Northern Rock Share Discussion Threads

[scribbler101] 14/10/2008 18:07

GreycIoud - maintaining your mindlessly aggressive tone I see. Did you try the link yourself? I did - and it seems to want me to sign up for some service I've never heard of.

As to Northern Rock's management - I think history may say they were wisest in the industry. For what little that's worth.

[miata] 14/10/2008 17:32

I have a network of them.

[greycioud] 14/10/2008 17:14

Then get a proper computer!!

[miata] 14/10/2008 11:51

Not accessible.

[dumbarton2] 14/10/2008 11:28

I have put my money in Elektron EKT. Its grown its net assets 9 fold in 6 years and pays a net dividend of 5%. Growth is set to contine the next 3 years here is the broker note...

[kpwuk] 14/10/2008 11:28

Northern Rock directors and auditors escape legal action
Northern Rock is dropping a potential legal claim against its former chief executive, Adam Applegarth, and other directors, saying there are "insufficient grounds to proceed".

By Katherine Griffiths, Financial Services Editor
Last Updated: 10:37AM BST 14 Oct 2008

Northern Rock customers line up to withdraw savings Photo: AFP
The bank, which was nationalised in February, said earlier this year it was looking into whether there were legal grounds to sue Mr Applegarth and others for negligence.

The Newcastle-based lender said today it has also decided "no action is warranted" against the auditors.

The chancellor, Alistair Darling, revealed last week Northern Rock had repaid more than half of the Government's £27bn loan. The bank said today the net balance outstanding is £11.5bn.

Northern Rock's chief executive, Ron Sandler, said the repayment was due to the bank's aggressive mortgage redemptions, where it helps customers to access new products with alternative lenders.

Mr Sandler added that the redemption programme would continue. But he added: "The company anticipates it will be more challenging in the future to maintain 2008 redemption levels given the significant slowdown in the housing market and reduced availability of alternative mortgage financing."

At the same time as shrinking its mortgages, Northern Rock is trying to snap up deposits. The bank had to withdraw some of its savings products two weeks ago when savers rushed to put their money into the Government-owned institution at a time of severe turmoil elsewhere in the market.

Northern Rock agreed a "regulatory framework" in return for the Government's support. One condition is that it is not allowed to compete unfairly with rivals and must keep its share of the UK savings market at less than 1.5pc.

Northern Rock said it would "continue to monitor the situation and will take action as necessary to ensure that it remains compliant with the framework. No breach of the framework has occurred since its introduction at the end of March."

Northern Rock said it continued to attract new retail deposits in the third quarter. Total retail funding rose to £17.2bn at the end of September, a £3bn increase from the end of June. Retail deposits represent £15.5bn of that

[kpwuk] 14/10/2008 11:26

Northern Rock directors and auditors escape legal action
Northern Rock is dropping a potential legal claim against its former chief executive, Adam Applegarth, and other directors, saying there are "insufficient grounds to proceed".

By Katherine Griffiths, Financial Services Editor
Last Updated: 10:37AM BST 14 Oct 2008

Northern Rock customers line up to withdraw savings Photo: AFP
The bank, which was nationalised in February, said earlier this year it was looking into whether there were legal grounds to sue Mr Applegarth and others for negligence.

The Newcastle-based lender said today it has also decided "no action is warranted" against the auditors.

The chancellor, Alistair Darling, revealed last week Northern Rock had repaid more than half of the Government's £27bn loan. The bank said today the net balance outstanding is £11.5bn.

Northern Rock's chief executive, Ron Sandler, said the repayment was due to the bank's aggressive mortgage redemptions, where it helps customers to access new products with alternative lenders.

Mr Sandler added that the redemption programme would continue. But he added: "The company anticipates it will be more challenging in the future to maintain 2008 redemption levels given the significant slowdown in the housing market and reduced availability of alternative mortgage financing."

At the same time as shrinking its mortgages, Northern Rock is trying to snap up deposits. The bank had to withdraw some of its savings products two weeks ago when savers rushed to put their money into the Government-owned institution at a time of severe turmoil elsewhere in the market.

Northern Rock agreed a "regulatory framework" in return for the Government's support. One condition is that it is not allowed to compete unfairly with rivals and must keep its share of the UK savings market at less than 1.5pc.

Northern Rock said it would "continue to monitor the situation and will take action as necessary to ensure that it remains compliant with the framework. No breach of the framework has occurred since its introduction at the end of March."

Northern Rock said it continued to attract new retail deposits in the third quarter. Total retail funding rose to £17.2bn at the end of September, a £3bn increase from the end of June. Retail deposits represent £15.5bn of that

[kpwuk] 14/10/2008 11:24

Northern Rock directors and auditors escape legal action
Northern Rock is dropping a potential legal claim against its former chief executive, Adam Applegarth, and other directors, saying there are "insufficient grounds to proceed".

By Katherine Griffiths, Financial Services Editor
Last Updated: 10:37AM BST 14 Oct 2008

Northern Rock customers line up to withdraw savings Photo: AFP
The bank, which was nationalised in February, said earlier this year it was looking into whether there were legal grounds to sue Mr Applegarth and others for negligence.

