• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Northern Crock

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Northern Crock

    http://www.telegraph.co.uk/finance/n...s-to-724m.html

    Northern Rock made a £724m loss in the six months to June as its bad debt soared to £602m and warned that its £14.5bn taxpayer loan “will increase” once a planned restructuring is complete.


    CyberTory's favourite bank. What would the Tories have done?

    #2
    I believe that in the unlikely event of NL winning the next Election, Gordon plans to get a 125% of GDP Mortgage with the IMF to fund future spending plans. Another astonishingly prudent piece of business.
    “The period of the disintegration of the European Union has begun. And the first vessel to have departed is Britain”

    Comment


      #3
      Sorry to be the bearer of bad news but the N/Rock position is going to get worse before it gets better, I'm afraid; on the upside, with 3.92% bad debts on a loan book that size they'll have some cracking statistical models in time!

      Comment


        #4
        The govt is planning to split northern crock into two, one half will be good and
        returned back to the private sector by next year, the bad half will be written off by tax payers over several years, seems like a bad attempt to window dress before the election, not the NL have any chance of winning .

        Comment


          #5
          That's what you get if you encourage all good customers to go to other lenders in order to reduce the mortgage book, but raise rates charged to those unable to move to unrealistic rates.
          HMG are responsible for these losses due to their stupid policies, which they have actually reversed after realising it was stupid to reduce lending in a recession. Yet another sign of Labour incompetence !!

          Comment


            #6
            Originally posted by Bright Spark View Post
            The govt is planning to split northern crock into two, one half will be good and
            returned back to the private sector by next year, the bad half will be written off by tax payers over several years, seems like a bad attempt to window dress before the election, not the NL have any chance of winning .
            Couldn't some rich sheikh take it over? Nope, I suppose even fabulously wealthy arabs arn't that stupid.
            McCoy: "Medical men are trained in logic."
            Spock: "Trained? Judging from you, I would have guessed it was trial and error."

            Comment


              #7
              Originally posted by Cyberman View Post
              Cyberman is responsible for these losses due to his stupid policies, which he's actually reversed after realising it was stupid to reduce lending in a recession. Yet another sign of CyberTory incompetence !!
              Did you hear Peston on R4 this morning? Bet it made your blood boil - excellent!

              Comment


                #8
                Originally posted by Peoplesoft bloke View Post
                Did you hear Peston on R4 this morning? Bet it made your blood boil - excellent!

                No, but he is an idiot anyway and was responsible in a major way for the bank run. I'm just waiting for the ECOHR case, to have the last laugh.

                Comment


                  #9
                  Originally posted by lilelvis2000 View Post
                  Couldn't some rich sheikh take it over? Nope, I suppose even fabulously wealthy arabs arn't that stupid.
                  Oh I dunno...........they have taken over Man City!!
                  “The period of the disintegration of the European Union has begun. And the first vessel to have departed is Britain”

                  Comment


                    #10
                    Originally posted by shaunbhoy View Post
                    Oh I dunno...........they have taken over Man City!!
                    True!
                    McCoy: "Medical men are trained in logic."
                    Spock: "Trained? Judging from you, I would have guessed it was trial and error."

                    Comment

                    Working...
                    X