Sorry Halifax
17 September 2008, 12:26 PM
#31
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For gods sake, he needs his money for building works and cannot afford to have it delayed! Just like NAT21 said, £500 per day is all they would let her have! At the end of the day it's your money mate, do what you want! With all this **** going on at the minute, I'd do exactly the same!
17 September 2008, 12:34 PM
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17 September 2008, 12:39 PM
#34
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For gods sake, he needs his money for building works and cannot afford to have it delayed! Just like NAT21 said, £500 per day is all they would let her have! At the end of the day it's your money mate, do what you want! With all this **** going on at the minute, I'd do exactly the same!
Also the original post states 'crying wolf' and sorry Halifax ... then later on we are told immient bill to pay. If that were true the money would be coming out anyway so why 'sorry Halifax' and would it be crying wolf?
The original reason is his wife ordered him to do it.
17 September 2008, 12:59 PM
#38
The banks are actually "fairly" innocent in all of this. Especially the UK banks
Banks were sold triple A investments, that were bad. They were sold repackaged sub prime mortgages that disguised the risk - It was totally legal - its just that people assumed that because the system worked with a 2% sub-primne market, there was no reason it wouldn't work as the sub-prime market grew. It didn't.
All of the sudden these triple A investment (which are all buy guaranteed not to lose money) start losing money, and banks find that have an indeterminate amount of exposure ot the problem.
And that's half the problem - Banks had no idea just how big their problems were, because thier exposure ot the sub-prome market was unknown.
So they stop lending to each other. And since a lot of banks work on the basis that they lend at a higher interest rate than they borrow, the whole thing ceases up.
I think the end result of all this will be that banks will work how they used to; Only lending money they actually have.
Banks were sold triple A investments, that were bad. They were sold repackaged sub prime mortgages that disguised the risk - It was totally legal - its just that people assumed that because the system worked with a 2% sub-primne market, there was no reason it wouldn't work as the sub-prime market grew. It didn't.
All of the sudden these triple A investment (which are all buy guaranteed not to lose money) start losing money, and banks find that have an indeterminate amount of exposure ot the problem.
And that's half the problem - Banks had no idea just how big their problems were, because thier exposure ot the sub-prome market was unknown.
So they stop lending to each other. And since a lot of banks work on the basis that they lend at a higher interest rate than they borrow, the whole thing ceases up.
I think the end result of all this will be that banks will work how they used to; Only lending money they actually have.
The banks themselves were packaging up debt as well, it's not like there was some evil rogue trader out there selling all these innocent banks bad debts - they were lending it out like there was no tomorrow themselves!
As for the original poster, good on you, I'd do the same. The FSA guarantee only stretches to 4 billion per year, I'd rather have my money in another bank, thank you.
17 September 2008, 01:06 PM
#39
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Get real, of course it's the banks fault if they invest in something they can't calculate the risk of. Just because it's legal doesn't mean that it's a smart buy.
The banks themselves were packaging up debt as well, it's not like there was some evil rogue trader out there selling all these innocent banks bad debts - they were lending it out like there was no tomorrow themselves!
As for the original poster, good on you, I'd do the same. The FSA guarantee only stretches to 4 billion per year, I'd rather have my money in another bank, thank you.
The banks themselves were packaging up debt as well, it's not like there was some evil rogue trader out there selling all these innocent banks bad debts - they were lending it out like there was no tomorrow themselves!
As for the original poster, good on you, I'd do the same. The FSA guarantee only stretches to 4 billion per year, I'd rather have my money in another bank, thank you.
Finally, someone talking a bit of sense!
17 September 2008, 01:10 PM
#41
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No, NAT21 said if they wanted more they'd have to order it. So you could have the 15k almost immediately, or perhaps pay the builder by CHAPS or BACS.
Also the original post states 'crying wolf' and sorry Halifax ... then later on we are told immient bill to pay. If that were true the money would be coming out anyway so why 'sorry Halifax' and would it be crying wolf?
The original reason is his wife ordered him to do it.
Also the original post states 'crying wolf' and sorry Halifax ... then later on we are told immient bill to pay. If that were true the money would be coming out anyway so why 'sorry Halifax' and would it be crying wolf?
The original reason is his wife ordered him to do it.
The OP was after a reaction by crying wolf despite the fact he's a lamb with a blind shepherd
17 September 2008, 01:12 PM
#42
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Up to £35k and you are guaranteed to get it back, underwritten by the FSA (i.e. the government). There is no risk.
It people like you that fuel these situations. Bet you had your car full to the brim and ten jerry cans of petrol at home during the fuel shortages and helped clear the supermarkets of bottled water, bread, etc. during the flooding.
Panic, panic, panic.
Poppycock.
17 September 2008, 01:14 PM
#44
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I think it's more relevant to ask not if the banks 'knew' the debt they were buying but whether they 'cared'. Wouldn't surprise me if they viewed it as a big game of pass the parcel, except they didn't think the music would stop.
As long as you can get your Suffolk rectory, your bolt hole in Cornwall, amass enough money to see the kids through school and beyond, enough so you never need to work again etc, all in a really short space of time, who cares about the long term... You're alright.
$6.6bn Losses by Lehman Brothers in 2008 up to the point it went bankrupt
$8.7bn Staff bonuses paid out by Lehman Brothers in 2006
As long as you can get your Suffolk rectory, your bolt hole in Cornwall, amass enough money to see the kids through school and beyond, enough so you never need to work again etc, all in a really short space of time, who cares about the long term... You're alright.
