" Danes Cry Foul Over Aid For Northern Rock"

[Realistbear]

http://business.timesonline.co.uk/tol/busi...icle3558514.ece

From The Sunday Times March 16, 2008

Danes cry foul over aid for Northern RockIain Dey

DENMARK’s biggest banks have written to the European commission to complain about the behaviour of the newly nationalised Northern Rock in the savings market..../

British bankers are increasingly concerned that Northern Rock’s government-backed status is allowing it to attract more than its fair share of the savings market. It is offering the highest rate in 11 of the 19 types of saving account monitored by the industry, according to banking sources.

A number of its products offer rates of 6.25%, a full 100 basis points higher than Bank rate.

Using taxpayers money to bail out a "moral hazard" didn't sound kosher right from the beginning. Just another Brown attempt at covering over the cracks with miracle money. For the banks that indulged in the miracle--allow them to sink or swim on their own merits. Now Brown is using the bank to gain unfair advantage over privately owned banks. What an unholy mess it all is. If the EU commission uphold DK's complaint, and on the face of it they have an iron clad case, what next for Gordon's bank?

[Guest KingCharles1st]

Great.. it just gets better doesn't it...

[huw]

http://business.timesonline.co.uk/tol/busi...icle3558514.ece

From The Sunday Times March 16, 2008

Danes cry foul over aid for Northern RockIain Dey

DENMARK’s biggest banks have written to the European commission to complain about the behaviour of the newly nationalised Northern Rock in the savings market..../

What's the problem? If the Danes express an opinion you don't like, just ask them again

[16bit]

Doesn't make any difference what the EU say. Brown will just bend the rules, like any other EU member country would.

Anyway, think the EU and Euro will be finished in the next few years.

[FernandoMorientes]

Commenting via satellite a British government representative responded 'so what'?

[redgenieuk]

Great.. it just gets better doesn't it...

For us, yes.

[MarkG]

Brown may soon be regretting handing control of the UK over to Brussels.

[Mr Nice]

Doesn't make any difference what the EU say. Brown will just bend the rules, like any other EU member country would.

Anyway, think the EU and Euro will be finished in the next few years.

the pound is more likely to disappear than the euro.

[SurgeonGeneral]

http://business.timesonline.co.uk/tol/busi...icle3558514.ece

From The Sunday Times March 16, 2008

Danes cry foul over aid for Northern RockIain Dey

DENMARK’s biggest banks have written to the European commission to complain about the behaviour of the newly nationalised Northern Rock in the savings

Surprised it took so long.......

[right_freds_dead]

gnnnnnn....!!!

[Justice]

Doesn't make any difference what the EU say. Brown will just bend the rules, like any other EU member country would.

Anyway, think the EU and Euro will be finished in the next few years.

Maybe you should say why you think the EU and Euro will die in the next few years ?

it's gaining against the pound/dollar and is all set to replace the UDS as the worlds reserve currency

Most home loans in europe are at a fixed rate for the term

Apart from France europe is not flood with immigrants that won't work

Police officers and such like don't get to retire at 50

and the list goes on

Edited March 17, 2008 by Justice

[Methinkshe]

http://business.timesonline.co.uk/tol/busi...icle3558514.ece

From The Sunday Times March 16, 2008

Danes cry foul over aid for Northern RockIain Dey

DENMARK’s biggest banks have written to the European commission to complain about the behaviour of the newly nationalised Northern Rock in the savings market..../

British bankers are increasingly concerned that Northern Rock’s government-backed status is allowing it to attract more than its fair share of the savings market. It is offering the highest rate in 11 of the 19 types of saving account monitored by the industry, according to banking sources.

A number of its products offer rates of 6.25%, a full 100 basis points higher than Bank rate.

Using taxpayers money to bail out a "moral hazard" didn't sound kosher right from the beginning. Just another Brown attempt at covering over the cracks with miracle money. For the banks that indulged in the miracle--allow them to sink or swim on their own merits. Now Brown is using the bank to gain unfair advantage over privately owned banks. What an unholy mess it all is. If the EU commission uphold DK's complaint, and on the face of it they have an iron clad case, what next for Gordon's bank?

Interesting....

I've been trying to think through what might happen to NR if the EU say that nationalisation was illegal under EU laws.

Nationalisation will have to be reversed and NR will have to be liquidated - be prepared those who think they have a cast iron guarantee for their savings.

Or, EU laws will have to be changed. That could invite a wholesale nationalisation of any and every EU bank that gets into trouble, and there's likely to be quite a few of those. Inflation, anyone?

[Wait & See]

http://business.timesonline.co.uk/tol/busi...icle3558514.ece

From The Sunday Times March 16, 2008

Danes cry foul over aid for Northern RockIain Dey

DENMARK’s biggest banks have written to the European commission to complain about the behaviour of the newly nationalised Northern Rock in the savings market..../

British bankers are increasingly concerned that Northern Rock’s government-backed status is allowing it to attract more than its fair share of the savings market. It is offering the highest rate in 11 of the 19 types of saving account monitored by the industry, according to banking sources.

A number of its products offer rates of 6.25%, a full 100 basis points higher than Bank rate.

