Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

B of E gives out another 50 billion

Options
  • 21-04-2008 12:03pm
    #1
    escobar
    Closed Accounts Posts: 283 ✭✭


    The Bank of England gave out 50 billion to banks after a previous 10 billion and bailing out Northern Rock . Have English banks been hit the worst by this sub prime fallout. I know Credit Suisse took a big hit as well. Does anyone know the total fallout and how much european banks have lost . Is Northern Rock the only bank to collapse......


Comments

  • Options
    #2
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    Is Northern Rock the only bank to collapse......
    northen rock did not collapse! You can go to their website and open an account right now :)

    Read some financial websites, and stuff like that! There is news coming out about this stuff all the time. [ie: front page of the paper on Saturday, about CitiBank]


  • Options
    #3
    escobar
    Closed Accounts Posts: 283 ✭✭escobar


    tHE vAGGABOND wrote: »
    northen rock did not collapse! You can go to their website and open an account right now :)

    Read some financial websites, and stuff like that! There is news coming out about this stuff all the time. [ie: front page of the paper on Saturday, about CitiBank]

    Thanks for the advice.:o CitiBank is an American bank I am more interested in how it has affected the European banks. It seems like they have taken about half the damage from sub prime........

    Northern Rock did collapse and had to be saved by the B of E otherwise they would have gone under. They stopped doing business in Denmark also , closed up there.....

    Not just interested in them though. It has affected many Banks. One of the worst hit obviously is Credit Suisse. They've lost at least 40 billion in their own right. That's over 100 billion in the countries I've already mentioned. Was wondering what was the overal hit was and who was hit the worst...


  • Options
    #4
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Northern Rock didn't collapse par se. There was a run on it caused by rumour and media hysteria. A number of interested parties were lining up to buy it before Downing Street decided to Nationalise it. It's long-term prospects were good, it just didn't have the liquidity to survive the short-term due to everyone withdrawing their savings at the same time.

    To be honest, nobody knows the total damage caused by the Credit Crunch, and I'm sure that even when it's over there will be madly differing figures put on it. A lot of the losses are on paper, and the banks that survive (hopefully all of them) will eventually recover. It's just all about surviving this temporary* liquidity crisis.

    * No idea if it's a few months or a few years! hopefully only another few months, but that might be optimistic


  • Options
    #5
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    The RBS has announced another 5.9 billion credit write down and wants a 12 billion cash injection. It's hit them very hard....
    Kinda worrying because they're in Ireland and own first active and Ulster Bank.The Irish Bank Officials Association wants gaurantees that jobs and pay are secure in this country. Scary...Didn't really think it had affected us here :(


Advertisement