Wednesday, May 14, 2008

Brits still not ‘got over’ the Northern Rock fiasco

Will my bank survive the credit turmoil? Customers worry over banks' future

As British banks write off humungous sums related to the American sub-prime mortgage fallout, customers weigh up their banks' abilities to weather the credit turmoil...

Posted by converted lurker @ 12:59 PM (475 views)
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One thought on “Brits still not ‘got over’ the Northern Rock fiasco

  • Banks can play a huge part in calming customers and avert a run on another British bank. We therefore urge them to come clean over the size of bail-out that they accept from the Bank of England’s special liquidity scheme.

    “Under the scheme, the Central Bank will pump over £50 billion of taxpayers’ money into the credit market in exchange for mortgage debt. But it is vital that banks remember it is taxpayers’ money they are accepting.

    Err, isn’t it now an offence under the Official Secrets Act to disclose who is getting how much under this scheme. Although understandable in that it’s aimed at preventing runs on banks, the lack of transparency just adds to people’s perceptions that someone must be in trouble for the government to black it out as such.

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