London & County Mortgages and London & County bank failure in 1973

Discussion in 'UK Finance' started by Daytona, Jul 4, 2008.

  1. Daytona

    Daytona Guest

    I was intrigued to read about London & County failing in 1973 and
    wondered if London & County Mortgages had any connection to them ?

    "But it has been more than a century since any major bank went bust.
    Overend, Gurney & Company failed in 1866.

    More recently, the secondary bank London & County failed in 1973 and
    Barings Bank had to be rescued in 1995, when it was bought for £1 by
    the Dutch giant ING. Grays Building Society was the most recent
    collapse in that sector, back in 1978."

    Found some other info. here, which doesn't really help -

    London & County National Westminster Bank plc 1836 As part of
    Westminster Bank
    Daytona, Jul 4, 2008
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  2. Have people forgotten about BCCI so soon?
    Ronald Raygun, Jul 5, 2008
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  3. My accountant traces the UK bank crunch of Northern Rock etc not to
    the US sub-prime market, which he regards as a loss of pretend wealth
    which never existed, but to the collapse of an Asian bank recently,
    much favoured with UK Local Authorites.

    They lost *real* money having wisely invested most of their reserves
    to take advantage of the extra 1%. That cash has not only fallen out
    of the UK system for good, but has had to be replaced by loans.

    Any idea which bank and which Local Authorites he is talking about? At
    £250 an hour I can't afford to ask him :)
    Troy Steadman, Jul 5, 2008
  4. Wait till he goes to the pub and buy him a drink. Much cheaper.

    Some Local Authorities also lost a lot when BCCI went down. I seem to
    recall the Western Isles was among them. Wasn't BCCI sort of Asian?
    Ronald Raygun, Jul 5, 2008
  5. Troy Steadman, Jul 5, 2008
  6. Probably not, since it's London & CountRy Mortgages.

    Theo Markettos, Jul 6, 2008
  7. Daytona

    Daytona Guest

    lol! thanks Theo
    Daytona, Jul 9, 2008
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