$6.6bn Losses by Lehman Brothers in 2008 up to the point it went bankrupt
$8.7bn Staff bonuses paid out by Lehman Brothers in 2006
17 September 2008, 01:15 PM
#45
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17 September 2008, 01:19 PM
#46
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I think it's more relevant to ask not if the banks 'knew' the debt they were buying but whether they 'cared'. Wouldn't surprise me if they viewed it as a big game of pass the parcel, except they didn't think the music would stop.
As long as you can get your Suffolk rectory, your bolt hole in Cornwall, amass enough money to see the kids through school and beyond, enough so you never need to work again etc, all in a really short space of time, who cares about the long term... You're alright.
$6.6bn Losses by Lehman Brothers in 2008 up to the point it went bankrupt
$8.7bn Staff bonuses paid out by Lehman Brothers in 2006
As long as you can get your Suffolk rectory, your bolt hole in Cornwall, amass enough money to see the kids through school and beyond, enough so you never need to work again etc, all in a really short space of time, who cares about the long term... You're alright.
$6.6bn Losses by Lehman Brothers in 2008 up to the point it went bankrupt
$8.7bn Staff bonuses paid out by Lehman Brothers in 2006
17 September 2008, 01:20 PM
#47
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Its not poppycock Simon.
Northern Rock's position, for example, would most likely be quite different today had so many of those with deposits not drawn their money out.
And HBOS' liquidity will only get worse if the same happens.
Its like taking fuel out the tank when experiencing fuel starvation and expecting a subaru engine not to go bang...
Northern Rock's position, for example, would most likely be quite different today had so many of those with deposits not drawn their money out.
And HBOS' liquidity will only get worse if the same happens.
Its like taking fuel out the tank when experiencing fuel starvation and expecting a subaru engine not to go bang...
Last edited by Devildog; 17 September 2008 at 01:22 PM.
17 September 2008, 01:23 PM
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17 September 2008, 01:23 PM
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17 September 2008, 01:34 PM
#51
No it doesn't. Nobody wants to lend money to HBOS because they think they're fscked (or rather, they'll have to pay a lot of interest on the money to cover the risks they pose). Other banks are not in that position, hence they don't face the same risk of default.
17 September 2008, 01:39 PM
#52
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Its not poppycock Simon.
Northern Rock's position, for example, would most likely be quite different today had so many of those with deposits not drawn their money out.
And HBOS' liquidity will only get worse if the same happens.
Its like taking fuel out the tank when experiencing fuel starvation and expecting a subaru engine not to go bang...
Northern Rock's position, for example, would most likely be quite different today had so many of those with deposits not drawn their money out.
And HBOS' liquidity will only get worse if the same happens.
Its like taking fuel out the tank when experiencing fuel starvation and expecting a subaru engine not to go bang...
17 September 2008, 01:41 PM
#53
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Perhaps the OP should have said "I know what's going to happen in the next month or so... XX institution is better than HBOS."
17 September 2008, 01:43 PM
#54
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Hmm, ok, not really ironic then, unless he'd specifically said he was going to put it into another financial institution, which he specifically didn't, hence my confusion.
17 September 2008, 01:44 PM
#55
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i.e no risk.
17 September 2008, 01:46 PM
#56
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I think alot of people are mssing the point here, the OP wanted a reaction to the fact he has removed 15k from his savings, implying that HBOS was in trouble and he didn't feel his money was safe there, however the real reason was he is using it to fund his house extension build which has a completely differnet reason not a company situation one.
the wording implied a totally differnet reason to the factual one.
he went a fishing and he got a bite..
the wording implied a totally differnet reason to the factual one.
he went a fishing and he got a bite..
17 September 2008, 01:57 PM
#57
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True, and not true
I posted to tell people I was drawing out my £15k yes.... and that I felt my money was better off away from HBOS..Yes... but my reasons?.. I did not post... I wasn't aware I had to outline every part of my financial plans... I appologise.
Once I realised people were latching onto an argument I had not intended to portray... I clarified the point.
The fact of the matter, is following NR's misshaps...I could see a similar crunch at Hallifax, thus I removed my money today, as opposed to next week or in a fortnight, because I didn;t want the banks troubles to interfere with my finances...
I'm sorry if people felt I stirred up anything...
I posted to tell people I was drawing out my £15k yes.... and that I felt my money was better off away from HBOS..Yes... but my reasons?.. I did not post... I wasn't aware I had to outline every part of my financial plans... I appologise.
Once I realised people were latching onto an argument I had not intended to portray... I clarified the point.
The fact of the matter, is following NR's misshaps...I could see a similar crunch at Hallifax, thus I removed my money today, as opposed to next week or in a fortnight, because I didn;t want the banks troubles to interfere with my finances...
I'm sorry if people felt I stirred up anything...
Last edited by scooby L; 17 September 2008 at 02:00 PM.
17 September 2008, 02:03 PM
#58
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personally I would buy 10ks worth of hbos shares whilst they are low as they will shoot up in a few days earning you loads and loads and loads
Nick Leason
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17 September 2008, 02:07 PM
#60
Even if the government stepped in and guaranteed all deposits, he could face a long wait to get it, and also probably lose out on any interest he might have got in the meantime (ok, not a lot for 15k, but still).
Are your savings safe?: Full guide to protect your cash ... - The section entitled "Is the FSCS big enough to cope?"