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

Jul 04, 2008 6 Replies
D

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."



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



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London & County National Westminster Bank plc 1836 As part of Westminster Bank


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R

Have people forgotten about BCCI so soon?

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T

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 :)

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R

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?

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T

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But that crash is too long ago. I'll email him on Monday.

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T

Probably not, since it's London & CountRy Mortgages.

Theo

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