Friday, Sep 14, 2007
Crikey! BBC shows queuing outside N.Rock branches
BBC: Northern Rock in trouble
Never seen anything like it in my adult life in the UK. They must have deliberately shut down their internet system to stop withdrawals. If I had money on deposit with them I would be straight round, bugger the lines of people. I wonder how much the BoE will loan them before they pull the plug???
Posted by andy h @ 11:50 AM (282 views) Add Comment
1 Comment
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1. Eugene said...
Norwegian Blue Bank to buy Northern Wreck?
Analysts at Cazenove said in a note: “We assume Northern Rock will cease writing new business. The lack of new business flow and a penalty cost of funding will have a detrimental impact upon Northern Rock’s earnings ... Northern Rock is unlikely to remain independent but the value of the company to an acquirer may be significantly below the current share price.”
Cazenove said the company was worth 424p a share, but warned of a possible run on the retail deposit book.
Analsysts at Credit Suisse wrote: “If the share price falls a lot further, we think bid interest becomes increasingly likely. The loan from the Bank of England is temporary. Fundamentally Northern Rock depends on debt investor confidence in its model, and without that, there is no model.”
It's a dead parrot