Who has money in Northern Rock?

[Mark]

I have £21.57 so I am not bothered.

[oily oaf]

I've got a mortgage with 'em plus a few grand in savings and I'm not bothered either :s mokin:
A mate of mine in the City made 2k yesterday buying NR stock at 320p and flogging it in the afternoon at 540p.
Better than working innit?

[RaikkonenRules]

Never even heard of Northern Rock until now. I'm guessing it's a bank. :s

[jim mcglinchey]

[quote="oily oaf"]


'arf a mo', their shares dropped 30% yesterday, how did he manage that then?

[Dave B]

If I had money in NR I'd take it out and invest it in their shares too. They're almost certain to rally. The sight this morning of people panicing and queuing round the block to withdraw their money was silly.

[SEATFreak]

Good news is I did have but changed to Barclays. :up:

Bad news is I still have shares. :down:

Good news is I haven't the faintest clue about shares so I am not able to give a toss about the loss of so many of my shares. :up: :cheese:

[Drew]

If I had money in Northern Rock, you can bet your bottom dollar I would be in that queue and would have been there since 7:30am :p :

[Daniel]

There were multiple accusations on our forum at work about Northern Rock trying to stop customers accessing their funds :mark: Ridiculous. It's against the law for them to do this.

Congratulations SeatFreak. You have shares in the company so you then took out the money they would use to lend to people to make revenue which would therefore increase the value of your shares. Silly........ You also put your money into a bank that has a great reputation for paying the least interest in the industry :mark:

I noticed it was mainly people over the age of 200 queuing up to get their money out not realising that the first £2k of their funds is 100% protected by the government and the next £33k is 90% guaranteed by the government and finally that they're just wrong. Northern Rock is solvent and wouldn't have Bank of England backing if it wasn't. It's the sort of hysteria that can bring down a company. Just like I'm told the rumours of fuel shortages are what caused fuel shortages once in the past :mark: This country is truly confusing....... OMFG we're all going to die! Lets stab each other just to make sure :mark:

[Daniel]

I've got a mortgage with 'em plus a few grand in savings and I'm not bothered either :s mokin:
A mate of mine in the City made 2k yesterday buying NR stock at 320p and flogging it in the afternoon at 540p.
Better than working innit?
Well at least someone benefited from the general stupidity of the populace :D

[Mark]

People yesterday were on saying that thier account had been frozen when it was just that the web server was down.

[Daniel]

Yup. People were accusing them of freezing their funds :confused:

[J4MIE]

Lets face it, the general public are stupid and it's this sort of action that is making it worse for Northern Rock.

[Mark]

Stupid? Or mistrustful? My mum has money in there and on Monday she is taking it out. She has other accounts with other banks so why not.

[J4MIE]

Yes as usual you're right Mark, but you can't deny that it's adding to the problems faced. Surely branches might start running out of money or something? A branch in Glasgow closed at noon today and didn't let any customers come in...

Surely it must have some sort of online banking, saves queuing up for aaaages? :s

And to further confirm my humiliation here, I guess if I had any money, I'd be closing my account too :\

[oily oaf]

There were multiple accusations on our forum at work about Northern Rock trying to stop customers accessing their funds :mark: Ridiculous. It's against the law for them to do this.

Congratulations SeatFreak. You have shares in the company so you then took out the money they would use to lend to people to make revenue which would therefore increase the value of your shares. Silly........ You also put your money into a bank that has a great reputation for paying the least interest in the industry :mark:

I noticed it was mainly people over the age of 200 queuing up to get their money out not realising that the first £2k of their funds is 100% protected by the government and the next £33k is 90% guaranteed by the government and finally that they're just wrong. Northern Rock is solvent and wouldn't have Bank of England backing if it wasn't. It's the sort of hysteria that can bring down a company. Just like I'm told the rumours of fuel shortages are what caused fuel shortages once in the past :mark: This country is truly confusing....... OMFG we're all going to die! Lets stab each other just to make sure :mark:

Hehehehe Spot on Daniel.
These are the same people who upon hearing of a possible fuel shortage rush to the pumps to fill up and thereby turn the possibility into a certainty :rolleyes:
Air headed mugs to a man.

Jim the share price fluctuated yesterday as confidence grew and then dissipated which prompted the dealer in question to sell at a profit.
He had initially intended to hang on to the shares until the scream's off and make a killing a few weeks down the line.
I guesss the lure of a fast buck was too much for the poor sod.

