts for up to 60 days
Would you be prepared to keep your life savings in an account that could be frozen for up to 60 days if the bank thought its financial stability was threatened? After the events of last weekend, few would answer with an unequivocal "yes". However, that is exactly the position in which savers with internet bank Egg now find themselves.
Money can reveal that last year Egg changed its terms and conditions to allow it to halt online withdrawals in the event of a run on the bank. While no one thought much of it at the time, the events surrounding Northern Rock will leave many Egg customers shocked to learn that they won't be allowed access to their money if at any time Egg is faced with similar problems.
Full story here: http://money.guardian.co.uk/weekly/story/0,,2174164,00.html
I hope Egg's T&Cs do not give RaboBank any ideas. This certainly shows how an online demand account can quickly change. Many people here who went to withdraw from NR have experienced up to 7 days delay.
Freezing accounts for 60 days is a scary. I know that if NR had this in place, I would have been looking at 60 sleepness nights.
Do we all need to rethink our attitude to online banking?
Freezing accounts for 60 days is a scary. I know that if NR had this in place, I would have been looking at 60 sleepness nights.
Do we all need to rethink our attitude to online banking?
NR has drawn down £3 billion from Bank of England.
http://www.ft.com/cms/s/0/efbc281a-687a-11dc-b475-0000779fd2ac.html
http://www.ft.com/cms/s/0/efbc281a-687a-11dc-b475-0000779fd2ac.html
As a number of posters have already pointed out, banks don't and never did guarantee you a return of your money. A look at the 'small print' of the documentation provided for every account of every kind you hold will confirm this.
Today's Irish Times has a front-page story to the effect that the Regulator will henceforward require the country's banks to supply weekly instead of quarterly reports on their ability to pay their outgoings as a precautionary measure to assess their exposure to the ongoing turmoil in the financial markets.
samfarrell
Registered User
- Messages
- 86
I think looking ahead of this a greater worry is how many other Northern Rocks are out there. The fact is that these debts were traded all over the world, making up many hedge funds portfolio. if banks were selling these loans to each other, who knows where they sit right now ? time will tell
As Warren Buffett said, these loans were instruments of mass destruction.
As Warren Buffett said, these loans were instruments of mass destruction.
If customers have withdrawn all their money and 'closed' their accounts, will they be able to transfer money back into that NR account in the future?
I've still been able to login to my account after ticking the 'close' option when I was withdrawing all my funds. It just says that the balance is zero.
I've still been able to login to my account after ticking the 'close' option when I was withdrawing all my funds. It just says that the balance is zero.
GeneralZod
Registered User
- Messages
- 1,235
My experience with NR and Internet banking, through this "crisis", I have to say was mostly positive.
The situation I found myself in, was that, last weekend, one week into a two week holiday in the US I (stupidly?), decided to check the Internet for European news and saw NR plastered everywhere with pictures of long High street queues.
I (stupidly) had not spread my investment risk and had bunged "the lot" into NR for "temporary" safe keeping, I can tell you my savings were well over the guaranteed 2K+ 90% amount.
After reading the news, my first port of call was this forum, I quickly decided for peace of mind to withdraw the bulk of my savings from NR.
OK I had the advantage of being on US time, so it made it easier for me to logon at 3:00am Irish time, even then, I did have to retry about 5 times, but then got in and initiated the withdrawal without any problem, Money arrived in my local bank account 4 days later.
If had not had an Internet account with NR, I think the last week of my holiday would have been even "more spoilt" then it already was.
I have learnt my lesson, now I have to do some more legwork and start spreading my risk across a number of banks, But from this experience I will favour banks that give Internert access.
BTW, I have not closed my NR account, but its got a much reduced balance for the time being.
I guess I was somewhat lucky to have a smooth internet transaction, I sympatise with those of you who did not, as clearly there were/are some problems.
Every cloud has a silver lining, Shock treatment, but I think this cloud has been educational for a lot of us.
