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I want my £100,000 out of Halifax
Benedict Moore-Bridger17 Sep 2008
Bank workers and customers today told of their fears for the future of HBOS as bosses raced to avoid disaster.
While Lloyds TSB held merger talks, customer Hamish Rowan-Hamilton tried to remove his savings from the Halifax amid concern the deal was not guaranteed.
The 47-year-old City worker said he had well over £100,000 in an account with the bank following the sale of a house.
Mr Rowan-Hamilton, who also has an account with Lloyds, said: "With shares dropping, of course I am concerned. I could spread it (the money) around all the banks but I would be safer with the money in government stocks.
"It is a domino effect. If one bank starts going they all may go. I went in today to enquire about buying gilts. I am fairly concerned about the banking sector generally. Some market traders are playing around with finances and they should not be allowed to do that to that extent."
As staff arrived at the HBOS building in the City today they spoke of their fears. An analyst, 28, who did not wish to give his name, insisted HBOS was "well placed". He said: "We have been over-punished. We are now a sentimental target because of the more bearish feeling. We have no worried in terms of our portfolios, it is just a matter of confidence." He said staff did not know much about the possible takeover, but added: "There might be a good opportunity for Lloyds. Culturally it would be a good fit."
Customer Sinnathamby Chandra, 50, said information on the internetwas spreading "panic". He said: "Things like this happened in the past, but because information is at people's fingertips, it creates panic. I'm not overly concerned about Halifax as it is the largest building society in this country. If it goes, the rest are going as well, and I'm pretty confident the Government would come to the rescue."
Reader views (3)
The fiasco of Equitable Life only affected a FRACTION of the number compared with the bank and mortgage account holders NOW involved and it happened at the time when there was no worldwide domino finance collapses.
The current bank rescue if not handled properly will bring down not just UK BUT also WORLD FINANCES.
We are on a different scale of events here!!!
- Ck, middx, uk, 18/09/2008 12:56
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I am a little surprised that this 47 year old CITY worker's action. He should understand better that under no circumstances HBOS will be allowed to go under.
If HBOS goes like Lehman then all the UK banks and Insurance companies will be at risks! Followed by pension payment failures.
Please have a bit of common sense!
- Ck, middx, uk, 18/09/2008 09:04
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How naive,
To believe Etheovernment" will ride to the rescue like the Lone Ranger" with Tonto at their side! The government is very selective about whom they chose to aid, only when it improves their status and certainly not for the well being of those losing. Remember Equitable Life! Ruination of my parents life and that of my brother's and sisters whole families.
- David, London, 18/09/2008 08:36
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