[Daniel]

Thing is you should always have your money in the account with the highest level of interest. As I said the government affords a fairly good level of protection to people with savings accounts. I think people should be responsible with their cash and not cause the very things they're worried about.

[oily oaf]

Just watched the news and witnessed first hand thousands of these muppets spending a glorious sunny day queueing to withdraw their dosh from their local branches.
Don't these people grasp the simple fact that NR is a thriving business with a temporary cash flow problem caused partly through the credit squeeze over the pond and partly due to the particular trading methods that NR utilise.
When I looked at their vacant little lemming type faces and listened to them bleating on about losing all their wedge I felt the will to live slowly drain from my weary body.
I bet most of 'em only had about 200 quid in there to start with :rolleyes:

[Daniel]

Hehehehe Spot on Daniel.
These are the same people who upon hearing of a possible fuel shortage rush to the pumps to fill up and thereby turn the possibility into a certainty :rolleyes:
Air headed mugs to a man.

My parents have just arrived in London last night :D

They're going to think England is a country full of gormless morons now :mark:

You know I was actually thinking yesterday when someone mentioned the self-caused fuel crisis that perhaps I should buy a jerry can and keep 20 litres of diesel at home just in case the public decide we need another fuel shortage :rolleyes: My dad keeps 40l of fuel at home mainly because he can't be bothered going to the petrol station every few days (he's a courier) but I guess it's a good way of ensuring you don't become the victim of hysterical people causing a fuel shortage either.

[Daniel]

Just watched the news and witnessed first hand thousands of these muppets spending a glorious sunny day queueing to withdraw their dosh from their local branches.
Don't these people grasp the simple fact that NR is a thriving business with a temporary cash flow problem caused partly through the credit squeeze over the pond and partly due to the particular trading methods that NR utilise.
When I looked at their vacant little lemming type faces and listened to them bleating on about losing all their wedge I felt the will to live slowly drain from my weary body.
I bet most of 'em only had about 200 quid in there to start with :rolleyes:
Like I said they're pretty much guaranteed to get most of it back IF the unlikely happens and Northern Rock goes under. The thing is it'll be the public's doing if they do go under.

[oily oaf]

Like I said they're pretty much guaranteed to get most of it back IF the unlikely happens and Northern Rock goes under. The thing is it'll be the public's doing if they do go under.

The only people with the slightest justification for withdrawing funds are those with more than 35k in savings as anything above this sum is unprotected.
The worst case scenario is that NR are taken over by another bank such as ING or Barclays in which case savers and borrowers will be completely unaffected.
My money's on a slow recovery and a nice little earner for those with enough savvy to buy shares at rock bottom and wait for the inevitable bounce back.

[Daniel]

The only people with the slightest justification for withdrawing funds are those with more than 35k in savings as anything above this sum is unprotected.
The worst case scenario is that NR are taken over by another bank such as ING or Barclays in which case savers and borrowers will be completely unaffected.
My money's on a slow recovery and a nice little earner for those with enough savvy to buy shares at rock bottom and wait for the inevitable bounce back.
Yup. I can't remember what his name was but the guy on Radio 2 yesterday said that no one should have more than £35k in one single savings account anyway. They should spread it around within the banks that offer decent rates and their money will be safe :) He then went on to publicly bollock Barclays for paying a crap rate of interest :D I wish I had money to invest. When confidence is low but economies are still strong it's a great little way to earn a lot of money :D

I think it's great that some people will be giving their money to Barclays and getting from 4.52-5.6% interest when Barclays will be lending it out to people at a higher rate (thus making themselves a tidy wedge) than that plus others like HSBC will be giving you up to 6.25% interest or more....... :D I bet the other banks are rubbing their hands together with glee.

Anyway burn anyone outside a Northern Rock branch face down!!!!!!

[Mark]

Jamie, the branch closed at 12 because they always close at that time on a Saturday :p

[Erki]

No, I don't have money in Northern Rock.

Next question, please. :)

[jim mcglinchey]

Perhaps alot of the people queing to get their life savings out are people who had been misled about company pensions which turned out to be less than they had paid in, and perhaps they havent got too much faith in the assurances of rich b+++++ds who rely on the small people at the bottom of the pyramid for their untold wealth.

