The UK's Halifax bank in trouble Rumour

Discussion in 'OFF-Topic / Misc.' started by trackend, Oct 1, 2008.

  1. trackend

    trackend Active Member

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    The buzz is that The UK's leading provider of savings accounts ( The Halifax ) is looking financialy dodgy.
    As of yet it is a rumour from an inside source and at 14:15 GMT no UK news stations have announced it, I hope it is just a rumour
     
  2. FLYBOYJ

    FLYBOYJ "THE GREAT GAZOO"
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    Goes to show you we aren't the only ones with fiancial problems.
     
  3. rochie

    rochie Well-Known Member

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    i'm wondering is any finacial institution safe
     
  4. 109ROAMING

    109ROAMING Active Member

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    So many investment companies in NZ have gone bust this year!
     
  5. trackend

    trackend Active Member

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    I lost $6000 last month on my investments so I am now investing into low return accounts with written/government assurances I know its not impregnable but it is about as secure as you can get. I did think about taking it all out and putting it in my home safe but it will suffer from inflation reduction.
    My source ( a city market worker) believes the UK govenment will not allow less than 6 banks to survive in the UK although many investors are currently moving to Irish banks as the Irish govenment has promised to cover all bank funds for the next 2 years.
    The buy to let property market is on a massive downward spiral and repossesions will mean many people who rent in the private sector loosing their homes.
     
  6. timshatz

    timshatz Active Member

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    My understanding is the spread between the Llyoids bid and Halifax value is 3 billion. That's just due to losses in the stock price over the past day or so. Not a good thing. Says the people in the market don't think the bailout is going through.
     
  7. trackend

    trackend Active Member

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    Lots of trouble looming for the Irish as their promise to cover all accounts comes to more than the national funds.
     
  8. timshatz

    timshatz Active Member

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    Yeah, and their banks are being swamped by depositers! Heard that this morning as people are doing everything they can to find a safe haven. Going to get worse for them too, especially if the wave of failures appear.

    Market is tanking today. Everything down. Silver, Technology, Banking (of course), consumers. Only the banks that have already failed are ok. Guess everyone figures they are on the other side so there is no real danger of them failing further.
     
  9. trackend

    trackend Active Member

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    Luxemburg goverment has joined the guarenteed savers band wagon and now gold sales have soared.
    IMO the US bailout bill will be getting approval from the lower house today.
     
  10. seesul

    seesul Active Member

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    No wonder in today┬┤s world of globalization...
     
  11. timshatz

    timshatz Active Member

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    I tend to agree with you on that one. Don't agree with the bailout, but they're going to do it anyway.

    Enjoy the ride guys, the future is not looking better.
     
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