how exposed is your bank

  sunny staines 22:12 15 Sep 07
Locked

click here

scroll down a bit to see a chart of banks showing how exposed or not they are.

my savings are with northern rock and i am watching carefully hoping the panic does not get out of hand. anyone in the same position - did you cash in or hold out for now.

some banks are in dire straights far worse than n.rock according to the chart.

  sunny staines 22:14 15 Sep 07

we cannot advise on finance here on this forum, just say what you have done or provide useful links.

  Brumas 22:16 15 Sep 07

Thank Heavens I'm with HSBC - more money coming in than going out!

  Brumas 22:17 15 Sep 07

I hasten to add HSBC- not us unfortunately :o(

  cream. 22:20 15 Sep 07

Also with HSBC + nationwide. Not all the eggs are in one basket;)

Now would be a really good time to buy a few cheap Northern Rock shares;))

  xclr8r 22:51 15 Sep 07

The chancea are Northern rock will be taken over due to the drop in the share price. It was said to me today, that all the customers who have not withdrawn their savings during this difficult time for Northern Rock, should recieve a loyalty bonus for sticking with them through this. They probably won't though. They will probably end up losing out to poorer interest rates on savings, and higher rates on their mortgages.

  GANDALF <|:-)> 22:52 15 Sep 07

Judging by this and the panic during the floods, I can confidently predict that we will be screwed if there is ever another war.

G

  Forum Editor 23:56 15 Sep 07

Why on earth should customers receive a loyalty bonus? The Northern Rock has done nothing wrong, is perfectly solvent, and customers' money is as safe as it ever was.

The one thing that can do more harm than good in these circumstances is people panicking unnecessarily. This situation has been brought about because of nervousness on the part of international banks following the sub-prime lending problems in the US.

Sub-prime loans are loans that are made to people (or companies, but primarily individuals) who have a less than satisfactory credit history. In America a large number of sub-prime borrowers have defaulted, causing major problems for the banks, and destabilising the normal, everyday inter-bank lending routine between banks. This meant that Northern Rock was unable to get the temporary funding it needed from the international banking community, and it turned to the Bank of England for assistance. That assistance was immediately given, because the Bank of England knows Northern rock is solvent, as does the Chancellor.

  xclr8r 00:31 16 Sep 07

FE you really jump into something with an aggresive attitude to put your point across if you do not agree with something posted in this forum. If you read exactly what I said in the post, I said. "It was said to me today". I did not think of this proposal.

People, by the nature of the financial working world of the last few years are going to panic. I live in Newcastle where the Northern Rock is based. Most of the older generation hold their life savings with this company as a show of loyalty to the area, and they are going to panic, end of.

I took my first mortgage out with the Northern Rock over ten years ago, but did not stay with them for a pure financial reason.

I know people will over-react and in some ways, who can blame them? I took out an endowment mortgage and was promised it would easily pay off the loan with even a lump sum left over. It never did, even though I was promised it would by an independent financial adviser who incidentally was tied to the Northern Rock. That is not all with the financial world, pension mis-selling, insider dealing,the list goes on.
I respect your points about the American sub prime market and such, however the same thing will happen here in the near future due to the amount of debt people are carrying in this country. Like the saying goes, "when America sneezes, the whole world catches cold".

  Ranger 07:45 16 Sep 07

I have a small amount of money in Northern Rock, not enough to panic about, but even if I had a lot I think I would hold fast, in fact if I had some spare cash I think I would buy shares in them as by all accounts it just seems to be a blip and i'm sure the shares will rise again.

I also have my mortgace with Northern Rock, I took out a 10 year deal at 4.99% despite everyone telling me, that's too long, interest rates will drop, take a 2 year fixed or at max a 5 year, but I was looking more for stability than gambling, the way things are going how glad am I, I took the 10 year deal

  sunny staines 08:39 16 Sep 07

the northern rock savers are mostly old biddies as they do a good rate for silver savers over 50. the trouble is some of these have been hit twice before with the endowment saga and pension saga and now running scared on their life savings

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