[Daniel]

Perhaps alot of the people queing to get their life savings out are people who had been misled about company pensions which turned out to be less than they had paid in, and perhaps they havent got too much faith in the assurances of rich b+++++ds who rely on the small people at the bottom of the pyramid for their untold wealth.
Buyer beware :) My mum runs her own pension fund so the only person who can cheat her out of money is her :D

[Mark]

It seems that the only outcome here is that Northern Rock will be sold off, if that is going to be as a whole or it's assets broken up and auctioned off is the only thing we can't be sure of.

But right now 5,000 jobs in the Northern Rock head office in Newcastle are under serious threat.

[Daniel]

It seems that the only outcome here is that Northern Rock will be sold off, if that is going to be as a whole or it's assets broken up and auctioned off is the only thing we can't be sure of.

But right now 5,000 jobs in the Northern Rock head office in Newcastle are under serious threat.
This is what irritates me.

Apparently Barclays have also taken out a not insignificant loan from the BoE but where is the media coverage of this? :mark:

It's a pity that the only people who will pay for this are the Northern Rock employees. Companies have a certain responsibility to not intentionally cause financial problems for other companies. I could understand people taking their money out if Northern Rock were insolvent and couldn't cover people's savings but that's simply not the case and the BoE, the chancellor and the FSA have all stated that Northern Rock are solvent. Yet people know best and just for their peace of mind they're going to cause people to lose their jobs. I think it's a very selfish attitude to be taking and one that the financial authorities should actively seek to discourage. After all a stable banking industry is what we all need and a Northern Rock collapse doesn't help that. The BoE have gone half way in backing NR with money. They should now come out and publicly bank Northern Rock.

[Daniel]

http://uk.biz.yahoo.com/31082007/214/barclays-confirms-1-6bn-boe-emergency-loan.html
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2310508.ece

Barclays took out a 1.6 BILLION pound emergency loan back late in August. People should realise that this credit crunch has an effect on every bank. Not just Northern Rock.

[BDunnell]

Northern Rock is solvent and wouldn't have Bank of England backing if it wasn't. It's the sort of hysteria that can bring down a company. Just like I'm told the rumours of fuel shortages are what caused fuel shortages once in the past :mark: This country is truly confusing....... OMFG we're all going to die! Lets stab each other just to make sure :mark:

My thoughts exactly. It's another panic driven in part by elements of the media, though to be fair this sort of thing could be reported in the blandest terms with the message 'there's nothing to worry about', as it was on BBC Radio 4, and people would still go crazy.

[Daniel]

My thoughts exactly. It's another panic driven in part by elements of the media, though to be fair this sort of thing could be reported in the blandest terms with the message 'there's nothing to worry about', as it was on BBC Radio 4, and people would still go crazy.
Yup. Sadly people are stupid.

Apparently they all know better than the BoE, the chancellor and the FSA :D

To me this is all a symptom of what I like to call "Rage Against the Machine" syndrome. Basically when the authorities say everything's alright so people assume that we're doomed and when the authorities say we're forked they just disregard it :)

[Dave B]

Classic example of what Daniel says: the BBC One O'Clock News showed a woman queuing outside Northern Rock to withdraw her savings, saying "I've lost faith in the whole banking system".

Eh? :confused:

The whole banking system?

Another person (or actually it might have been the same woman, I was still struggling to believe what I'd just heard) said they were thinking of keeping their money under their mattress, like their grandparents. :s

I'm seriously considering buying shares...

[Mark]

I'm seriously considering buying shares...

Dave,
If I had a bit of money to spare, I would be doing the same!

[BDunnell]

Yup. Sadly people are stupid.

Apparently they all know better than the BoE, the chancellor and the FSA :D

To me this is all a symptom of what I like to call "Rage Against the Machine" syndrome. Basically when the authorities say everything's alright so people assume that we're doomed and when the authorities say we're forked they just disregard it :)

Very well put.

[BeansBeansBeans]

To me this is all a symptom of what I like to call "Rage Against the Machine" syndrome.

Sufferers may also exhibit other symptons, such as a tendency to make trite political statements, and a propensity for jumping around to bad rap / rock music.

[Daniel]

Sufferers may also exhibit other symptons, such as a tendency to make trite political statements, and a propensity for jumping around to bad rap / rock music.
I like Rage Against the Machine though :erm: I don't jump around though :cheese:

One moron on the not-Jeremy Vine show (I don't know who's filling in for him) said that a family car costs £15k :mark: Wtfsticles? My 406 cost me £975 and I once had 4 adults inside and surprisingly enough I still had room for shopping in the boot as well ;)

[Daniel]

Classic example of what Daniel says: the BBC One O'Clock News showed a woman queuing outside Northern Rock to withdraw her savings, saying "I've lost faith in the whole banking system".

