Northern Rock bailed out by Bank of England

sapmanie said:
ajmullThat's great news! The more dumbass depositors that do this, the safer NR will be with all these €25 flowing in :-)Panic everyone! And make sure you choose "same day transfer" :-)
Click to expand...

So what's dumbass about it?
I don't owe any loyalty to NR and have no intention of taking any chances. Do you have money on deposit with NR and do you intend leaving it and taking your chances? If so, I'd ask who is dumbass. If not, don't be too smart.
 
ballyb100 you can carry out transactions over the phone, you just need to have all your details to hand - account number, name, address, nominated bank account code, recent transaction history, approx account balance etc.
 
Austik said:
ballyb100 you can carry out transactions over the phone, you just need to have all your details to hand - account number, name, address, nominated bank account code, recent transaction history, approx account balance etc.
Click to expand...

don't have my account number to hand. The ltter from NR confirming me opening my account is at home tho.
 
My advice would be why take the chance? Anyone with money on deposit with NR should withdraw it ASAP. There is no reasonable argument for not withdrawing the funds.
 
This is exactly what Warren Buffet was talking about - Mr. Market!I just bought a load of NR shares (just before they started to rise :-))) ).

Removed by moderator - No discussion of individual shares - please see Posting Guidelines

FYI I do have money in NR but have no intention of withdrawing it. If the BOE refused to bailout NR then I would be sweating blood, but they did, so there's no problems - just people's fear help making me rich :-)
 
Andy Doof said:
My advice would be why take the chance? Anyone with money on deposit with NR should withdraw it ASAP. There is no reasonable argument for not withdrawing the funds.
Click to expand...

Yes but there is no need to panic because you can't get on the website and withdraw money straight away. People are having panic attacks for no reason
 
Exactly!Sunny
Yes but there is no need to panic because you can't get on the website and withdraw money straight away. People are having panic attacks for no reason
Click to expand...
 
As mentioned elsewhere the UK depositor protection scheme which applies in the case of NR Ireland covers up to £37,500 or c. €54K (compared to €20K under the IFSRA depositor protection scheme) so anybody with less than that amount on deposit certainly should not panic if they are looking to withdraw and cannot right now and are worried about the worst case scenario.
 
As expected, the shorters in the UK market have made a huge killing and their closing of their positions (plus the likes of Buffet buying into the fall they and the news created) is now causing a bounce.

Should be interesting to see the analysis in the cold light of the weekend break from trading.

D.
 
From RTE Website -


A spokesman for Northern Rock has told RTÉ News that Irish consumers can rest assured that their money is safe after the Bank of England stepped in to provide an emergency loan to the UK mortgage lender after it ran into difficulties raising money on the wholesale financial markets.
He said there had been an increase in activity on the bank's website and this had caused it to slow down.
But he said there were no additional restrictions on withdrawals beyond any restrictions which usually apply

Northern Rock have issued at helpline number for customers who wish to contact them. The number is 1850 315115
 
Mods,

Can I suggest the title of this post be amended to avoid panic and scaremongering ? NR weren't bailed out they were given a loan by the BOE, there is a huge difference.
 
Thanks Lex - that's saved me the bother of ringing. I'm going to sit tight and leave my money there.
 
I have a bond with NR which doesn't mature untill next year. Should I be worried???
 
Havealaugh said:
Mods,

Can I suggest the title of this post be amended to avoid panic and scaremongering ? NR weren't bailed out they were given a loan by the BOE, there is a huge difference.
Click to expand...
To the average punter there is no real difference. BoE is the lender of last resort for UK banks so saying that they were bailed out is not totally inaccurate. I don't think that the thread title needs to be changed.
 
You must log in or register to reply here.
Back
Top