Northern rock

Re: Northern rock

i read about it in the sun this morning, was thinking of opening an account with them and put 100 quid in just incase it gets taken over no doubt u will recieve payout

didnt that happen a while ago

sounds like my bank account when ive just been paid

aye there was about 30 or 40 people queuing on saturday mornin at the northern rock cashpoint in hexham

oh well, thats what i got told would happen anyways

In our Gosforth branch on Friday alone, 10million pound was deposited from Northern Rock accounts.

On Saturday our branch took another 2 million pound from them with a further 2.2 mill from 1 customer alone.

I saw one lady who was going to deposit money in her NR account though on Sat so it's not putting anyone off, however she couldn't actually be arsed to put it in as the queue at the branch was too big.

somebody famous or just a rich dude?

Just a local businessman

nah, the dodgy ones make up a very small minority of business, it's the people's attitiues about it and scaremongering by the press that is causing the problems.

Just the papers making mountains out of molehills. stupid tory cunt cameron has jumped on the bandwagon now too. Fuckin ridiculous - surprisingly it's all labour's fault according to him...the nort east's economy will suffer greatly if they do go out altogether.

Hopefully other banks will now realise they cant just hand out money left, right and centre..... maybe its what we all needed to get our debt crisis sorted out!!

Melt?

northern rocks business model is pretty unique and has ultimately cost them in the end.

2 billion taken out is incredible. they are fucked basically. no doubt will be swallowed up by a bigger fish.

i feel for the poor people who have had to work on the cash desks in the branches.

I highly doubt they are fucked in the long term.

It's the people queuing outside the branches that worry me. Basically taking their money out of an institution that has secured lending from the Bank of England (which would only be the case if the BofE felt it was a short term problem) and probably putting it into another that is undoubtedly also affected but without the BofE support. I'm well jealous that these people have so much more money than me.

I can think of a fair few lenders that are going to be far more fucked than NR because they've lent too much money to people who can't afford it. And I do work each day for one of them.

actually, 2 billion taken out of NR makes no difference whatsoever to the running of the business, if people actually knew the whole story behind whats happening and didnt make up their mind without all the facts, they would realise that every customer could take out their savngs account with NR and the rock could still function perfectly fine.

people also dont realise that what is happening with the savings side of the business has absolutely no correlation to what is happening within the mortgage side, so the fact that people are withdrawing their savings is completely pointless, moreso due to the fact that NR is nowhere near going bust.

also, the BOE doesnt loan money to company unless the are 110% sure they are going to be receiving it back, which proves NR are being back very strongly. as wel as this, the loan NR have recived from thge bank of engand hasnt even been touched and is just there simply as a backup, just in case.

the irony in the situation is that poeple are taking out their money from northern rock and sending it to their other banks, who wil, as you will see in the next 2-3 weeks, be coming out of the woodwork and aditting they have been hit with exactly the same problems as NR, as NR are the only one who come forward about this and made a public statement, so soon these people who have withdrawn their funds, will be putting them straight back in again. and will more than likely be complaining about their 'loss of interest' and will want reimbursed. and the asnwer will be...... NO!!

hopefully poeple who read this post are a little more clued up as to what is going on with NR, as this is first hand information.

So, you think Northern Rock are going to survive?

I dont think they will. They are losing customers in their droves and will struggle to attract new customers.

of course it does. if it makes no difference why are they in the business of savings accounts.

People worry too much.