Government widens Northern Rock guarantee

[Sysman]

"The Government has extended its guarantee for Northern Rock savings deposits to the bulk of the lender's commercial loans in a move that will reinforce calls for it to be nationalised."

linky

Doom, gloom etc

[BrilloPad]

"The Government has extended its guarantee for Northern Rock savings deposits to the bulk of the lender's commercial loans in a move that will reinforce calls for it to be nationalised."

linky

Doom, gloom etc

I think this is great. End of Labour government nigh. When is the election?

[Churchill]

I think this is great. End of Labour government nigh. When is the election?

Another two years away.

[BrilloPad]

Another two years away.

damn you are right. was 2005? May? so it might be longer!

I need a lie down...

[threaded]

The girls all call me 'Stretch'.

[Cyberman]

"The Government has extended its guarantee for Northern Rock savings deposits to the bulk of the lender's commercial loans in a move that will reinforce calls for it to be nationalised."

linky

Doom, gloom etc

The irony is that Northern Rock is now by far the safest place to put your cash. Other banks are looking seriously dodgy at the moment, and do not have this guarantee. How many people, I wonder, know that if you had accounts in various subsidiaries of one bank(eg: HBOS owns Bank of Scotland, Halifax and Birmingham Midshires), that if HBOS folds, only one deposit would be covered by the guarantee of 90% of 35,000 pounds) and the others would be lost? Likewise, The Abbey and Cater Allen are linked.

I spotted a very interesting, and concerning article today that explains how banks are struggling to maintain their mandatory capitalisation requirements which is making the liquidity situation worse, as they hoard cash.

http://onlinejournal.com/artman/publ...cle_2749.shtml

[AtW]

The irony is that Northern Rock is now by far the safest place to put your cash.

Do you believe a single word this Govt says? I don't.