Eh? :confused:

The whole banking system?

Another person (or actually it might have been the same woman, I was still struggling to believe what I'd just heard) said they were thinking of keeping their money under their mattress, like their grandparents. :s

I'm seriously considering buying shares...
Agreed. I wish my 3k of shares in my company were "liquid" and not tied in for another 3 years. I'd invest in NR in a few days and profit from the stupidity of these morons :)

[Daniel]

Very well put.
No it wasn't.

[RWD]

Once a cheque I put in the bank is cashed, I am planning on buying some shares. Its expected Northern Rock could be the focus of some take over bids.

Time to put yer money in, not take it out.

[4linkbox]

Good news is I did have but changed to Barclays. :up:

Bad news is I still have shares. :down:

Good news is I haven't the faintest clue about shares so I am not able to give a toss about the loss of so many of my shares. :up: :cheese:

Maybe not a wise move SEATFreak:

http://news.bbc.co.uk/1/hi/business/6971731.stm

Although their "explanation" was a bit different Barclays had to do the same thing a couple of weeks back.

[oily oaf]

Once a cheque I put in the bank is cashed, I am planning on buying some shares. Its expected Northern Rock could be the focus of some take over bids.

Time to put yer money in, not take it out.

Patience and prudence are the two key words here.
According to a City boy of my acquaintance quite a few of his compadres are waiting for NR shares to dip below market value before buying them up big style.
However there is a risk involved as a takeover or splitting up of NR is most definitely on the cards which could mean shares are suspended which is very frustrating.
In short never risk more than you can afford to lose.
Me? I'm waiting for the green shoots of recovery to make an appearance before I risk any of my hard earned folding. Then I'll be in like a rat up a drainpipe :s mokin:

I see The Muppet Show was in evidence again today as thousands of jelly-spined half wits queued up outside NR branches throughout the country.
No wonder we're known as "The Bulldog Breed" eh folks.
I tell ya what chaps and chaparinettas if they had more than 1 brain cell they'd be dangerous ;)

[Daniel]

Maybe not a wise move SEATFreak:

http://news.bbc.co.uk/1/hi/business/6971731.stm

Although their "explanation" was a bit different Barclays had to do the same thing a couple of weeks back.
An even worse decision considering barclays pay crap rates of interest.

[oily oaf]

Classic example of what Daniel says: the BBC One O'Clock News showed a woman queuing outside Northern Rock to withdraw her savings, saying "I've lost faith in the whole banking system".

Eh? :confused:

The whole banking system?

Another person (or actually it might have been the same woman, I was still struggling to believe what I'd just heard) said they were thinking of keeping their money under their mattress, like their grandparents. :s

I'm seriously considering buying shares...

My grandparents kept their spondoolics under the mattress.
Unfortunately I burnt the pair of them face-up in their bed as a reprisal for a rather cheap and nasty birthday gift in 1981 and their entire life savings went up in smoke.
Ah halcyon albeit murderous, incendiary days indeed my friends :vader:

[Daniel]

My grandparents kept their spondoolics under the mattress.
Unfortunately I burnt the pair of them face-up in their bed as a reprisal for a rather cheap and nasty birthday gift in 1981 and their entire life savings went up in smoke.
Ah halcyon albeit murderous, incendiary days indeed my friends :vader:
You made me laugh out loud at work in a room without about 100 people in it you bugger :p

[oily oaf]

You made me laugh out loud at work in a room without about 100 people in it you bugger :p

(applies black face makeup, dons white gloves and quivers hands either side of face)
"Well hush ma mouth Masser Daniel" ;)

[RWD]

Patience and prudence are the two key words here.
According to a City boy of my acquaintance quite a few of his compadres are waiting for NR shares to dip below market value before buying them up big style.
However there is a risk involved as a takeover or splitting up of NR is most definitely on the cards which could mean shares are suspended which is very frustrating.
In short never risk more than you can afford to lose.
Me? I'm waiting for the green shoots of recovery to make an appearance before I risk any of my hard earned folding. Then I'll be in like a rat up a drainpipe :s mokin:


I do alot of trading on the stock markets, only ever made a loss once, usually I double my money at least, and I quite fancy the gamble on NR

[Dave B]

The government has guaranteed all the Northern Rock savings, on top of that already safe under the FSA scheme.
http://news.bbc.co.uk/1/hi/business/6999615.stm

So let's see how many numpties are still in the queue tomorrow morning :rolleyes:

Time to invest in some shares? This graph can't get much lower:
http://newsimg.bbc.co.uk/media/images/44121000/gif/_44121860_northernrock_203.gif

[Daniel]

That's simply not good enough Dave. It's my money and I want to know it's safe. Is what I'd say if I was 450 years old and had money in Northern Rock.

