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Guest Charlie The Tramp
Where would be safe to deposit cash if banks such as Bradford and Bingley and Alliance and Leicester go to the wall like Northern Rock?

I was not aware that NR had gone to the wall.

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I was not aware that NR had gone to the wall.

Quite correct but I am sure it is only a matter of time! Thinking that gold coins and bars held in a secret place may be best in these worrying times, might be an idea to start storing essential supplies.. if confidence was to go in all banks god only knows what would happen until the troops bring calm to the streets

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Ok so we know about N/R aggressive mortgage selling has got them in to trouble.

B&B are aggressive and into BTL so I would not touch them.

I have some savings in A&L and i would like to know what risks they are exposed to. I thought they were the only UK bank to come clean so far on sub prime so this is why there share price has dropped although some say on this site not to touch them. Can anyone say for sure what A&L are exposed to?

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Guest happy?
Where would be safe to deposit cash if banks such as Bradford and Bingley and Alliance and Leicester go to the wall like Northern Rock?

Bank of Mum and Dad, Bank of Mattress. Or you could buy gold - Ratners or Argos spring to mind.

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Ok so we know about N/R aggressive mortgage selling has got them in to trouble.

B&B are aggressive and into BTL so I would not touch them.

I have some savings in A&L and i would like to know what risks they are exposed to. I thought they were the only UK bank to come clean so far on sub prime so this is why there share price has dropped although some say on this site not to touch them. Can anyone say for sure what A&L are exposed to?

A&L and there sub prime holdings ..................

http://news.bbc.co.uk/1/hi/business/6977745.stm

Heres a B&B survey on what BTL landlords were dreaming of 9 months ago ................

http://www.bbg.co.uk/bbg/ir/news/releases/...006/2006-12-11/

Including classic quotes like ................

Largest survey of UK landlords shows increased confidence in buy-to-let for 2007
:lol:

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Where would be safe to deposit cash if banks such as Bradford and Bingley and Alliance and Leicester go to the wall like Northern Rock?

If you think that things are going to spread to a whole bunch more banks, then I'd suggest:

1. NS&I

2. gilts - http://www.ukinvestmentadvice.co.uk/gilts.htm

3. paper cash, USD might be better than GBP, in safe deposit box, not under your bed!

4. HSBC or Citibank

I don't think it's likely to come to that though, although I didn't expect Northern Rock to go pop in quite the way it has done, wo what do I know?

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Where would be safe to deposit cash if banks such as Bradford and Bingley and Alliance and Leicester go to the wall like Northern Rock?

You missed HBOS , they are no 3 on the risk list.

1. Northern Rock

2. B&B

3. HBOS

4. A&L

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You missed HBOS , they are no 3 on the risk list.

1. Northern Rock

2. B&B

3. HBOS

4. A&L

Don't forget Heritable Bank, they're small so not making the press much but seem to be very much in the same boat.

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Where would be safe to deposit cash if banks such as Bradford and Bingley and Alliance and Leicester go to the wall like Northern Rock?

Advice from NOTW

Q: Should people withdraw their money from Northern Rock?

A: No. If you can get into one of their branches it's time to open an account. It offers very good interest rates, and the Bank of England won't walk away.

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Advice from NOTW

Q: Should people withdraw their money from Northern Rock?

A: No. If you can get into one of their branches it's time to open an account. It offers very good interest rates, and the Bank of England won't walk away.

Probably the most sensible bit of advice given this weekend. The bank is not going under. The money invested is 100% secure. Despite the hopes of the bears on here, NR will not go bust. TF

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Probably the most sensible bit of advice given this weekend. The bank is not going under. The money invested is 100% secure. Despite the hopes of the bears on here, NR will not go bust. TF

Agreed, once the BOE step in they cant walk away.

Expect to see a swift takeover though, with a sweetener funded by the taxpayer.

Only the shareholders will lose (big time).

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Agree entirely. I expect the BOE / Govt may even help as an intermediary to help grease the quick takeover of NR. Sure NR have been caught out but their mortgage book is one of the best around and if it weren't for the stupidity of US mortgage lenders (NR has NO US exposure) then NR would be fine. NR's shareholders will be screwed but I'd rather that than NR's customers getting screwed.

As for those who seem to be having wet dreams about some sort of financial system collapse. I pity you.

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Agreed, once the BOE step in they cant walk away.

Expect to see a swift takeover though, with a sweetener funded by the taxpayer.

Only the shareholders will lose (big time).

I think I agree as well.

It also can't let any other high street bank go under now. If they save one they have to save the others as well or their will be riots in the streets.

I don't see why HPCers are so against the BOE action. Surely it's better for savers not to lose their money and borrowers have to pay more?

Edited by barry

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