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Northern Rock says eight out of ten calls are to reinvest money in the bank

Northern Rock says that its call centres are getting just 9 per cent of the calls they had yesterday in the first sign that the Government’s pledge to guarantee all deposits held by Northern Rock customers has helped to allay the scenes of panic seen across the country since Friday.

In a statement the lender says that by 10.30am today there were 3,472 calls compared with 36,894 by the same time yesterday and eight of ten calls are to reinvest money in the bank.

It adds that at 10am there were reduced queues outside just four Northern Rock branches – out of a potential 76 UK branches.

The statement also says that there are half as many people accessing their internet accounts today compared to yesterday.

Northern Rock says that any customers who, under the terms and conditions of the account, had to pay a charge or CHAPS transfer fee to withdraw money due to concerns about the situation will have that charge refunded as long as they reinvest the funds into the same type of account with Northern Rock by October 5.


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NU and Post Office in protection deal

Norwich Union has struck a distribution deal with Post Office Financial Services which will make NU protection products available to post office customers.The first product will be a 50-plus life insurance plan, with another life cover policy planned later in the year.Products will be available to buy over the phone, through the Post Office website […]

Sticking to valuation discipline when investing in China

Journalist Alexis Xydias discusses the opportunities – and potential pitfalls – of investing in China with Artemis fund manager Peter Saacke. With Peter holding significant positions in China in the Artemis funds he manages, journalist Alexis Xydias quizzes Peter on the risks of investing in Chinese stocks – including over-valuations, margin trading and financial reporting issues. Click here for video


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