[Daniel]

i think anyone who queue's outside a NR branch tomorrow should be arrested.

[BeansBeansBeans]

i think anyone who queue's outside a NR branch tomorrow should be arrested.

I'll tell you who has my sympathy.

Those poor buggers who've gone down to their branch to do something normal (put some cash in, pay a bill, withdraw some spends...etc) and have ended up stuck in a queue behind 300 panicking Daily Mail readers.

[oily oaf]

I do alot of trading on the stock markets, only ever made a loss once, usually I double my money at least, and I quite fancy the gamble on NR

I have been known to stake a bob or two on equities myself RW but I usually stick to blue chip stocks. NR is a tad too risky right now. I'm reliably informed that at the moment it's too close to call.
But hey! It's your wedge mate :D

[oily oaf]

I'll tell you who has my sympathy.

Those poor buggers who've gone down to their branch to do something normal (put some cash in, pay a bill, withdraw some spends...etc) and have ended up stuck in a queue behind 300 panicking Daily Mail readers.

Ag ag ag ag ag ag.
I might have known you'd show empathy towards "The Great Unwashed" Beans ;)
"Kosher NR customers of the world unite. You have nothing to lose but your place in the bleedin' queue"

VIVA EL REVOLUCION! VIVA!

[GridGirl]

The more and more I read about this whole Northern Bank mess it just reminds me of that scene in Mary Poppins where the kid didn't want to put his 2p in the bank and then all the customers in panic withdrew all the money because of the fuss he made about it! :s

[DonnieDarco]

I'll tell you who has my sympathy.

Those poor buggers who've gone down to their branch to do something normal (put some cash in, pay a bill, withdraw some spends...etc) and have ended up stuck in a queue behind 300 panicking Daily Mail readers.

These people are going to possibly cause some VERY big ripples in the city if they don't stop panicking. And that will have repercussions for an awful lot more.

The money is safe!!! The bank has the full backing of the Bank Of England, all savings still in Northern Rock are guaranteed.

This is why you just know that when there's some sort of national emergency, we the great British public will make things far worse with needless panicking, panic buying, riots in the streets, looting, etc. :rolleyes:

[Daniel]

These people are going to possibly cause some VERY big ripples in the city if they don't stop panicking. And that will have repercussions for an awful lot more.

The money is safe!!! The bank has the full backing of the Bank Of England, all savings still in Northern Rock are guaranteed.

This is why you just know that when there's some sort of national emergency, we the great British public will make things far worse with needless panicking, panic buying, riots in the streets, looting, etc. :rolleyes:
I agree. The media has too much power here. People see a headline in the papers and believe it without questioning. In Perth there is one daily rag and they can't afford to be biased or sensationalist in the extreme because the market is so small. Unfortunately in the UK :mark:

[KILOHMUNNS]

I'm not sure that the Northern Rock name will exist this time next year, I expect it will be taken over as the name has been tarnished too much. Most of their sources of income won't want to lend to them due to the credit risk or it will be too expensive for them, then their mortgage rates will go up and no one will want to get a mortgage with them as it won't be as competetive. End of the bank as we know it :( .

Because of the "general public" panic with taking all their money out (only a small source of income for banks - some wouldn't really care as these accounts are very expensive to run and not really profit making) it's now causing unease on the stock market with many top shares going down. If these shares continue to slide then the fund managers will be forced to sell which is bad news for the pension funds for the very same "general public" who are causing this unease. :arrowed:

[Scott Dryden]

It's another panic driven in part by elements of the media
Absolutely. I was watching BBC News 24 earlier today and they read out a whole raft of e-mails that seemed to be written by people who would prefer we traded goats, rather than currency. Then, at the close of the segment, what I considered to be a reasonably sensible contribution was read out.

