Everything is fine at the "Northern Rock Bank" front, no liquidity issues ...
Inhale, exhale and read this.
QUOTE of the CEO of the Northern Rock Bank:
"The simple fact now is that the Chancellor has made it clear that all existing deposits in Northern Rock are fully backed by The Bank of England and are totally secure during the current instability in the financial markets."
This means in plain language:
"We lost your money in our "investments" in the USA using MBA (mortgage backed securities), because we don't have the ability to pay those deposits back, the Bank of England decided that the taxpayer will pay for our losses. Thank you very much, because I will receive my CEO salary of 20 million pounds anyway."
Counting the days before we´ll see those lines @ Countrywide Financial, the biggest US mortgage bank.
QUOTE of the CEO of the Northern Rock Bank:
"The simple fact now is that the Chancellor has made it clear that all existing deposits in Northern Rock are fully backed by The Bank of England and are totally secure during the current instability in the financial markets."
This means in plain language:
"We lost your money in our "investments" in the USA using MBA (mortgage backed securities), because we don't have the ability to pay those deposits back, the Bank of England decided that the taxpayer will pay for our losses. Thank you very much, because I will receive my CEO salary of 20 million pounds anyway."
Counting the days before we´ll see those lines @ Countrywide Financial, the biggest US mortgage bank.
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