Friday, Feb 19, 2010
Ghost of Adam Applegarth spotted !
Times: Northern Rock could buy RBS and Lloyds branches
"Northern Rock could take over branches from Royal Bank of Scotland (RBS) and Lloyds that the two groups have been forced to put up for sale. The idea has been floated in government and banking circles. The management of Northern Rock is understood to favour the move as a way of reinvigorating its brand and establishing a significant new force on the high street".
Posted by alan @ 10:17 PM (786 views) Add Comment
10 Comments
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1. markj69 str05 said...
'...because Lloyds and RBS have been ordered by the European Commission to sell off businesses, brands and assets as one of the conditions for state aid.'
Surely they should be selling to an organisation not linked to the state then? Could it just be a mechanism to move all the sh1t out of corporate banking organisations? Using NR as a big 'debt sink'.
If Lloyds and RBS can't justify the existence of those branches, what makes anyone think NR will do any better.
By the way, when it says £19.4b in deposits, does that mean it has liabilities to depositors of £19.4b?
2. d'oh said...
God help us all...
3. alan_540 said...
So Northern Rock is to be our "Bad Bank" then.
4. inbreda said...
I think they'll probably need a quango or two to keep an eye on that one...
5. markj69 str05 said...
Well, why not move all toxic waste into one area. Let the tax payer be accountable for it (Thanks GordoB and Co.). Might even pay over the odds, help those poor bankers out a bit, it's only tax payer money after all. Banks have clean sheets, become more profitable, big bonuses. Bankers can all afford to buy lots of second/third houses and prop the market up. Rent out the rest of the population. What kind people they are renting us houses we can only dream of affording.
Shame teh rest of the country's gone bust. And I thought there would be no more bust! He did mean more than just the housing market didn't he?
6. Ndg said...
These are just stalling tactics to facilitate a little more time whilst the corporate design is agreed to refurbish (bank and other) buildings into soup kitchens.
7. Mikelivingstone said...
Of course there is a huge benefit in having more branches.
Next time there is a run on the bank, it will mean shorter queues, just more of them.
8. tenyearstogetmymoneyback said...
Mark. Did you see the bit "£8 billion in cash."
That is all tax payers money. I have no doubt that they will try and "reinvigorate the housing market"
by trying some crazy stunt like a 130% mortgage. After all there was no effort on their part to get in
that money.
All the bad debts have been moved away from Northern Rock to the Government owned Bad Bank
which will undoubtably be kept swept away under the carpet for as long as Gordon Brown is in charge.
In fact you could argue that the UK Government is the worlds Bad Bank !
When I first saw this I thought that it might be good news, like better rates for savers.
When they start offering 5% on an instant access account normality will have been
restored. I am convinced that had they done this two years ago they could have scraped
through without any government intervention. After all Barclays paid over 10% to Qatar
to get some cash and look how well they are doing now.
9. hpwatcher said...
Adam Applegarth
Bald man, terrible with figures.
10. Crunchy said...
3. alan_540 said...So Northern Rock is to be our "Bad Bank" then.
I have this in the archives from way back. "Some things are more obvious to some than to others."