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Rainy day for Northern Rock shareholders Black horse stares into a black hole
(about 8 hours later)
BBC Radio 4's Money BoxSaturday, 14 February 2009at 1204 BSTOn Radio 4 and OnlineBBC Radio 4's Money BoxSaturday, 14 February 2009at 1204 BSTOn Radio 4 and Online
The Chancellor, Alistair Darling, has defended the government's role in the tie up between Lloyds TSB and Halifax Bank of Scotland - after the subsidiary prepared to announce record losses of almost £11bn for 2008.
Mr Darling told the BBC the government had had to intervene quickly in October when the deal had been struck, to stop the banking system's collapse.
Lloyds Banking Group, which is part owned by the taxpayer, saw its share price slump by a third after the HBOS announcement.
So what is the future for the banking giant?
Money Box hears from banking analyst, Peter Hahn from the Cass Business School and from Justin Urquhart Stewart of Seven Investment Management.
Further information/related stories:
Lloyds shares tumble after updateDarling defends bailout of HBOSLloyds HBOS merger gets go-aheadHBOS shareholders back takeover
Rainy day for Northern Rock shareholders
Former Northern Rock shareholders have lost their legal challenge to the government's plan to compensate them.Former Northern Rock shareholders have lost their legal challenge to the government's plan to compensate them.
In the High Court they said the government had deliberately undervalued the bank in the run up to its nationalisation last year which, they argued, infringed their human rights and meant they would now receive nothing.In the High Court they said the government had deliberately undervalued the bank in the run up to its nationalisation last year which, they argued, infringed their human rights and meant they would now receive nothing.
Lord Justice Stanley Burnton, one of the two judges hearing the judicial review said: "We have come to the conclusion that the provisions made for the compensation of the shareholders of Northern Rock do not infringe their rights."Lord Justice Stanley Burnton, one of the two judges hearing the judicial review said: "We have come to the conclusion that the provisions made for the compensation of the shareholders of Northern Rock do not infringe their rights."
A firm of accountants is assessing how much the shares were worth and how much compensation should now be paid.A firm of accountants is assessing how much the shares were worth and how much compensation should now be paid.
We bring you the latest news for shareholders.We bring you the latest news for shareholders.
Further information/related stories:Further information/related stories:
Rock investors lose court caseRock shareholders demand paybackBetween a Rock and a hard placeExternal links and helplinesRock investors lose court caseRock shareholders demand paybackBetween a Rock and a hard placeExternal links and helplines
In January Standard Life told investors of poor fund performanceStandard LifeIn January Standard Life told investors of poor fund performanceStandard Life
Standard Life has agreed to compensate 100,000 customers of one of its funds at a cost of £100m to itself.Standard Life has agreed to compensate 100,000 customers of one of its funds at a cost of £100m to itself.
Nearly 100,000 customers of Standard Life were set to lose 5% of their money invested in its Pension Sterling Fund.Nearly 100,000 customers of Standard Life were set to lose 5% of their money invested in its Pension Sterling Fund.
The company had marketed the fund as safe, but it emerged that about 13% of the fund had been invested in mortgage backed securities - the assets at the centre of the credit crunch crisis.The company had marketed the fund as safe, but it emerged that about 13% of the fund had been invested in mortgage backed securities - the assets at the centre of the credit crunch crisis.
We interviewed John Gill from Standard Life in mid-January when he said compensation was out of the question, but the company has now changed its mind and announced it will reimburse all customers of the fund.We interviewed John Gill from Standard Life in mid-January when he said compensation was out of the question, but the company has now changed its mind and announced it will reimburse all customers of the fund.
Independent financial advisor Mark Meldon, from R C Gray and Co Limited and Robin Geffen of Neptune Investment Management tell us more.Independent financial advisor Mark Meldon, from R C Gray and Co Limited and Robin Geffen of Neptune Investment Management tell us more.
Further information/related stories:Further information/related stories:
Standard Life to repay clientsStandard Life faces fund revoltStandard Life defends investmentsExternal links and helplinesStandard Life to repay clientsStandard Life faces fund revoltStandard Life defends investmentsExternal links and helplines
Now you see it... How much control do you have over your money?Banks help themselvesNow you see it... How much control do you have over your money?Banks help themselves
The Citizens' Advice Bureau is calling for banks to stop the practice of taking money out of current accounts to pay off other debts.The Citizens' Advice Bureau is calling for banks to stop the practice of taking money out of current accounts to pay off other debts.
The organisation has seen a 25% increase in each of the last two years of banks using their little-known about "right of set off".The organisation has seen a 25% increase in each of the last two years of banks using their little-known about "right of set off".
The consumer body argues that customers often have their benefits taken out leaving them unable to make more important payments.The consumer body argues that customers often have their benefits taken out leaving them unable to make more important payments.
The banking industry says it treats account holders sympathetically and that the onus is on the customer to let their banks know when they face difficulties.The banking industry says it treats account holders sympathetically and that the onus is on the customer to let their banks know when they face difficulties.
Radio 4 Money Box reporter Samantha Washington investigates.Radio 4 Money Box reporter Samantha Washington investigates.
Further information/related stories:Further information/related stories:
Have Your Say: Banks help themselvesHow to cope with recession: DebtHouseholds have less spare cashExternal links and helplinesHave Your Say: Banks help themselvesHow to cope with recession: DebtHouseholds have less spare cashExternal links and helplines
If you have a windfall where should you put it for safe keeping?Savers
Savings rates dropped to an all time low in January according to figures published by the Bank of England.
Returns paid on branch-based instant access and notice accounts, tax-free cash ISAs and fixed-rate savings bonds are all at the lowest level since records began.
So what should you do if you have some savings but do not want to see them withering away?
We are joined by Peter Hargreaves, CEO of investment management firm Hargreaves Landsdowne and John Goodfellow, the former CEO of Skipton Building Society and now Chairman of the trade body that represents building societies.
Further information/related stories:
How to cope with recession: SavingsMaking the most of your savingsSavings rates slide to record lowExternal links and helplines
BBC Radio 4's Money Box will be broadcast on Saturday, 14 February 2009 at 1204 GMT.BBC Radio 4's Money Box will be broadcast on Saturday, 14 February 2009 at 1204 GMT.