northern rock nationalised

[anais743]

so what does this mean to people like with the dreaded nr debt element?

whats the experts opinion.Is this good or bad news?

[MelanieGiles]

It has no real effect on customers of borrowers, and depositors monies are guaranteed by HMG. The bank will continue to operate under its usual management and policies, for the forseeable future, and there is no sign so far that there will be any change in policy in personal insolvency situations.

[jpj]

And how convenient to announce it on a sunday afternoon when most of the nation was having their afternoon nap..... A good day to bury bad news me thinks!!!

[chris.g]

Oh, the powers that be have been busy, deciding when to release the news with a minimum of attention......Couldn't expect anything else really......

[jpj]

Whats £100billion amongst a few taxpayers!!!!

[Lord Soth]

So when did we become enamoured of the big banks then? I understand it's bad news if one has shares in NR, but it must be a better deal for taxpayers than receiving a nominal amount from other institutions. The decision was always going to be announced when the London FTSE was closed for trading purposes. It would be very difficult, if not impossible, to bury news of this magnitude. And if it's such a bad move, why has the market reacted with a 159 point increase today?

[chris.g]

Government should never have intervened and wasted £55+billion of tax payers cash. That's equivalent to £3000 per tax payer,according to reports. Will the amount ever be paid off? I wonder if they would have give help to a smaller company up the financial creek?? I think not...... Could you imagine if they had ended up on the Insolvency Register.....

[jbutler]

It does not seem fair that we the tax payer has to get them out of debt but they will not help there customers get out of debt

[james.c]

Gordon Brown said today that as soon as three years time, Northern Rock could make a profit for the taxpayer - This is Gordon Browns selling point to the public.

So if Northern Rock makes the tax payer a profit in three years time, say theoratical equivilent of £1000 each, does that mean Gordon will give each us £1k - the answer is NO, so that must mean he will reduce tax an wages for 12 months to get the 1k back - answer is NO, so Gordons selling point is no good to any one.

But thank you for the some of the £700 a month a pay in tax, plus council tax, plus car tax, plus tax on bills, plus tax on everything i buy and giving me nothing in return, just to help northern rock and i the tax payer gets nothing in return.