The author commented that a temporary cash flow problem was inevitable for banks like Northern Rock, given the recent difficulties endured by the US subprime mortgage market. They went on to point out that the UK is currently enjoying an historically strong economy, Northern Rock is a well respected, solvent business, and excellent levels of protection are offered to nearly all savers by the FSA and the government.

A female presenter merely scoffed at the e-mail, and opined sarcastically that it may have been written by the Northern Rock chairman. :rolleyes:

[oily oaf]

The 5 comments above = Common sense reasoned argument from pragmatic young superstuds and studettas and have gone some way to restoring my faith in human nature :)
However I've just heard on the 6am BBC news on my speaking radio that shedloads of misguided plankton have been queueing since 2am outside a NR branch in Golders Green London to draw out their ackers.
(bangs head repeatedly against wall as will to live slips inexorably further away) :(

[oily oaf]

Oh did I mention that my "mole" in The City told me last night that around 70% of the trading he did yesterday was with shrewd investors who wanted to BUY NR stock.
Interesting.

Now then if you'll excuse me I'm flying to New York this morning where I intend to climb to the roof of the NY stock exchange and hurl myself off in the hope and expectation of starting a second Great Depression :s mokin:

[Mark]

I'll tell you who has my sympathy.

Those poor buggers who've gone down to their branch to do something normal (put some cash in, pay a bill, withdraw some spends...etc) and have ended up stuck in a queue behind 300 panicking Daily Mail readers.

That's what my Mum is worried about now. She always goes in on Tuesday to withdraw the weeks money we need for food, etc. She's of the old school, she only gets out what she needs for the week and no more.

[Daniel]

Your mum is old skool? :p

[Dave B]

Sky News showed about 30 people already waiting outside the Kingston branch at 7:34 this morning :eek:

Idiots.

One old duffer told the reporter, "£10 million might be a drop in the ocean to your boss Richard [sic] Murdoch but my life savings are in there". Asked whether he was reassured by the government's guarantee he waffled on about the Alliance and Leicester share price falling, seeming believeing that they'd be next.

There's just no reasoning with some people :rolleyes:

[Mark]

I can totally understand it tho. There have been many cases in the past when people have lost their live savings due to companies or schemes going bust. They don't wish to be a statistic.

If I had everything I owned in that bank, I wouldn't leave it there either, irrational, maybe, stupid, maybe, but that's just the way it is.

[Dave B]

But the government has guaranteed 100% of the savings of Northern Rock customers. The government has more money than you (unless you're Bernie Ecclestone). Even if your life savings went down the plughole, you'd still get it back.

Why pay a penalty for early withdrawal, why queue for hours in the cold, why keep hitting Refresh in the hope that their website can cope with the extra traffic?

Why not just sit back and listen to the experts?

[Mark]

We aren't talking about rationality here Dave :p

[Mark]

In other news Bobby Robson has said he's going to open a Northern Rock account today. :p

[Daniel]

But the government has guaranteed 100% of the savings of Northern Rock customers. The government has more money than you (unless you're Bernie Ecclestone). Even if your life savings went down the plughole, you'd still get it back.

Why pay a penalty for early withdrawal, why queue for hours in the cold, why keep hitting Refresh in the hope that their website can cope with the extra traffic?

Why not just sit back and listen to the experts?
Because the public knows best :mark:

I really do think the BBC should hang it's head in shame. They helped nurture this moronicity in the 670 year old people that seem to have their life savings in Northern Rock. The papers didn't help either but if I was watching BBC News 24 and I was 750 years old (actually I wouldn't have a digibox then would I? So I'd be watching the news on BBC1) I'd have possibly thought the same because the BBC was very weak in the way it backed up Northern Rock.

[BDunnell]

Because the public knows best :mark:

I really do think the BBC should hang it's head in shame. They helped nurture this moronicity in the 670 year old people that seem to have their life savings in Northern Rock. The papers didn't help either but if I was watching BBC News 24 and I was 750 years old (actually I wouldn't have a digibox then would I? So I'd be watching the news on BBC1) I'd have possibly thought the same because the BBC was very weak in the way it backed up Northern Rock.

All the BBC financial experts I have seen and heard (albeit not on News 24) have been very sensible in their analysis and said that the worries are irrational.

[Daniel]

But the thing is it's been kind of a sidenote. Very gentle and didn't seem confidence inspiring.

