Halifax: savers hit as shares fall 22 percent

Halifax who is owned by the HBOS group, shares took a nosedive on Tuesday of 22 percent, as small investors saw millions being wiped off their savings. The value of HBOS dropped a staggering £5 billion in just two days of the financial crisis; the share price had already dropped 17 percent on Monday.

Halifax has ensured their customers that although they are going through a period of unprecedented turmoil they are still a very strong bank. On Tuesday they urge red their customers not to panic and assured them their money is safe on Tuesday.

It would be highly unlikely that Halifax would be allowed to go the same route as Lehman Brothers analysts say, they believe that Chancellor Alistair Darling would not allow for Halifax to file for bankruptcy.

Source: Mirror