Is Northern Rock the safest Bank in Britain?
Is Northern Rock the safest Bank in Britain?
30 September 2008, 05:45 PM
#2
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But now the Irish Government have guaranteed every penny of investors money ........ maybe that's where the money should flow?
I've just pulled out of an Icelandic Bank (not the one which went bust) - where have you lot parked your money?
I've just pulled out of an Icelandic Bank (not the one which went bust) - where have you lot parked your money?
30 September 2008, 05:51 PM
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I'm spending all my money in a one-man effort to keep the country going. If you all join me, we can reverse the recession! At least my way you'll have something to show for your savings rather than them just getting taken by your bank when it collapses
30 September 2008, 06:06 PM
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Because it's cheaper than paying the FSA compensation out. The FSA fund is only big enough to pay 32% of what is "held" by Northern Rock!
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30 September 2008, 07:12 PM
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30 September 2008, 07:18 PM
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NR will shut it's doors to new savers soon, it's almost at the limits it agreed for the savings it takes. Let me find the article I read...
Times Online
Times Online
NORTHERN ROCK is within days of being forced to stop taking savings from new customers after a rush of deposits into the nationalised bank.
More than £1 billion of savings has flooded into it in the past two weeks, following the continuing chaos that has engulfed the banking sector. The government guarantees underpinning Northern Rock have been encouraging savers to move their cash.
The influx has pushed the bank close to the caps imposed by European competition laws which restrict its ability to compete with the banking industry for customer deposits.
Northern Rock has agreed to hold no more than £17.6 billion in customer deposits – equivalent to 1.5% of all savings held in British institutions.
More than £1 billion of savings has flooded into it in the past two weeks, following the continuing chaos that has engulfed the banking sector. The government guarantees underpinning Northern Rock have been encouraging savers to move their cash.
The influx has pushed the bank close to the caps imposed by European competition laws which restrict its ability to compete with the banking industry for customer deposits.
Northern Rock has agreed to hold no more than £17.6 billion in customer deposits – equivalent to 1.5% of all savings held in British institutions.
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