Page 1 of POLL: If u had savings in Northern Rock would u take them out?

Has to be a big yes from me espec. if I had more than £2000(think this is when sliding scale of compensation starts). It`s OK taking the p*** out ot watching those people in the queues but if no one could give u a guarantee that 100% of your savings were safe....a different kettle of fish methinks.
Pete

Most definitely



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The thing is...

if the Bank of England had confidence in N Rock why did it blab about needing to help out with the `liquidity` problem?

You`d have thought there was an agreement between the clearing/High Street banks and the Old Lady to keep it on a need to know basis if there really is no risk.

Seems like the Bank of England it`s covering it`s arse here, so it can turn around later and say it told us what it was doing.

Of course, the run will now run the risk of closing N Rock.

Bankers........*ankers! :p

This item was edited on Sunday, 16th September 2007, 12:48

I would, then buy shares in them, dont see a problem tbh, still got shed load of cash and shares will come back to normal prob within a year or so so killing to be made :)

Good point Bilko.

You`ll have made a killing in Barings then?

Good point Bilko.

You`ll have made a killing in Barings then?

Barings and Northern Rock Apples and Oranges, UK and US completely different laws, the only prob they r having is US banks NOT loaning because of there own incompetence with the US Morgage markets, Rock has plenty of money to rely on its just most is tied up in morgages which are completely safe. I stand by what i said if I had 10`s of thousands with them id take it and buy shares, 99% sure id at least get a 30% markup within a year.

http://news.bbc.co.uk/1/hi/business/6999615.stm

Rest my case :)

My answer was NO - the only way i would was if i had more than £35k and then id trf any amount above £35k to another bank. Why, well thats because of the following :

your first £2k is secured at 100%

the next £33k is secured to the tune of 90%

(therefore upto an amount of £35k your risk exposure is £3,300 - you arent going to get any more security anywhere else and that level of safety is pretty good)

The facts are that its been stated the bank is not going under, think about it from that position. Northern Rock will be sold to a new owner, the new owner will need to try and "reestablish" the brand. The easiest ways to do that are increase savings interest rates and offer better mortgage deals. Thus Northern Rock customers may actually benefit in the long term

I did consider looking into buying shares but figured not to as I knew i`d decide i couldnt justify outlaying my cash on it and so when I see any gains made i;d kick myself hehe

Chris

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One lady being interviewed yesterday was waiting to take three quarters of a million out :o

on that scale you can understand removing it, but the vast majority (99.9%) of people at northern rock really dont have much to worry about

Chris

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YNWA