Are the Banks Betting Your Money?

[From Gradel to Grave]

I don't know if anyone saw the Dispatches programme on this last month but it claimed because of their involvement in American markets the following losses had been racked up.

HBOS 129 million
Lloyds TSB 177 million
Alliance and Leicester 227 million
Barclays 3.5 billion
Royal bank of Scotland 3.3 billion
HSBC 14 billion

I'm with Royal Bank of Scotland and the events of yesterday immediately triggered thoughts of the programme and of the fate of Northern Rock.

Are there any city or financial whizzkids out there who can tell me whether I need to be worried. All of my accounts are at RBoS.

 

[Trifull]

You don't have to worry, the economy goes through this sort of thing as a regular cycle. It may take a few months, but the banks will come out the other side as though nothing has happened. RBS also has a lot of dealings with Lloyds TSB, who sell their products, so your money should be safe.
Just be like me and spend the banks money :icon_lol:

 

[City Fan]

The worst thing you can do is panic and start withdrawing all your money.

 

[Brauny Blue]

The reason why Northern Rock was in trouble was because it didnt spread its investments. Even so there was no need for everyone to make panic withdrawals. Most small investors were more than covered.

 

[Melton Fox]

I wonder if my overdraft will be reset to zero.

 

[Darth Vodka]

RBS also has a lot of dealings with Lloyds TSB, who sell their products, so your money should be safe.:

what?

utter garbage

and a clear yellow for specious reasoning too

if you don't know anything about banking, please shut up

 

[Yorkshire Vixen]

im not with any of those listed so my dosh is ok

 

[Darth Vodka]

Are there any city or financial whizzkids out there who can tell me whether I need to be worried. All of my accounts are at RBoS.

are banks gambling your money: yes of course, if you don't like getting interest on your savings, stick it all in the mattress

is RBoS likely to have a run on it like Northern Rock: nobody knows for sure, but the fact is that they published their losses and moved on, you don't hear profit warnings from truly ****ed companies, they just collapse. if the share price plummets or people start queueing up for money, withdraw

 

[highland fox]

I've not got any so they won't be doing bugger all with mine

 

[Melton Fox]

stick it all in the mattress

I'll be needing an orthopaedic one soon.

 

[Joe_Fox]

For once being in debt is an advantage. What happens if you have an overdraft of nearly £3000 and the bank goes bust? Do you have to pay it back immediately?

 

[Melton Fox]

For once being in debt is an advantage. What happens if you have an overdraft of nearly £3000 and the bank goes bust? Do you have to pay it back immediately?

I ****ing hope not. I've just paid back £2500 of a £3000 overdraft!!!

 

[Darth Vodka]

For once being in debt is an advantage. What happens if you have an overdraft of nearly £3000 and the bank goes bust? Do you have to pay it back immediately?

that's not a bad question...what does happen to the debtors in a bankruptcy case?

did anyone owe LCFC when we went under?

 

[From Gradel to Grave]

Found this site and it's very helpful. Well worth a quick look. In brief the Financial Services Compensation Scheme covers the first £35,000 of money saved in bank accounts and ISAs.

 

[drew]

The administrators claim back all debts, so in theory if another bank doesn't take them over they could demand the money in full from you. Can't see it happening though.

 

[From Gradel to Grave]

:icon_eek: RBS heading for record corporate loss.