Some idiot was whinging about me on another forum :mark: Typical uninformed "I don't agree with you but I'm not going to try and justify my opinion so I'm just going to attack you personally" kind of person you find on forums


Frankly I have had a bellyfull of your high and mighty opinion of your fellow human beings Daniel306. The banks, the politicians , the FSA are more worthy of you venting your over-sized spleen on. I can only conclude that you belong to the ranks one of the above and given your comment your are obviously not a Tory.
The public have exercised their absolute right to withdraw their hard earned cash from a bank - who are you to sling mud at them? So kindly jump out of your pram, retrieve your dummy and go away and play with your toys somewhere.
The (very well ) established fact that you dont like seeing these people taking their money out of NR seems to indicate that you have some axe to grind. Please go and grind it somewhere else.

To which my reply was....

Stop being ignorant of the facts. The reason why the BoE is backing NR is to give the market stability. I DO NOT want anyone to lose their money at all. It's best for everyone involved that there is a stable banking industry. If people take their money out of Northern Rock and it goes under then all that does is further destabilise the industry and mean that other banks are more likely to fall over.

Making assumptions that I must work for a bank, the FSA or be somehow involved in politics is mud slinging in itself. Is someone not allowed to hold a view that differs to yours without somehow being involved in the "conspiracy" and being therefore inherently biased? Or are you just one of these people who can't argue a point with facts and reasoning so you need to make personal attacks on the poster themselves? Such a childish attack from yourself suggests that you're the one in the pram and the only dummy on the floor is actually yours.

[BDunnell]

One old duffer told the reporter, "£10 million might be a drop in the ocean to your boss Richard [sic] Murdoch but my life savings are in there".

I presume he thought the reporter worked for Richard Murdoch, the popular comedian of the early post-war years.

http://en.wikipedia.org/wiki/Richard_Murdoch

[SEATFreak]

I don't have any new news to report for the savers and investers who are queing round the block but I do have some very pleasing news for those, like me, who don't have an account but do have shares.

They have risen 11% after the government promised to protect deposits.

[Daniel]

Sky News showed about 30 people already waiting outside the Kingston branch at 7:34 this morning :eek:

Idiots.

One old duffer told the reporter, "£10 million might be a drop in the ocean to your boss Richard [sic] Murdoch but my life savings are in there". Asked whether he was reassured by the government's guarantee he waffled on about the Alliance and Leicester share price falling, seeming believeing that they'd be next.

There's just no reasoning with some people :rolleyes:
I think I may have found a use for these people. Since they're mostly around the 900 year old mark and as such pre-date the industrial revolution as well as beeing all seeing and knowing then perhaps we should just ask them if Global Warming actually exists because they seem to know best in most things!

[BeansBeansBeans]

Some idiot was whinging about me on another forum :mark: Typical uninformed "I don't agree with you but I'm not going to try and justify my opinion so I'm just going to attack you personally" kind of person you find on forums.

Another forum? ANOTHER FORUM? You love rat :p :

[Mark]

Daniel is in the pay of the banks and is also a Tory. I read it on other forum.

[Daniel]

Another forum? ANOTHER FORUM? You love rat :p :
Next thing I know there will be pictures of me on the front of all the weekly mags showing some white residue on the inside of my nose with the headline "Forum love rate in late night coke orgy" :mark:

[Daniel]

Daniel is in the pay of the banks and is also a Tory. I read it on other forum.
You tell yourself that Mark1978 :p

[BDunnell]

I think I may have found a use for these people. Since they're mostly around the 900 year old mark and as such pre-date the industrial revolution as well as beeing all seeing and knowing then perhaps we should just ask them if Global Warming actually exists because they seem to know best in most things!

You're quite right. They might also be able to tell the police where Madeleine McCann is.

[BeansBeansBeans]

Next thing I know there will be pictures of me on the front of all the weekly mags showing some white residue on the inside of my nose with the headline "Forum love rate in late night coke orgy" :mark:

Going wildly off topic here (sorry), but when I clean my teeth I often end up with dried toothpaste residue on that bit between my nostrils.

I often think that if I was a celebrity, I'd be all over the papers and gossip mags.

[BDunnell]

In other news Bobby Robson has said he's going to open a Northern Rock account today. :p

I absolutely loved that story. Whatever next? Ian St John announcing that he's moved his savings to the Abbey National?

[BDunnell]

Going wildly off topic here (sorry), but when I clean my teeth I often end up with dried toothpaste residue on that bit between my nostrils.

I often think that if I was a celebrity, I'd be all over the papers and gossip mags.

