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eric pebble

Northern Crock O'shit Plays Dirty - As Usual.

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They can't help it: They CHEAT, they LIE, they commit MASSIVE FRAUD.......It's the only way they know...

Mutuals fear Rock plan will distort market

"Northern Rock should not be allowed to complete a planned restructuring without paying financial penalties, Britain's building societies have told European competition regulators, on the grounds that the nationalised mortgage lender will otherwise have an unfair advantage."

Read all here: http://www.telegraph.co.uk/finance/newsbys...ort-market.html

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Under its restructuring plan, the vast majority of Northern Rock's assets, about £80bn – including pounds £50bn of bad mortgages, will go into AssetCo and be wound down. Its £18.4bn of retail deposits and £10bn of good mortgages, plus £10bn of cash provided initially by the state, will constitute BankCo.

Are they really saying that 83% of its mortage book is bad!!

That is truly frightening

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The market is already distored now the government is letting the banks and building societies ramp up their margins to rebuild their profitability.

The BS's want to gouge the taxpayers of their savings interest all on their own without government getting a slice.

VMR.

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The lender has stressed, however that the restructuring is in taxpayer's best interests as it will allow the bank to operate without further capital injections.

Northern Rock said it "continues to operate within the constraints of its self-imposed competitive framework, which ensures the company cannot take unfair advantage of Government support during the period of state aid".

Good grief!

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Guest KingCharles1st
Will BankCo be fully backed by the taxpayer or will it just be allowed to fail at minimal cost?

It will operate independently- until it fails

you aren't firing on all four this morning :)

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Guest KingCharles1st
Nope not yet.

So that will be about 10 secs then?

I just want to know exactly who is going to trade with "BAdBankco?"

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It will operate independently- until it fails

you aren't firing on all four this morning :)

Clearly reading the article might help :lol::lol::lol:

Under its restructuring plan, the vast majority of Northern Rock's assets, about £80bn – including pounds £50bn of bad mortgages, will go into AssetCo and be wound down.

I thought that BankCo would be the bad bank. :ph34r: I'm sure that won't be the case.

When they say wound down do they mean a total implosion?

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Guest KingCharles1st

"The EC is currently scrutinising the plan to make sure it does not breach European state aid rules, and is due to deliver its verdict in the autumn. Expensive conditions could jeopardise Government hopes to sell BankCo to the private sector before the next election."

:ph34r::ph34r::ph34r:

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:(

thatll mean they need 2 CEO's on £500K, 25 Directors each on £400K and a whole load of other senior staff at each bank.

triples all round as banks provide more jobs.

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:(

thatll mean they need 2 CEO's on £500K, 25 Directors each on £400K and a whole load of other senior staff at each bank.

triples all round as banks provide more jobs.

Should have gone to the "right" schools and ended up in "The City" mate. Its an always win situation there. :lol:

I feel sorry for the square mile types to rough up on the cattle wagon up to Newcastle. Dare say they will be will be well "compensated"

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:(

thatll mean they need 2 CEO's on £500K, 25 Directors each on £400K and a whole load of other senior staff at each bank.

triples all round as banks provide more jobs.

Should have gone to the "right" schools and ended up in "The City" mate. Its an always win situation there. :lol:

I feel sorry for the square mile types roughing it on the cattle wagon up to Newcastle. Dare say they will be will be well "compensated"

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" It has also demanded the explicit Government guarantees covering 100pc of retail deposits be removed or a fee charged."

This is bad news. If they have to pay a fee that will be their interest rates going even lower.

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Will BankCo be fully backed by the taxpayer or will it just be allowed to fail at minimal cost?

Northern Rock is the NHS of the mortgage market. If it keeps people alive who should be dead, no scrub that, I mean, if it keeps hard working families in their homes, not out on the street, and house prices up that's a good thing right?

You all love the NHS. So you all should love Northern Rock.

Edited by Minos

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" It has also demanded the explicit Government guarantees covering 100pc of retail deposits be removed or a fee charged."

This is bad news. If they have to pay a fee that will be their interest rates going even lower.

surely, as they are a licensed deposit taker, they will be paying their fees into the FSCS anyway.

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So, W*nkCo will get sold to some hedge fund or other down the line, but what the f*ck is going on with BankCo?

Its £18.4bn of retail deposits and £10bn of good mortgages, plus £10bn of cash provided initially by the state, will constitute BankCo.

The 'State' i.e. you and me, are pumping in £10bn in cash against £18.4bn in deposits??

Does not compute - Is this because they can only find £10bn of mortgages that aren't bad enough to be in W*nkCo, or is it so they can go on an expansionary lending spree? They've gone from no liquidity to far too much.

In fact, with only £10bn in mortgages they should just shut up shop and give their depositors their money back. Bizarre.

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So, W*nkCo will get sold to some hedge fund or other down the line, but what the f*ck is going on with BankCo?

The 'State' i.e. you and me, are pumping in £10bn in cash against £18.4bn in deposits??

The £10bn I suspect will be "printy printy" funny monopoly money.

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Northern Rock is the NHS of the mortgage market. If it keeps people alive who should be dead, no scrub that, I mean, if it keeps hard working families in their homes, not out on the street, and house prices up that's a good thing right?

You all love the NHS. So you all should love Northern Rock.

:unsure::blink:

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The market is already distored now the government is letting the banks and building societies ramp up their margins to rebuild their profitability.

How is that a distortion.

Banks can do this at any time they wish, it's not under government control

tim

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