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Last Updated: Saturday, 17 November 2007, 10:47 GMT
Northern Rock and a hard place
Northern Rock branch
BBC Radio 4's Money Box
Saturday 17 November
at 1204 GMT
On Radio 4 and Online

Northern Rock chief executive Adam Applegarth and four non-executive directors have resigned, nine weeks after the Bank of England bailed them out.

So far the troubled bank has borrowed more than 20bn and that is expected to rise to 30bn by the end of the year.

Savers have taken out 10.5bn, mortgage business has collapsed and the share price has plummeted.

Adam Applegarth is going to stay on until the bank is sold, as potential suitors have been submitting their initial proposals to rescue the beleaguered lender

Suggested options include an outright buyout, a breaking up of the bank's assets, or the government may even "nationalise" it to recoup taxpayers' cash.

But what is the current position for those with mortgages or savings with Northern Rock?

We talked to:

  • Robert Peston, the BBC's Business Editor
  • Doug Henderson, the MP for Newcastle Upon Tyne North
  • Ray Boulger, senior technical manager at John Charcol

    Further information:


    First Solution

    Ghulam Rumi
    Ghulam Rumi was one of the directors of First Solution

    The two thousand or so members of the Bangladeshi community in Britain who lost 1.7 million, between them, when the money transfer business First Solution collapsed, are now only likely
    to get 25% of their money back.

    The provisional liquidator has been trying to strike a deal
    with the former directors and agents who wanted to buy the company since August, and the Companies Investigation Branch is still looking into the reason for the collapse.

    We spoke to Paul Titherington, the official receiver who is trying to recover the customers' money and to Azmel Hussein, leader of a group which is trying to help the victims.

    And to put First Solution's case, we spoke to Gulam Robbani Rumi, a former managing director of First Solution.

    Further information:


    Credit card fraud
    Tim Hewitt
    Money Box listener Tim Hewitt

    Criminal gangs around the world have for some time touted customers' stolen credit card details on websites for other criminals to buy.

    This week, Money Box listener Tim Hewitt came across one such site, offering card details plus names and addresses of hundreds of UK residents, to those wishing to commit card fraud.

    Shocked, he wanted to alert the appropriate authorities, but that proved to be no easy task.

    Bob Howard investigated.

    Further information:


    Post Office

    Post box
    Up to 1,000 can be saved per year in the account

    The Post Office is to launch a new savings club which will let customers save for Christmas 2008.

    People will be able to deposit cash at any of the Post Office's 14,000 branches from January.

    The scheme comes after a gap was identified in the savings club market, following the collapse of Farepak.

    Gary Hockey - Morley Post Office director of marketing - talked to Moneybox.

    Further information:


    Other News

    Out of "goodwill" Littlewoods has decided against demanding a refund from internet shoppers, who it originally said had "abused" their scheme by gaining access to a 25-off voucher via online chat-rooms, rather than having been sent it.


    BBC Radio 4's Money Box was broadcast on Saturday, 17 November 2007 at 1204 GMT.

    The programme was repeated on Sunday, 18 November 2007 at 2102 GMT.



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    17 Nov 07 |  Moneybox


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