You would be anyway, given the nature of their reporting. 'CELEB WALKS DOWN ROAD — PAGES 18-32'.

[Daniel]

Going wildly off topic here (sorry), but when I clean my teeth I often end up with dried toothpaste residue on that bit between my nostrils.

I often think that if I was a celebrity, I'd be all over the papers and gossip mags.
:rotflmao: So true :D

[SEATFreak]

Weren't we talking about a bank?

Another thing. Somewhere inside I have this idea that had I gone wildly off topic something would have been said. I wonder where that came from? :confused:

Attempting to get back to what history says the original topic was, on the back of the news that shares in Nothern Rock is up 11% can anyone explain to me what exactly shares are and why I ought to have been worried about the loss of so many? It ain't as if it is something I can get my hands on. It ain't as if I can withdraw the shares and spend it.

[Dave B]

It ain't as if it is something I can get my hands on. It ain't as if I can withdraw the shares and spend it.

No, but you could have bought shares yesterday and sold them at lunchtime today for a handsome profit (albeit less brokerage fees). As I write this, Northern Rock shares are 315p, up 11.41% on close of business last night.

Show me a savings account that pays 11% interest!

[BDunnell]

No, but you could have bought shares yesterday and sold them at lunchtime today for a handsome profit (albeit less brokerage fees). As I write this, Northern Rock shares are 315p, up 11.41% on close of business last night.

Show me a savings account that pays 11% interest!

I think that explanation may have been a bit much, given that previously he stated that he didn't know what 'shares' are. ;)

[Mark]

Attempting to get back to what history says the original topic was, on the back of the news that shares in Nothern Rock is up 11% can anyone explain to me what exactly shares are and why I ought to have been worried about the loss of so many? It ain't as if it is something I can get my hands on. It ain't as if I can withdraw the shares and spend it.

Shares are simply a part ownership of the company. So if you have shares in Northern Rock you in effect own a small part of the company. The shares go up and down in value compared to what the company is worth at the time.

You wouldn't actually 'lose' the shares, merely they would decrease or increase in value. But the change in the value of the shares is only important if you want to buy or sell them, otherwise you have no change.

You can withdraw the shares and spend them, simply by selling them! Although now is not a good time to do that!

[SEATFreak]

Shares are simply a part ownership of the company. So if you have shares in Northern Rock you in effect own a small part of the company. The shares go up and down in value compared to what the company is worth at the time.

You wouldn't actually 'lose' the shares, merely they would decrease or increase in value. But the change in the value of the shares is only important if you want to buy or sell them, otherwise you have no change.

You can withdraw the shares and spend them, simply by selling them! Although now is not a good time to do that!

Thanks! :up:


I think that explanation may have been a bit much, given that previously he stated that he didn't know what 'shares' are. ;)

Well, if I am going to understand shares (which everyone ought to know as shares are a very popular form of commerce thesedays) I am going to have to expose my brain to the percentage of shares and it's value in pence.

[Mark]

Currently NR shares are trading at £3.11 per share. If you have the standard payout of 500 shares that will make your shares worth £1,555 at the moment.

[Daniel]

Currently NR shares are trading at £3.11 per share. If you have the standard payout of 500 shares that will make your shares worth £1,555 at the moment.
Definitely worth keeping I would think. When this "credit crunch" is over and there's more confidence in the banks their stocks are going to go up to a more "normal" level.

My £3000 worth of shares in the company I work for are now worth £2691 but it's not like I paid for them or can even get at them so I don't care as much :mark: But I think when we announce profits they should go up nicely :)

[oily oaf]

The FTSE index of 100 shares closed up 105 points the Dow Jones is currently buzzing at 98 up on the day and Northern Rock are reporting large scale reinvestment after waiving penalties on early withdrawals.
My portfolio of blue chip shares and a tracker PEP is looking very healthy indeed and my pal in The City is definitely buying the grog this Friday night.
Makes you wonder what all the fuss was about really don't it? ;)

(lights pipe, sits saloon gal on lap and joyfully pops cork on bottle of vintage Krug)

[cdn_grampa]

I suggest you google "fractional reserves" and let it take you where it may.

Who owns the Bank of England ??

Who owns the US Federal Reserve ??

Over an out.

[Tomi]

I dont belive this bank crises is over yet but delayed and later will effect many other banks too, the main reason for it has not gone away.

[Ian McC]

The wife has a loan from them, she is hoping in all the confusion they might forget about her :D