Northern Rock bailed out by Bank of England

Godfather said:
Hi guys,

sorry but is there anyone still keeping a bit on NR?:confused: :confused: :confused: :confused:

Or are you all closing sorry? My God...:(
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I am currently writing them a letter which I will drop into their reception this evening, instructing them to transfer my money to by current A/C. I don't think they will want to see my face! I plan to leave enough to be covered by the £2000 100% guarantee. The problem as I see it, is that all the withdrawals have a multiplication effect on the amount they can loan. Which will quickly eat into the BOE bail out. eg for every euro/pound they have on deposit they can lend a multiple (1 to 5 ???) of it, by borrowing the difference.

Towger
 
Sunny said:
So all this mess is your fault for not leaving your money there :)
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I added another €8k to my savings there two weeks ago - that should have been enough to stem the tide! :) I can't get through today either, have a little over €50k there in total, my retired parents have a nice sum there too and we are not panicing, but will withdraw 99% from our accounts whenever we get through (guessing early next week). I will feel sorry speaking to their staff though...if everyone closes their accounts, surely most of their Irish staff will be let go?
 
I got through by phone a short while ago. I had been locked out of my a/c last night.

I didn't close the a/c - I left a small sum to keep it open. I rang a friend immediately and she also got through - she also kept her a/c open.


Marion
 
Just got through on the phone 01-4806050.Poor girl sounded distraught on the other end of the phone, emptied my account not sure if I've over-reacted????
 
I don't blame people for taking their money and running.
The average Irish Northern Rock customer has €100,000 on deposit.
If they go under, that's an average loss of about €80,000

Have begun trying to phone...
 
I just don't have the nerves for this!:eek: I had placed my funds (200K+) for a house into NR for ease of access to fund a new build.
I have been trying all day via website, 016020324 and that 1850 number (which by the way only gets you through to uk office which can just pass on your details to dublin).
Took advice posted here to concentrate on the dublin number and yippee just finished closing my account (big sigh of relief here!). As to personnel- guy I was talking to very relaxed and helpful under all the pressure, so hats off.
As to the money? under mattress seems like best place for now.
 
Harcibald posted


If you were in a position today, or even early next week, where you absolutely HAD to have €100k transferred from your online NR account to another bank - say it's the due date for a loan repayment, or you had written a huge cheque and your overdraft didn't cover it - then the fact of the matter is this - today you would be in deep doo-doo. Because the bank you trusted your money with made a bags of things
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I have to agree, the way this has been handled by NR is disgraceful, not enough staff to man phones, no capability of taking 25,000 customer at one time on their website ? I mean.... You would be in serious trouble if you badly needed to transfer money today.

Could they not have seperate contact details for those who wish to close their account so those of us who might want to move a few quid somewhere could do so without all the worriers holding up the system ?
 
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I got through on one of the Dublin numbers (014806050). The guy was very helpful and calm. I transferred most of my funds but still left a substantial amount.

You can't blame people for what some describe "panicking" in a situation like this, after all the reason people put money on deposit is the apparent security. So you can hardly blame them when that security "seems" threatened, even if in reality it isn't.

I'm sure the last thing Northern Rock wanted was news such as this coming out in the press and the subsequent fallout it was bound to create, so you would have to think that it really was a last resort. I had to laugh at their chairman's comments:

"And Northern Rock CEO Adam Applegarth stressed that Northern Rock remains solvent and said customers should be 'very greatly reassured' that the business is now backed by Bank of England funds.
'If I was a depositor, I'd think this was probably the safest place to invest,' he said"

The regular depositer does not see it like this!

As someone else pointed out, for the gain involved (4.5%, not even after DIRT) and the sleepless nights, you may as well invest in a fund or the stockmarket where you have a decent chance of beating inflation and still gettiong less sleeo :)
 
Havealaugh said:
Harcibald posted




I have to agree, the way this has been handled by NR is disgraceful, not enough staff to man phones, no capability of taking 25,000 customer at one time ? I mean.... You would be in serious trouble if you badly needed to transfer money today.

Could they not have seperate contact details for those who wish to close their account so those of us who might want to move a few quid somewhere could do so without all the worriers holding up the system ?
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I'm not sure that's a fair comment...how would they have foreseen the demand? Perhaps the perils of online accounts are being shown for all to see...
 
Just go thru on the 01-4806050 number.
Withdrew all but 1k. Missed the 4pm deadline so the money (if it ever arrives) won't be in my account 'til Monday evening.

I don't blame people for panicking and getting out.

When I first read about the Northern Rock problems on this website about three weeks ago, I began to make moves to open an Ulster Bank account... but let it slide.

When I woke to Morning Ireland and heard the news, I was thinking "you f**ing eejit".

Better to get out with your money than lose some or all of it, especially with so many warning bells sounding.

I'm reminded of that joke about the flooding and the devout Christian. He stood at the door to his house and a neightbour passing by in an SUV offered to rescue him. He said "no thanks, God is my saviour, he won't forsake me". The waters rose and he was forced to the roof of his house. A rescue dingy passed and offered to help him. He responded "no thanks, God is my saviour, he won't forsake me". A few hours later the water had continued to rise, he was standing on his chimney pot, up to the chin in water. A helicopter offered to bring him to safety. He said, again "no thanks, God is my saviour, he won't forsake me".
After the man had drowned and gone to Heaven he met God, and asked why he hadn't been rescued.
God replied "I sent you an SUV, I sent you a dingy, I sent you a helicopter...."
 
Just got thro on 01 6020324. Transferred bulk of my money out to my current account. Requested same day transfer so it should go through on Monday. Even though I feel NR is sound financially, this will help me sleep easier tonight.
 
I'm not sure that's a fair comment...how would they have foreseen the demand? Perhaps the perils of online accounts are being shown for all to see...
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What did they expect people would do ? All breath a sigh of relief as the bank is getting a loan from BOE, this is the first bank to receive a loan since revised rules in 1998, so of course people would worry and a lot panic. They should have provided for that
 
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