The Newcastle-based lender said today it has also decided "no action is warranted" against the auditors.

The chancellor, Alistair Darling, revealed last week Northern Rock had repaid more than half of the Government's £27bn loan. The bank said today the net balance outstanding is £11.5bn.

Northern Rock's chief executive, Ron Sandler, said the repayment was due to the bank's aggressive mortgage redemptions, where it helps customers to access new products with alternative lenders.

Mr Sandler added that the redemption programme would continue. But he added: "The company anticipates it will be more challenging in the future to maintain 2008 redemption levels given the significant slowdown in the housing market and reduced availability of alternative mortgage financing."

At the same time as shrinking its mortgages, Northern Rock is trying to snap up deposits. The bank had to withdraw some of its savings products two weeks ago when savers rushed to put their money into the Government-owned institution at a time of severe turmoil elsewhere in the market.

Northern Rock agreed a "regulatory framework" in return for the Government's support. One condition is that it is not allowed to compete unfairly with rivals and must keep its share of the UK savings market at less than 1.5pc.

Northern Rock said it would "continue to monitor the situation and will take action as necessary to ensure that it remains compliant with the framework. No breach of the framework has occurred since its introduction at the end of March."

Northern Rock said it continued to attract new retail deposits in the third quarter. Total retail funding rose to £17.2bn at the end of September, a £3bn increase from the end of June. Retail deposits represent £15.5bn of that

[bobobob5] 14/10/2008 11:19

I don't have any of these. But if I did, I'd be feeling pretty confident about getting a half-decent wadge of compensation. I say this because if the shareholders in Rocky Horror were to be treated differently than the other failed banks, that would imo potentially be actionable.

imho DYOR etc

[greycioud] 13/10/2008 18:28

Dan

The best bank HSBC!!

[bluenose851] 13/10/2008 11:43

You should get no compensation nor should BB. shareholders. Your company went bump.

[diydan] 13/10/2008 11:01

GreycIoud coogar
Oh dear... Look whats happened. Another group of well run banks with good Business plans gone bust.. Lloyds was your top bank was it not coogar?
Wow I cannot wait for this to get to court...

[hvs] 12/10/2008 11:03

...........

Now Brown is WORLD LEADER

Let England go to POT

The Scots have done a very good JOB here.

[greycioud] 10/10/2008 16:51

Dan

You are never one to let facts get in the way of your baseless drivel!!!

[coogar] 10/10/2008 03:00

Were the muppets in court yesterday? LMAO

[bryan2] 08/10/2008 12:06

Comprehensive Approach.

Today's package of measures seems to be taking a head on challenge to the credit/banking crisis.
All British people must wish this endeavour to succeed.
All British Banks with the exception of HSBC are going to avail themselves of the facilities on offer as they clearly needed some support.
Why was such an obvious solution not in place much earlier.
Only the central bank/government can act effectively when interbank lending freezes.
For the Government/BoE to watch from the sidelines as each British bank ,one after another ran into a liquidity wall beggars belief.
Help is now on offer to banks whose balance sheets contain some really dodgy assets.
Northern Rock whose balance sheet was squeaky clean by comparison was denied help and its assets seized.
Any impartial person who reviews the fact of the crisis will see that a grave injustice has been committed against the shareholders/staff/customers of Northern Rock.
Compensation case gets stronger by the day.

[bryan2] 07/10/2008 20:41

Chanel 4 news tonight reports that the contents of the meeting of the chiefs of main British Banks and HMG/BoE/FSA were leaked to the media this morning.
Hence the major hit on British Banks today.
In the history of the crisis of Northern Rock there were several leaks coinciding with critical points in the drama.
Whose interests do the leaks serve?
Certainly not the Banks!
You might think that the politicians are stupid but they are masters of spin.
Gordon gets the Banks on the cheap and yet looks to be the saviour of the financial system in time for the coming election.

[coogar] 07/10/2008 19:28

".....It is odd that the banks that have so far been wiped out are the mortgage banks who simply lent the money for people to buy houses and helped to finance the economy through providing loans to joe public."

Yeah, strangely enough the ones who lent up to 125% of the (then) market value and to those who self-certificated their own incomes.

Not exactly rocket science is it? SUPERMUPPET!!!

[greycioud] 07/10/2008 18:49

NO!!!!!!!!!!!!!!!

[diydan] 07/10/2008 18:27

Well is it nationisation for RBS tonight?

[bryan2] 07/10/2008 15:10

DIYDAN

.....It is odd that the banks that have so far been wiped out are the mortgage banks who simply lent the money for people to buy houses and helped to finance the economy through providing loans to joe public.

I agree comletely the operations of the mortgage business are comparatively transparent.
The fact that house prices rise or fall does not change the obligations of the contract.
As long as 95% or so of mortgagees pay their mortgages on time then the Banks cannot help making money.
The defaulters will lose their house and be pursued for the outstanding balance.
Santander claims to be making good profits presently in the British market through Abbey.

[bryan2] 07/10/2008 13:34

DIYDAN

......Are you going to say which UK bank has a good business plan yet?...

Greycloud will wait for two years before answering a straight question.
Ask him who is the biggest prat himself or coogar.
He might answer that.