UK: Govt to take 57% share in Royal Bank of Scotland … ue_Flopped

Shit. It doesn’t look good for public offering recapitalisations. This can only hasten two-brains into a panic sell to private equity. Right, I’m off to Ulster Bank (from BoI).

FFS we dont need to do this. The state can fecking well recapitalise…

Am in the middle of doing the same myself from BOI to UB…

Why leave BoI for UB?

For me (& the missus) it’s something we started a couple of weeks ago. We are setting up a joint account and combining our term loans into one account.

Benefits include savings of over €180 per month on the loan accounts (interest rate is lower) and 0% interest on CC balance transfer for 9 months means we get to clear our Credit Cards as we won’t be using them in the interim and won’t be paying interest on the balance.

I phoned my BOI branch a week before we decided on UB and informed them of our intentions asking what they were willing to do to keep me (considering a new BOI customer gets more than an existing one). I was told that there was nothing they could do.

With the loan repayment savings mentioned above, 0% CC interest and a 10% reduction in our rent we will be reducing expenditure by close to €500 per month. The only regret I have is that we didnt do it sooner…


BoI have this bogus thing of having to have €1500 in your account or they’ll start making you pay for stuff. I try not to keep 15 pence there. Ulster Bank is free, free I tell you (it probably isn’t). Besides, BoI keep phoning me up to say is there anything they can for me and every time I tell them to stop charging me, let me have a high-interest deposit account, don’t charge me so much for contributions to my PRSA (not that I put anything in it any more), stop phoning me up. None of it makes any difference.

As long as I don’t actually have to do anything with my account, the shoddy UB service isn’t going to bother me!

The other reason is that RBS has been recapitalised/nationalised. Fur zem, ze var is ofer. The rest of the banks are still in the front line.

It is.

I was a bit windy on UB for a while but now that the RBS issue seems largely sorted, seems ok. Certainly better than BOI at the minute!

But with UB, aren’t you only covered up to € 100K?

At the risk of being a pedant should the headline not read UK Govt to take 57% share in Royal Bank of Scotland?

Not a problem! :mrgreen:

Anyway, you can have as many deposit accounts as you like pill with other banks, I presume YM was talking about his current a/c business.

You would be literally stone mad to have significant deposits in either BOI or UB in my opinion.

Certainly am.

Certainly would. I think the best advice is to stay below the 100k limit, as that saves you having to move stuff around when the unlimited guarantee disappears.

Why UB?

UB is part of the RBS group which surely means it cannot fall now that the British Government own a large stake of it.

The thing I like about UB is that when you ring them up on the 01 number, you usually get talking to a nice chap with a Northern accent (I find northern accents quite reassuring for some reason – my grandad always told me that if you needed an accountant or a lawyer, get yourself a Northern Protestant). They’re usually concise, well-mannered and to the point. It’s kinda re-assuring that you’re talking to someone in the heart of the bank and not some unemployable visual arts student in the middle of an over-crowded call centre.

When you ring on 01 6615321 you are connected to a call centre in Ulster.

I thought it was College Green? I’m sure you can be transferred to your branch if you ask.

No it’s a call centre somewhere in Norn Iron. Of course you can always ring your branch. However, IIRC, this in the only number on the bank statements.

Nothing is now too big to fail.

It’ll just take an Alice through the looking glass moment to do it, there were alot of things at the start of 2008 that we wouldn’t even have been able to countenance in the realm of the possible and they have all come to pass, not the least of which, Robinho moving to Man City.

All bets off next year, pass the ammunition.

Will Hutton in today’s Observer:

Could it be a financial system run by economists that’s the problem? I don’t know, just saying.