Virgin buys a Rock

[thinfourth2]

http://www.bbc.co.uk/news/business-15769886

The question is did we the taxpayers get stuffed?

[Galsia]

BBC said:

"So on paper, taxpayers end up with a loss of somewhere between £400m and £650m," said our business editor.

Yes, we got shafted. Again.

[FourWheelDrift]

And we still own all the bad debts.

[The Black Flash]

"It represents value for money" says George. A half billion pound loss is "value for money" ? Maybe in these days of bailouts it does.

[Fittster]

Err,the taxpayers have been rather more screwed than that.

"The size of the losses contained in the bad bank part of Northern Rock are still uncertain, but could amount to as much as £21bn."

So we are down a rather more substantial amount.

[thinfourth2]

The Black Flash said:

"It represents value for money" says George. A half billion pound loss is "value for money" ? Maybe in these days of bailouts it does.

After seeing how much the government pisses up the wall buying stationary its probably cracking value

[Simbu]

Look on the bright side...


At least it's still owned by a Brit.

[JulianHJ]

FourWheelDrift said:

And we still own all the bad debts.

However Sky are reporting that NRAM are turning a profit. My mortgage got shifted to them, I presume because it's 90% with a sizable multiplier, but I've never missed a payment.

[dickymint]

Bloody Mods my post was first

Anyway when do I get my rebate?

[scotal]

JulianHJ said:

However Sky are reporting that NRAM are turning a profit. My mortgage got shifted to them, I presume because it's 90% with a sizable multiplier, but I've never missed a payment.

Alot of it depends on when the mortgage was taken out. NRAM still has something like £60bn of mortgages on its books.

[JulianHJ]

scotal said:

Alot of it depends on when the mortgage was taken out. NRAM still has something like £60bn of mortgages on its books.

4 years ago, we completed about a week before the collapse of NR.

[thinfourth2]

dickymint said:

Bloody Mods my post was first

Anyway when do I get my rebate?

But I got the first reply

[anonymous-user]

Could this money be being used to fill the black hole in the countries less than expected tax intake
Sounds like a fire sale !

[dickymint]

thinfourth2 said:

dickymint said:

Bloody Mods my post was first

Anyway when do I get my rebate?

But I got the first reply

Doesn't effect my PPP contract.

[0a]

It's hardly George's fault is it. Why did they need the government to take them on in the first place? Answer: they were worth a large, negative amount. I think they should have been allowed to fold.

It's Labour that have been promising to do all sorts of things with "the money the government will make from the sale of the banks". Wake up, they needed to be nationalised (or would go bust) for a reason.

[JM]

Northern Rock plc has been making a loss, and has been sold for a sum probably exceeding £1bn in the coming months.
Northern Rock Asset Management plc has not been sold, it made about £300ml profit in the 6 months to June 11 and has in the last year repaid (another) £1bn of the government loan, the loan outstanding was in June £20.7bn.

Doens't exactly sound too bad to me.

Edited by JM on Thursday 17th November 11:57

[Ozzie Osmond]

0a said:

I think they should have been allowed to fold.

Are you saying the taxpayer would have been better off if the bank had folded?

Are you saying the UK, with its world-leading financial services sector (!) would have been better off to be seen on the world stage with a domestic bank going into liquidation?

[0a]

Yes, this is correct. NR was massively irresponsible with their lending.

[BoRED S2upid]

A genius bit of business there by our leaders. You watch Beardy Branson make hundreds of millions every year on that deal hes bought the profitable bit and left the crap for the government to deal with he must be laughing sat on his island smoking a big cigar.

[russ_a]

anonymous said:

[redacted]

This 100%