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Northern Rock cuts savings deals Northern Rock cuts savings deals
(40 minutes later)
Northern Rock has withdrawn a number of savings deals to new customers to ensure it does not abuse any competitive advantage.Northern Rock has withdrawn a number of savings deals to new customers to ensure it does not abuse any competitive advantage.
The nationalised bank is one of few financial institutions that has a 100% guarantee for the safety of customers' savings, as it is government-backed.The nationalised bank is one of few financial institutions that has a 100% guarantee for the safety of customers' savings, as it is government-backed.
On Thursday, it said that it had seen a "sizeable inflow" of profits in recent days owing to financial turbulence. On Thursday, it said that it had seen a "sizeable inflow" of deposits in recent days owing to financial turbulence.
It must cap its market share of UK retail deposit balances at 1.5%.It must cap its market share of UK retail deposit balances at 1.5%.
This commitment was made as part of the nationalisation deal.This commitment was made as part of the nationalisation deal.
Savings shiftSavings shift
There have been widespread reports of savers moving their savings to financial institutions regarded as secure.There have been widespread reports of savers moving their savings to financial institutions regarded as secure.
Each and every government does have an ability to take certain actions themselves, but they must have a look at the broader competitive framework as well Angela Knight, BBA
National Savings & Investments has a 100% guarantee, in the same way as Northern Rock.National Savings & Investments has a 100% guarantee, in the same way as Northern Rock.
A spokeswoman for NS&I said its call centre had seen "in increase in volumes of calls" in the last few weeks, but did not provide figures to show the level of the increase.
The Anglo Irish Bank said it had received a lot of calls from savers after the Irish government said on Tuesday that it would guarantee all of savers' deposits in six savings groups.The Anglo Irish Bank said it had received a lot of calls from savers after the Irish government said on Tuesday that it would guarantee all of savers' deposits in six savings groups.
In the UK, only the first £35,000 is guaranteed but Prime Minister Gordon Brown said this was planned to be raised to the first £50,000.In the UK, only the first £35,000 is guaranteed but Prime Minister Gordon Brown said this was planned to be raised to the first £50,000.
The British Bankers Association said that official figures for the flow of money out of accounts on Wednesday would not be available for another 10 days.The British Bankers Association said that official figures for the flow of money out of accounts on Wednesday would not be available for another 10 days.
UK payments association Apacs said on Wednesday that no significant peak has been spotted on transactions through the Chaps transmission service.UK payments association Apacs said on Wednesday that no significant peak has been spotted on transactions through the Chaps transmission service.
This service allows money to be transferred from one account to another in a day and is generally used for large sums of money.This service allows money to be transferred from one account to another in a day and is generally used for large sums of money.