Northern Rock asks for Bank help

[Amethyst]

Re: Fears over bank's online accounts

durrrrrrrrrrrrrrrrrr

have we run out of milk ???

[Legal Beagles]

Northern Rock suitors 'will not get guarantees from Bank'

Northern Rock's future as a viable business hangs in the balance after the Bank of England refused to provide guarantees to potential bidders.

More...

[Legal Beagles]

Bank braced for more withdrawals

The troubled Northern Rock bank extends its opening hours to cope with customers wishing to withdraw savings.

Click here to read more...

[enaid]

Re: Bank braced for more withdrawals

Well they had one of the cheifs on tv this morning, if he was asked once about the stuation for customers and workers he was asked ten times. His only reply was "The Bank of England would not have lent us the money, if we were'nt a viable business".
This is not new is it one reply for all questions. Me thinks they are doomed, only my opinion of course.

[Amethyst]

Re: Bank braced for more withdrawals

doomed doooooooooomed I tell ya

[enaid]

Re: Bank braced for more withdrawals

The Govt has stated that if NR goes belly up they will bail them out and pay everybody their savings etc. Can someone just tell me where this money would come from? Would they just print off a few extra quid, or would it come from us Joe public in the long run?

[Paradox]

Re: Bank braced for more withdrawals

It'll come from the Bank of England.

I believe the statement released by the government was

We'll guarantee your money as long as the company [northern rock] are solvent

If so, that doesn't mean much if they go bust. I'll have to check that statement though

[enaid]

Re: Bank braced for more withdrawals

Well Martin says we are all being silly and NR is the safest place for your money.
He got all excited he did lol.
Thing is the Govt said they will back NR, but in honesty no one trusts the Govt either lol.

[Paule]

Re: Bank braced for more withdrawals

Sorry I read the thread title and thought it was regarding our night out in Wakey...lol

[Guest]

Re: Bank braced for more withdrawals

Martin is correct, it is as safe as anywhere else.

What he does not tell you however, is that nowhere is truly safe as in fact no bank has much "real" money. But they do have the ability to create it - out of thin air.

"The bank hath benefit of interest on all moneys which it creates out of nothing."
William Paterson, founder of the Bank of England in 1694.