Banking Crisis

[Tealeaf]

No doubt many of you have been awaiting today's Vickers report on reform of the British banking industry with baited breath; everyone wants to be able to stick their hard earned millions somewhere safer than under the bed.

It is of course, possible that some may have their dosh tucked away with the Northern Rock Bank. Back in 2008, it was problems with this bank that first indicated there was something seriously wrong. People were queuing up round the block for days on end to get there money out. At the time, the experts said this was the first run on a bank since the middle of the nineteenth century.

Except the experts were wrong. There was a run a a British bank in the early part of the twentieth century - just a hundred years ago this year. The run was soon contained and spread no futher than two towns. One was Sheffield and the other one was....aye, you've guessed it.

Here's a piece from the Times, 11th/March/1911:


Sorry it ain't a bit clearer; the bank in question is the Yorkshire Penny Bank - now, as the Yorkshire Bank, probably one of the strongest banks in the country

 

[cashman]

Find it funny,whilst they have until 2019 to sort it, NO milestones seem to have been set fer progress? the cynic in me wonders why?

 

[Mancie]

Sod the banks..when will this mob make at least an attempt to increase the chances of our young people to get any job in this country?

 

[Atarah]

Why is this in Heritage and History?

 

[Margaret Pilkington]

It might be because the article Tealeaf has posted relates to a newspaper story from 1911.

 

[Tealeaf]

Why is this in Heritage and History?

Err...because of an event that happened in Accrington in 1911 and which has been totally forgotten about. I was told about it a long time ago, but could find no reference to it. Until yesterday, that is, when I was following the Vickers conference (which involved no surprises) so I decided to see if I could find 'owt. Which I finally did.

Happy now, Atarah?

 

[jaysay]

Find it funny,whilst they have until 2019 to sort it, NO milestones seem to have been set fer progress? the cynic in me wonders why?

Well not being a financial guru myself I would think that to carry out these changes can't be done at the drop of a hat, there will be contractual financial obligations and outstanding contracts to be sorted out and we all know what happens when there are knee jerk reactions and reforms are introduce which haven't been thought out or implemented right

 

[entwisi]

the problem I see is that it doesn't encourage the banks such as Barclays and RBS to stay in this country. Lose the headquaters of these to another country and shed loads of revenue walks with them. The costs involved in implementing these changes is massive and will seriously impact the businesses directly at a time that IMHO stability is key.

 

[cashman]

Well not being a financial guru myself I would think that to carry out these changes can't be done at the drop of a hat, there will be contractual financial obligations and outstanding contracts to be sorted out and we all know what happens when there are knee jerk reactions and reforms are introduce which haven't been thought out or implemented right

Thats dumb!!, more likely to be knee jerk if banks do sod all until the last min, milestones which things must be implemented help prevent that, commonsense to me.........but not to tories obviously.

 

[jaysay]

Thats dumb!!, more likely to be knee jerk if banks do sod all until the last min, milestones which things must be implemented help prevent that, commonsense to me.........but not to tories obviously.

With all due respect I listened to people of your persuasion for 13 years, you know getting on with the job (of screwing the country to the wall)that's why we are in this position now, after all it was good old Gordon who deregulated the banks in the first place, oops

 

[cashman]

With all due respect I listened to people of your persuasion for 13 years, you know getting on with the job (of screwing the country to the wall)that's why we are in this position now, after all it was good old Gordon who deregulated the banks in the first place, oops

My persuasion, its the review that should have stipulated milestones imho, sod all to do wi cameron n his cronies, wasn't refering to them, but blinkered people like yerself.

 

[Mancie]

With all due respect I listened to people of your persuasion for 13 years, you know getting on with the job (of screwing the country to the wall)that's why we are in this position now, after all it was good old Gordon who deregulated the banks in the first place, oops

The banks have never been regulated..ever ..the Bank of England was seperated from the Government because of the ERM fiasco when Thatcher joined the pre Euro... cheers!

 

[jaysay]

My persuasion, its the review that should have stipulated milestones imho, sod all to do wi cameron n his cronies, wasn't refering to them, but blinkered people like yerself.

The report was independence made by people who know what will be entailed in carrying out these reforms, there's a reason for that date being set, quite obviously because it is far more complicated than us mere mortals could start to understand

 

[cashman]

nobobys arguing about the set date, you just refuse to see the commonsense point, hardly a shock though.

 

[Mancie]

The report was independence made by people who know what will be entailed in carrying out these reforms, there's a reason for that date being set, quite obviously because it is far more complicated than us mere mortals could start to understand

A "quango".. this government have spent more money on "advisory boards" and such than could have been spent on pensioners and people who deserve a few quid..it's the same old approach by the tories.. spend more money to find out how you can save money.

 

[Mancie]

It took 18 years and untold hardship for the last tory government to get a grip on the economy of this country..in those 18 years they destroyed the manufaturing , they destroyed our mines .. we still import coal from eastern europe..they sold everything we had..not for economic reasons but for idealist reasons and we will suffer forever.

 

[Margaret Pilkington]

A bit like Gordon Brown and the gold reserves then.....and he knew of the banking crisis a good 7 months before the doo-doo hit the fan and did nothing......what a good management strategy that was.

 

[jaysay]

A bit like Gordon Brown and the gold reserves then.....and he knew of the banking crisis a good 7 months before the doo-doo hit the fan and did nothing......what a good management strategy that was.

Shouldn't call Gordon Margaret, after all he was a legend in his own lunchtime

 

[Margaret Pilkington]

Really John???? isn't that a surprise?

 

[jaysay]

Really John???? isn't that a surprise?

Not to Gordon