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Well, Reuters says that their share price is down 15% on the day.

It fell 10% ish on Monday; rose 10% ish on Tuesday.

Are there rules about "auctions" when any share rapidly changes in price?

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There was a financial guy on BBC news this morning, recommending people spread their money around the banks in case something happens to them, then your money will be protected...LOL

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HBOS spokesman: no liquidity problems: CNBC... Bear did the same a few days before capitulation. Just that fingers crossed this time that the spokesman knows what he is talking about. If there is another NR, then indeedy explosion of the housing bubble won't be the biggest trouble on this little island.

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Sir! Sir! Is this it sir? I found it under the desk.

LONDON, March 19 (Reuters) - A sell-off in banks on Wednesday stripped European shares of their early gains, as liquidity concerns hit British financial shares particularly hard.

British mortgage lender HBOS (HBOS.L: Quote, Profile, Research) fell as much 17 percent before recovering some losses, ...

[A. Steve got it first]

Edited by Wario

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Are Intelligent Finance (IF) part of Hbos or RBS, I always get confused. I got about 20k there starting to worry now.

IF are associated with HBOS, but - if you ask Halifax about it... they insist that it is a separate concern. IF is part of the HBOS group.

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I can find nothing on Google, Sharecast or Digitallook to indicate that HBOS was suspended today.

Please confirm.

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IF are associated with HBOS, but - if you ask Halifax about it... they insist that it is a separate concern. IF is part of the HBOS group.

I just tried to transfer £12k out of an IF account to take me under £35k. It wouldn't got through online so I had to ring them. Apparently it was because it was over the 'floor limit'. When I asked them how much the floor limit was they said it changed on a daily basis; I imagine it's somewhere around £1.50 today!

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http://www.tickerforum.org/cgi-ticker/akcs-www?post=35451

By Jon Menon and Ben Livesey

March 19 (Bloomberg) -- HBOS Plc, Britain's biggest

mortgage lender, said it has ``ready access'' to funding after

the company plummeted in London trading.

``There are no liquidity problems,'' HBOS spokesman Shane

O'Riordain said in a telephone interview today. ``We have ready

access to a deep pool of deposits. We can access the wholesale

markets whenever we feel appropriate to do so.''

Edinburgh-based HBOS fell as much as 82.25 pence, or 17

percent, to 398 pence. It traded down 9 percent to 437 pence as

of 9:18 a.m.

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Some info from FT....

HBOS plummet drags FTSE lower

HBOS fell as much as 18 per cent in morning trade, dragging UK banks lower, wiping early gains on the blue-chip index. In a flurry of volatility centred on the stock, it hit a day-low of 398p, before bouncing back to trade 7.6 per cent lower at 443.7p.

HBOS spokesman Shane O’Riordain said the bank was able to access wholesale credit markets “whenever appropriate” and that it remained a diversified business with “an exceptionally strong balance sheet”.

Traders said the jitters followed renewed concern about the health of the UK banking sector.

Barclays, HSBC, RBS and all fell sharply having traded higher in early exchanges following better than expected results from Goldman Sachs and Lehman Brothers in the US and a 75 basis point cut by the Federal Reserve in its main lending rate.

After one hour of trading the FTSE 100 was 14 points lower or 0.2 per cent at 5,592.3, having opened 43½ points higher

Source

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I just tried to transfer £12k out of an IF account to take me under £35k. It wouldn't got through online so I had to ring them. Apparently it was because it was over the 'floor limit'. When I asked them how much the floor limit was they said it changed on a daily basis; I imagine it's somewhere around £1.50 today!

So the rich could take their billions out of Bear Stearns but you can't move £12k from a "well funded" bank.

The whole financial system is a joke.

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"We have ready access to a deep pool of deposits. We can access the wholesale markets whenever we feel appropriate to do so.''

Sounds like something Applegarth would have said a few months ago about NR.

What was meant was:

"We have ready access to a deep pool of deposits [which can be depleted in about 3 days, maybe 5 if we shut down internet banking for a while for 'technical reasons'.]."

"We can access the wholesale markets whenever we feel appropriate to do so [but they are likely to tell us that no money is available to us or only at penal rates.]."

Edited by newbie

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  • 296 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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