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Santander to be the next Northern Rock ?

ShoobeedooShoobeedoo Posts: 304
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in General Discussion #1
With people queing round the block to get their money, I doubt it as the government will once again guarantee all depositors money.

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    InkblotInkblot Posts: 26,889
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    #2
    According to the Telegraph, "Santander UK is regulated by the Financial Services Authority and all its deposits are covered under the Financial Services Compensation Scheme (FSCS) which means deposits of £85,000 per person per financial institution are guaranteed."
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    sarahj1986sarahj1986 Posts: 11,305
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    #3
    I hope not! I have my mortgage with them
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    StigStig Posts: 12,446
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    #4
    Santander UK is a separate company from the Spanish bank. Don't panic anyone.
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    sarahj1986sarahj1986 Posts: 11,305
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    #5
    Stig wrote: »
    Santander UK is a separate company from the Spanish bank. Don't panic anyone.

    phew thanks
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    [Deleted User][Deleted User] Posts: 14,589
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    #6
    What's happening with Santander I haven't heard the news this morning?
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    [Deleted User][Deleted User] Posts: 22,736
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    #7
    sarahj1986 wrote: »
    I hope not! I have my mortgage with them

    Me too!! How nice would it be if they wrote off the debt and we got our houses for free!!:D:D
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    DaisyBumblerootDaisyBumbleroot Posts: 24,763
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    #8
    ladymoanalot wrote: »
    Me too!! How nice would it be if they wrote off the debt and we got our houses for free!!:D:D

    Nah, it didn't happen for us with northern rock unfortunately :D
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    AndrueAndrue Posts: 23,366
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    #9
    ladymoanalot wrote: »
    Me too!! How nice would it be if they wrote off the debt and we got our houses for free!!:D:D
    Nah. More likely they'd call the loan in to bolster their balance sheet - especially if there's a risk of your house going into negative equity :)
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    [Deleted User][Deleted User] Posts: 22,736
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    #10
    DaisyBumbleroot wrote: »
    Nah, it didn't happen for us with northern rock unfortunately :D
    Andrue wrote: »
    Nah. More likely they'd call the loan in to bolster their balance sheet - especially if there's a risk of your house going into negative equity :)

    phillistines
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    tealadytealady Posts: 26,267
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    #11
    Stig wrote: »
    Santander UK is a separate company from the Spanish bank. Don't panic anyone.
    Way too simplistic. It is a subsidiary of Banco Santander although it is rated slightly higher than its parent. The parent could draw on Santander's assets, though one rating agency believes there is a low risk of the FSA allowing this to occur to the extent that Santander UK itself is weakened.
    It does have a lot of retail deposits and is pretty imbedded in the UK network, so nothing like Northern Rock.
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    [Deleted User][Deleted User] Posts: 12,190
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    #12
    tealady wrote: »
    Way too simplistic. It is a subsidiary of Banco Santander although it is rated slightly higher than its parent. The parent could draw on Santander's assets, though one rating agency believes there is a low risk of the FSA allowing this to occur to the extent that Santander UK itself is weakened.
    It does have a lot of retail deposits and is pretty imbedded in the UK network, so nothing like Northern Rock.

    true enough....

    In other news; in order to further distance itself from its Spanish parent it will be changing its name to "Sh!tander".... its unofficial name with staff since it was rebranded from Abbey.
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    johnnybgoode83johnnybgoode83 Posts: 8,908
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    #13
    Inkblot wrote: »
    According to the Telegraph, "Santander UK is regulated by the Financial Services Authority and all its deposits are covered under the Financial Services Compensation Scheme (FSCS) which means deposits of £85,000 per person per financial institution are guaranteed."

    This is why you never keep more than that in one bank account.
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    kimindexkimindex Posts: 68,250
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    #14
    The economic expert on the radio this morning said that Santander in the UK was as safe as any bank could be.
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    valkayvalkay Posts: 15,726
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    #15
    I have just taken out an ISA at 4% with them, hurry it expires at the end of May.
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