Accrington Web - View Single Post - Not a level plyaying field, Northern Rock.

Tealeaf · 02-11-2007, 18:00

If you recall at the time of the run on the Northern Rock, financial shares were hit across the board. At the time, the next largest loser in share value to NR was the Alliance and Leicester. Now, I have not looked at their balance sheet but I have noticed their advertisements over the last few days where they are offering a whopping 12% on deposits over one year. This is 6% over LIBOR and Base and appears to be a full 4% over 'owt the competition is giving.

Well, if something appears to be too good to be true, then it probably is. Some of you may well remember the BCCI scandal of the early '90s, when the Bank of England shut down a pretty dodgy outfit. Their rate differential over the market was only 2%, if I recall, so we may well see something interesting over the next few weeks.

02-11-2007, 18:00	#2
Tealeaf God Member Join Date: Jan 2004 Location: Paradise Lost Posts: 7,220 Liked: 11 times Rep Power: 4266	Re: Not a level plyaying field, Northern Rock. If you recall at the time of the run on the Northern Rock, financial shares were hit across the board. At the time, the next largest loser in share value to NR was the Alliance and Leicester. Now, I have not looked at their balance sheet but I have noticed their advertisements over the last few days where they are offering a whopping 12% on deposits over one year. This is 6% over LIBOR and Base and appears to be a full 4% over 'owt the competition is giving. Well, if something appears to be too good to be true, then it probably is. Some of you may well remember the BCCI scandal of the early '90s, when the Bank of England shut down a pretty dodgy outfit. Their rate differential over the market was only 2%, if I recall, so we may well see something interesting over the next few weeks.