Cheers
The situation I found myself in, was that, last weekend, one week into a two week holiday in the US I (stupidly?), decided to check the Internet for European news and saw NR plastered everywhere with pictures of long High street queues.
I (stupidly) had not spread my investment risk and had bunged "the lot" into NR for "temporary" safe keeping, I can tell you my savings were well over the guaranteed 2K+ 90% amount.
After reading the news, my first port of call was this forum, I quickly decided for peace of mind to withdraw the bulk of my savings from NR.
OK I had the advantage of being on US time, so it made it easier for me to logon at 3:00am Irish time, even then, I did have to retry about 5 times, but then got in and initiated the withdrawal without any problem, Money arrived in my local bank account 4 days later.
If had not had an Internet account with NR, I think the last week of my holiday would have been even "more spoilt" then it already was.
I have learnt my lesson, now I have to do some more legwork and start spreading my risk across a number of banks, But from this experience I will favour banks that give Internert access.
BTW, I have not closed my NR account, but its got a much reduced balance for the time being.
I guess I was somewhat lucky to have a smooth internet transaction, I sympatise with those of you who did not, as clearly there were/are some problems.
Every cloud has a silver lining, Shock treatment, but I think this cloud has been educational for a lot of us.
Cheers
Has anyone else not got their money out yet? I tried to withdraw almost all of it Sunday last (7 days ago). I placed the order by phone and checked on Thursday morning and they said it might be in friday but now I have to call them again.
Is anyone else having problems with NR?
Is anyone else having problems with NR?
DUPLICATE PAYMENT!
This tale will frustrate those of you still awaiting payment.
I was lucky enough to have been able to log onto my account in the early hours of Friday 14/09/2007 and requested an electronic withdrawl. The money was credited to my BOI current account on 20/09/2007.
I have just discovered a duplicate credit on my BOI current account for the same amount dated 24/09/2007 i.e tomorrow! I did not make a second attempt to withdraw money, neither electronically nor by telephone.
When I logged into my NR account I noticed that the original withdrawl dated 14/09/07 is still listed as a pending tranaction. Perhaps, this triggered the duplicate?
I sent NR a secure e-mail from my account. I await their instructions!
Perhaps I should have transferred the duplicate to another depost account until NR contacted me!
That would be bad Karma probably!
This tale will frustrate those of you still awaiting payment.
I was lucky enough to have been able to log onto my account in the early hours of Friday 14/09/2007 and requested an electronic withdrawl. The money was credited to my BOI current account on 20/09/2007.
I have just discovered a duplicate credit on my BOI current account for the same amount dated 24/09/2007 i.e tomorrow! I did not make a second attempt to withdraw money, neither electronically nor by telephone.
When I logged into my NR account I noticed that the original withdrawl dated 14/09/07 is still listed as a pending tranaction. Perhaps, this triggered the duplicate?
I sent NR a secure e-mail from my account. I await their instructions!
Perhaps I should have transferred the duplicate to another depost account until NR contacted me!
That would be bad Karma probably!
I was in the same situation and went into the NR office on Friday at 12. It took less than 5 mins to get a cheque issued. Of course it still has to clear, but at least I have it! So it is worth going in, but I wouldn't advise going in first thing -- from what people were saying it had been much busier.
Is there any advantage to going up to Dublin Monday? Its meant to be in process? Any views. BTW dont say I am overacting (acting on behalf of elderly father) ..............[/quote]
Is there any advantage to going up to Dublin Monday? Its meant to be in process? Any views. BTW dont say I am overacting (acting on behalf of elderly father) ..............[/quote]
If you search back through this thread, you will see that a number of people have been paid twice - myself included. I rang them & advised straight away. They said they would get back to me on what to do next (they havn't). My account still shows that I have a pending widthdrawl also - so perhaps I might get paid a third time - who knows!
I was paid twice through an electronic transfer. I rang NR and they said they would remove the money from my BoFI account electronically.