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HAVE YOUR SAY

SHOULD TAXPAYERS BAIL OUT NORTHERN ROCK?

CRISIS CONTINUES: Stricken bank Northern Rock

Wednesday August 6,2008

By Louise Barnett Consumer Editor

Comment Speech Bubble Have your say(42)

NORTHERN Rock will get a fresh £3.4billion bail-out from taxpayers after revealing massive losses of £584.4million yesterday.

It amounts to an extra £100 for every taxpayer in Britain and sparked anger from critics who warned that even more public money will be exposed to risk.

The nationalised bank blamed its dire performance on soaring mortgage arrears, rising repossessions and the depressed housing market.

Plans for the £3.4billion injection of public money were unveiled as Northern Rock revealed the pre-tax losses of £584.4million for the six months to June.

The bank sweetened the pill by showing it had made a higher-than-expected £9.4billion debt repayment to the Bank of England. This reduced its outstanding debt to £17.5billion from £26.9billion at the end of December.

* Do YOU think taxpayers should bail out Northern Rock?

* Will even MORE PUBLIC MONEY be exposed to risk if taxpayers fork out?

*** HAVE YOUR SAY NOW! ***

HEADS OR TAILS...YOU WIN!

24.08.08, 1:46pm

All investments carry risk. That's why interest is paid if your investment is successful. If you visit a bookie to make a bet find out whether, if your bet loses, he'll give you your money back.

• Posted by: poorboy • Report Comment

ARE U JOKING

20.08.08, 2:39am

of course we shouldn't sassia or whatever your stupid name is. It's the north. What have they ever given us besides their oil, gas, blood and guts? Lets place no regulation on the free market but let them come begging when they have screwed up. Lets allow thousands of people to loose their homes through no fault of their own. Throw their kids onto the streets hey? and then lets use our taxes to pay for 2 aircraft carriers costing £8b.

All heart aren't you? better hope it never happens to you or your kids. You witch.

• Posted by: brusselssprouts • Report Comment

NORTHERN ROCK

17.08.08, 8:55pm

Bailing out this bank is just typical of this government. Labourites have always used taxpayers money as though it was their own, but why should they get away with it? Why can't the Express/Mail/Guardian - or rather high profile people who work for these papers keep hammering away them and demanding they stop it? Of course, the north has always been a Labour heartland so they expect to keep their voters. Banks that buy bad debt deserve to go to the wall - expect they're using the government loans as assets and still paying their directors huge bonuses.

• Posted by: Sassa1 • Report Comment

NEVER EVER EVER

14.08.08, 7:27pm

Wy should the tax payer's hard earned cash be given to NR to bail them out yet again.....not only that the Chancellor should be sacked including everyone in the cabinet........

• Posted by: RealIstic08 • Report Comment

THIS IS JUST ONE REASON TO BAIL 'EM OUT.

11.08.08, 3:38pm

To begin with I thought that the Govenor of The Bank of England was in favour of NR going bust. But then I had another look and saw that like the County of Norfolk, many Local Authorities had part of their Pension Funds invested in Northern Rock. Never mind that the Private Pensions went down the drain, there must be about a million Public Servants who's going to lose out. That was part of reason for the bail-out. And compared to all the other debt, it's a piddling little amount.
Just the off-book debt must now be in the region of £2000 Billion. And as I have said many many times, there isn't a man, or women for that matter, alive today who will live long enough to see this money paid off. I know that much of it is on a five year re-financing basis, which means that every five years it is sold on and it all starts again and then every year there is a "Service Charge" to pay. If the Express will publish it, I'll send them a copy of it. All eight pages. I did send it to the Mail and to the Telegraph, but it was never even mentioned in those 'papers.
I have been re-reading correspondence from the CBI., in response to the story on page 43 of todays 'paper. First I'm going to have a cup of tea, and then I'll add to this comment.
Regards, ATFlynn, "Norfolk's Mutineer"

• Posted by: Watchkeeper • Report Comment

NO!!!!!!!!!!!!!!!!!!!!!

11.08.08, 8:30am

It is time we stop pouring money into private companies, after all that is what Northern Rock is, it is there to make money for its shareholders, why should my taxes go to support a failing bank, once again Labour miss judged the situation and poured in tax payers money, yet the bank is still failing.
This winter pensioner, and all the other vunrable people, who have not the resources to pay for the high cost energy, will be happy to know that 3.4 billion pounds have been poured yet again into Northern Rock.
Again Labour has got it wrong, they will not be able to walk away from Northern Rock it will become another mill stone around the tax payers neck.

• Posted by: mike1951 • Report Comment