Northern Rock Shares Collapse
#63
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I would imagine that NR directors are just hoping that there is something else to distract the media for a few days......... Something like "Maddie found safe and well playing quoits on deck of Titanic with Princess Diana"
#66
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I've just driven past my local estate agent and its empty. No staff in there at all.
Normally I'd conclude they're out to lunch, but in todays climate surely it can only be the buying and selling of houses has stopped, and they're all down the job centre looking for alternative employment?
Normally I'd conclude they're out to lunch, but in todays climate surely it can only be the buying and selling of houses has stopped, and they're all down the job centre looking for alternative employment?
#68
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lol - its not as simple as that. Doris and Ethel taking out their £100 each wont be an issue - the BOE money is to allow them to carry on lending out millions at a time.
#69
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So, can I panic and refuse to pay my mortgage on the basis that I don't want to fund the peasants who are madly withdrawing their cash. Surely, if I withold funds then I'm doing Northern Rock a favour, if in my small way I'm tightening their liquidity?
#71
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I understand the mortgage side of the business and keeping that going with liquidity propped up my BoE. But you seem very sure of the "Doris & Ethel" side of things. Just how much do these BS have in their customer savings' portfolios; I thought it would be fairly substantial? And what other assets do they have? dl
#72
They hold something like 24 billion on deposit. Doris and Ethel would need big pockets to clear out 24 billion, but even if they did, BoE have agreed to give them an overdraft to continue operating. The problem for Northern Rock is cashflow at the minute. It is a sound business and is solvent. The difference between NR and Equitable Life is that EL wasn't a sound business. It was actually paying out more than it was bringing in and had (foolishly with hindsight) guaranteed to continue to do so.
#74
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They hold something like 24 billion on deposit. Doris and Ethel would need big pockets to clear out 24 billion, but even if they did, BoE have agreed to give them an overdraft to continue operating. The problem for Northern Rock is cashflow at the minute. It is a sound business and is solvent. The difference between NR and Equitable Life is that EL wasn't a sound business. It was actually paying out more than it was bringing in and had (foolishly with hindsight) guaranteed to continue to do so.
OK - thanks.
But why the hell should BoE simply bail them out (with my money)? I can see that politically and economically it would be better if they kept going but it's a private company that, some would argue, got into this mess by being over ambitious coupled with some bad luck with sub-prime market conditions os. dl
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Its not serious - its stupid. All be normal by moday.
lol - looking forward to 5pm - i want to see etel and mildren riot in the street when they the bank shuts the doors
lol - looking forward to 5pm - i want to see etel and mildren riot in the street when they the bank shuts the doors
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#82
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#84
These shares will bounce back come Wednesday next week - profit of £1:82 each - 10,000 shares would result in £18,200 profit on an outlay of around £46,000 ................ over 5 days
Life is sweet ........
Life is sweet ........
#85
OK - thanks.
But why the hell should BoE simply bail them out (with my money)? I can see that politically and economically it would be better if they kept going but it's a private company that, some would argue, got into this mess by being over ambitious coupled with some bad luck with sub-prime market conditions os. dl
But why the hell should BoE simply bail them out (with my money)? I can see that politically and economically it would be better if they kept going but it's a private company that, some would argue, got into this mess by being over ambitious coupled with some bad luck with sub-prime market conditions os. dl
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Exactly - its like Asda's milk supplier running out and them getting their mil from a more expensive source to tied them over....bad for profits, not much else. (no doubt morons would all stock pile milk though)
#90
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Well hopefull when my fix rate with NR ends next may i can off load some of these shares to pay for the increase
If they arent up from 3.55pm today in 6 months ...... i'd be rather surprised.
If they arent up from 3.55pm today in 6 months ...... i'd be rather surprised.