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Old 14 September 2007, 02:01 PM
  #61  
StudentScooby
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Its major panic stations hahahahaha
Old 14 September 2007, 02:09 PM
  #62  
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Starting to find it very comical at the minute.
Old 14 September 2007, 02:10 PM
  #63  
David Lock
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Originally Posted by The Snug Rhino


...but why are people jumping to the "it will crash" conclusion?
So are you saying that BoE will just give them as much cash as they need to cover the total value of savings deposited with them if everyone pulls out?

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"
Old 14 September 2007, 02:10 PM
  #64  
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Their website : Due to a temporary technical issue, we are not able to offer our full range of services. We expect to resume normal service shortly.
Old 14 September 2007, 02:15 PM
  #65  
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judging by the queue I've just seen, Mecca Bingo will be the next to go under...
Old 14 September 2007, 02:16 PM
  #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?


Old 14 September 2007, 02:22 PM
  #67  
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Lots of panic stricken faces in town
Old 14 September 2007, 02:27 PM
  #68  
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Originally Posted by David Lock
So are you saying that BoE will just give them as much cash as they need to cover the total value of savings deposited with them if everyone pulls out?
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.
Old 14 September 2007, 02:30 PM
  #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?

Old 14 September 2007, 02:32 PM
  #70  
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Originally Posted by pwhittle
judging by the queue I've just seen, Mecca Bingo will be the next to go under...
Old 14 September 2007, 02:43 PM
  #71  
David Lock
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Originally Posted by The Snug Rhino
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.
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
Old 14 September 2007, 02:56 PM
  #72  
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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.
Old 14 September 2007, 03:00 PM
  #73  
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457.000 DOWN -182.00 ........... -28.48%

I would get my money out too - when the 'experts' say 'don't panic' then YOU DO PANIC!!!!
Old 14 September 2007, 03:07 PM
  #74  
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Originally Posted by fast bloke
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
Old 14 September 2007, 03:09 PM
  #75  
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5 hour long queues at NR!!!

Bloody hell - this is SERIOUS!!!
Old 14 September 2007, 03:31 PM
  #76  
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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
Old 14 September 2007, 03:33 PM
  #77  
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Originally Posted by The Snug Rhino
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
Don't laugh, I bet a head shot with a zimmer frame stings a bit!
Old 14 September 2007, 03:45 PM
  #78  
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Shares down 32% now!
Old 14 September 2007, 03:47 PM
  #79  
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Originally Posted by Paul3446
Shares down 32% now!
Got to be a great long term buy at that level.
Old 14 September 2007, 03:50 PM
  #80  
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I'm no expert, but isnt their reputation now so shot that nobody is going to want a mortgage from them, never mind save with them?

Surely buying the shares is money down the drain now
Old 14 September 2007, 03:52 PM
  #81  
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Originally Posted by The Snug Rhino
another 10% and its time to buy some shares! they are fast approaching very good value.
they have gone down nearly 10% since you posted this....going to get some then??
Old 14 September 2007, 03:59 PM
  #82  
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Originally Posted by GOLDMAN 555
they have gone down nearly 10% since you posted this....going to get some then??
yes
Old 14 September 2007, 04:18 PM
  #83  
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Originally Posted by The Snug Rhino
yes
Don't forget the new smilie

Old 14 September 2007, 04:24 PM
  #84  
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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 ........
Old 14 September 2007, 04:26 PM
  #85  
Deep Singh
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Originally Posted by David Lock
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
BOE said they would prop up any institution that was having problems not due to poor practice. NR has NO exposure to subprime(so it says), has made no bad investments etc but just can't get hold off enough cash on the open markets to run its business.
Old 14 September 2007, 04:38 PM
  #86  
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Heard on the radio there is people taking out 150k
Old 14 September 2007, 04:43 PM
  #87  
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Originally Posted by StudentScooby
Heard on the radio there is people taking out 150k
There ARE people taking £150k out .... not a student of English I take it?
Old 14 September 2007, 05:04 PM
  #88  
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Originally Posted by Deep Singh
just can't get hold off enough cash on the open markets to run its business.
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)
Old 14 September 2007, 05:06 PM
  #89  
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So, anyone know some good share brokers who charge low commission? (seriously) I feel a share purchase coming on early next week
Old 14 September 2007, 05:09 PM
  #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.


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