Bradford and Bingley to go pop ...

No reason for anyone to move their money.

Anything up to £35k is officially guaranteed, and the government have pretty much stated that they they will guarantee anything so no one will lose their savings...

Also, MFI has been bought out at the '11th hour'.
 
Edinho said:
I have an ISA too. As long as its under 35K and as long as its getting the BOE interest rate (tax free) then cant see any reason to move it this year. The reason the government have stepped in is to protect the £20b in savings, if it didnt guarantee deposits then everyone would would withdraw cash in every bank in the country and then the whole country would really be in the poo.
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Ah ok. I haven't really read much into their situation, sounds like I probably should. :).
 
More taxpayer subsidy for irresponsible practices... :( So much for "moral hazard" :rolleyes:

Should be sorted out by the sector itself. How many more failures will be nationalised?
 
Solari said:
More taxpayer subsidy for irresponsible practices... :( So much for "moral hazard" :rolleyes:

Should be sorted out by the sector itself. How many more failures will be nationalised?
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The government wouldn't like to see everyone withdraw their deposits from failing banks, basically. That would render the current system unworkable, which for them is political suicide.
 
sr4470 said:
The government wouldn't like to see everyone withdraw their deposits from failing banks, basically. That would render the current system unworkable, which for them is political suicide.
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The thing that angers me is the people at the top still getting their big payoffs, despite the calamity of it all :( All the frontline staff get royally shafted.
 
wannabedamned said:
Aslong as we still have Scottish Widow I'm happy :p
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Scottish Widows = Lloyds TSB. They bought them out several years ago. Same deal with Cheltenham & Gloucester. The fact that Lloyds are 'flashing' their wealth suggests they won't be going down any time soon.

I think my main concern lies with the Building Societies (the ones that still are). I assume that their mutual status precludes most of the silliness that has afflicted the banks. If so, my money's safe.
 
No apparently some bs were stupid and action was taken so that they were merged into other stronger societies. I was surprised too but some british bs have american sub prime debt apparently
 
Over Clocker said:
No reason for anyone to move their money.

Anything up to £35k is officially guaranteed, and the government have pretty much stated that they they will guarantee anything so no one will lose their savings...

Also, MFI has been bought out at the '11th hour'.
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These sort of comments annoy me, not to get at you personally.

You have to think common sense over these issues because at the end of the day it is your money at risk. By being told your money is safe by appointed individuals that they themselves change their mind should sink through the mind that within a heartbeat a decision could change.

For example on a Sunday from one extreme to this http://news.bbc.co.uk/1/hi/business/7641055.stm

Now I am not saying don't trust the government, take your money out and run, all hells breaking loose, etc I think it is important to think carefully and simple reassurances are not enough. The 35k guarantee for example could take years to be fully received.

If it was me in this situation I would move the funds to a safer/wiser company that acknowledged and planned for hard times. Something the fat cats knew about but chose not to worry about - why would they? After all it is only us that get affected.

Apologies if this looks cluttered I am touch typing and coughing up lovely mucus.
 
On the other hand, I doubt there's much safer than a B&B savings account right now (assuming this all goes to plan, which seems likely). Banco Santander haven't exactly been frugal about buying up UK banking assets, and in this case they're getting all the reward and almost none of the risk, though I'll admit I haven't seen any evidence of how much they're paying for this privilege.
 
worst case scenario would see major banks fail and since we have no gold reserve now we might see boe unable to fund the markets, ordinary business would become unable to cover small day to day debts & fall into insolvency and fail. With the fall of capitalist society we would revert to socialism, communism and fascism. I blame brown :p
 
Well I'm taking my money out and hiding it up my bottom. I don't want it to be under Spanish control.

Seriously though, is there anywhere better to put it? Got just under £35k in there and don't trust the Government or... well anyone, now, really.
 
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