Using taxpayers money to bail out a "moral hazard" didn't sound kosher right from the beginning. Just another Brown attempt at covering over the cracks with miracle money. For the banks that indulged in the miracle--allow them to sink or swim on their own merits. Now Brown is using the bank to gain unfair advantage over privately owned banks. What an unholy mess it all is. If the EU commission uphold DK's complaint, and on the face of it they have an iron clad case, what next for Gordon's bank?

I wish they would just shut the bast*rds down - NR and BS both. What kind of rubbish Capitalism do we have now anyway??

Gordon & George - Congratulations in destroying western civalization. From 10 years of funny money to 50 years of poverty. Fu*king Brilliant.

[bobthe~]

Maybe you should say why you think the EU and Euro will die in the next few years ?

Cos the Telegraph said?

I wish they would just shut the bast*rds down - NR and BS both. What kind of rubbish Capitalism do we have now anyway??

Well BS being bought by JPM effectively does that for BS at least. I wonder how long it will take before rumours abound that JPM bought BS so they could get their hands on the Fed money.

[cartimandua51]

Maybe you should say why you think the EU and Euro will die in the next few years ?

it's gaining against the pound/dollar and is all set to replace the UDS as the worlds reserve currency

Most home loans in europe are at a fixed rate for the term

Apart from France europe is not flood with immigrants that won't work

Police officers and such like don't get to retire at 50

and the list goes on

No, but rather a lot of public servants get to retire on a very high % of salary at 55!

[dog]

Using taxpayers money to bail out a "moral hazard" didn't sound kosher right from the beginning. Just another Brown attempt at covering over the cracks with miracle money. For the banks that indulged in the miracle--allow them to sink or swim on their own merits. Now Brown is using the bank to gain unfair advantage over privately owned banks. What an unholy mess it all is. If the EU commission uphold DK's complaint, and on the face of it they have an iron clad case, what next for Gordon's bank?

The City of London has been turned into the wild west. Manufacturing has been decimated and tax is even higher than it was in the 70s. Utility companies are holding people to ransom and public transport is wildly expensive. Banks are dollapsing and the housing market is sliding off the edge of a cliff.

This should be the que for the Conservative party to step and bring some order to the chaos. What do we have? David Cameron with his promises to match Labour's public spending and whittering on about parental leave. I completely despair.

[Agentimmo]

Maybe you should say why you think the EU and Euro will die in the next few years ?

it's gaining against the pound/dollar and is all set to replace the UDS as the worlds reserve currency

Most home loans in europe are at a fixed rate for the term

Apart from France europe is not flood with immigrants that won't work

Police officers and such like don't get to retire at 50

and the list goes on

Any recent links to back that up ?

France has less generous benefits for the unemployed than the UK. eg. no guaranteed housing if you have a kid at 16 or have just arrived off a boat from Africa. In the main cities, most of the immigrants are out there working. Unemployment is at a 20yr low (although I think they cook the books a little , like the UK stats). There is a problem in the Paris suburbs with youth unemployment, granted.

In my part of the country, there is a surplus of tourist related jobs that are waiting to be filled. And all the immigrants I know have jobs - and I know quite a number as I play in a football team where there are only 2 French boys who can trace their roots back to France from their grand-fathers.

Your view does seem a little stereotyped.

[Guest vicmac64]

The City of London has been turned into the wild west. Manufacturing has been decimated and tax is even higher than it was in the 70s. Utility companies are holding people to ransom and public transport is wildly expensive. Banks are dollapsing and the housing market is sliding off the edge of a cliff.

This should be the que for the Conservative party to step and bring some order to the chaos. What do we have? David Cameron with his promises to match Labour's public spending and whittering on about parental leave. I completely despair.

A relovution required

[bubbleturbo]

Interesting....

I've been trying to think through what might happen to NR if the EU say that nationalisation was illegal under EU laws.

Nationalisation will have to be reversed and NR will have to be liquidated - be prepared those who think they have a cast iron guarantee for their savings.

Or, EU laws will have to be changed. That could invite a wholesale nationalisation of any and every EU bank that gets into trouble, and there's likely to be quite a few of those. Inflation, anyone?

There is a three month period in which they will remove the treasury deposit guarantee.

Therefore, even if the EU said no, they would have to remove the treasury guarantee and then wind it down. I would have my money out.

To my mind, they are the safest bank around at the moment.

[Realistbear]

The City of London has been turned into the wild west. Manufacturing has been decimated and tax is even higher than it was in the 70s. Utility companies are holding people to ransom and public transport is wildly expensive. Banks are dollapsing and the housing market is sliding off the edge of a cliff.

This should be the que for the Conservative party to step and bring some order to the chaos. What do we have? David Cameron with his promises to match Labour's public spending and whittering on about parental leave. I completely despair.

That is the best summary of the current state of Gordon's miracle economy I have read. A+.

The Danes have a good case but who in the EU is going to challenge the miracle worker? He will simply send Balls over there to sum up the case for Britain with the same 2 words he used in the House to respond to Cameron's reply to the, er, "budget:"

SO WHAT?