ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"> <HTML> <HEAD> <meta http-equiv="content-type" content="text/html; charset=UTF-8"> <title>Credit Crunch - Hidden Horsham</title> <meta name="keywords" content="Credit Crunch, toxic debt, Hidden Horsham, Francis Frith, Horsham photos"> <meta name="description" content="Credit Crunch. Photos on Hidden Horsham reveal architectural and structural detail that the eye normally misses."> <link rel="icon" href="favicon.ico" type="image/x-icon"> <link rel="shortcut icon" href="http://www.hiddenhorsham.co.uk/favicon.ico" type="image/x-icon"> <link rel="Stylesheet" href="/styles/style.css" type="text/css"> </HEAD> <BODY> <A NAME="TOP"></A> <TABLE class="wideness"><TR><TD> <A HREF="/index.htm"> <IMG SRC="/images/topbanner.jpg" alt="click to go to the Hidden Horsham home page" border=0> </A> </TD> </TR> <TR><TD><iframe class=head scrolling="no" frameborder="0" marginheight="0" marginwidth="0" src="/menu/menuhh.htm"></iframe></TD></TR> <TR> <TD> <TABLE ALIGN="right" border=0> <TR> <TD class=strip></TD> <TD VALIGN="TOP" WIDTH="122"> <IFRAME class=menu SCROLLING="no" FRAMEBORDER="0" MARGINHEIGHT="0" MARGINWIDTH="0" SRC="/menu/menu.htm"></IFRAME> </TD> </TR> </TABLE> <H2>Hidden Horsham - The Credit Crunch</H2> <TABLE class=thumbs align=left><TR><TD> <A HREF="/images/hh/full/87.jpg" target="_blank"> <IMG class=edge SRC="/images/hh/page/87.jpg" alt="Hidden Horsham, Horsham Building Society Advertisment" width=279 height=213 border=0 align=left></A></TD> </TR> <TR><TD><P class=c> Horsham Building Society Advertisment*</P> </TD></TR> </TABLE> <TABLE CLASS=BOXOUT width=180 align=right> <TR><TD><P> <B>credit crunch:</B><BR> A sudden reduction in the availability of loans and other types of credit from banks and capital markets at given interest rates. The reduced availability of credit can result from many factors, including an increased perception of risk on the part of lenders, an imposition of credit controls, or a sharp restriction of the money supply<BR> Source: Teach Me Finance </P></TD></TR></TABLE> <P>The Credit Crunch was a phrase that entered the English language in 2007. It came into circulation with the demise of sub-prime mortgages and, in turn, the expression 'toxic debt' joined the world's vocabulary in September 2008</P> <P>So what has this to do with Horsham and why is Hidden Horsham so interested? It is because the high street is almost certainly going to lose a few banks, not that Horsham actually has anywhere named 'High Street'. Shop fronts in and around the Carfax that we have become accustomed to, like it or not, will be updated or removed depending on what the shake-out of the bank take-overs deliver</P> <TABLE class=thumbs> <TR><TD COLSPAN=2><H3>Lloyds TSB takeover HBOS</H3></TD></TR> <TR> <TD><A HREF="/images/hh/full/87a.jpg" target="_blank"> <IMG class=edge SRC="/images/hh/page/87a.jpg" alt="Hidden Horsham, Lloyds TSB" width=295 height=285 border=0 align=left></A></TD> <TD><A HREF="/images/hh/full/87b.jpg" target="_blank"> <IMG class=edge SRC="/images/hh/page/87b.jpg" alt="Hidden Horsham, Halifax Bank of Scotland" width=295 height=251 border=0 align=left></A></TD> </TR> <TR> <TD><P class=c>Lloyds TSB</P> </TD> <TD><P class=c> Halifax</P> </TD> </TR> </TABLE> <P>Although the signage at the time of writing (Oct 2008) is not particularly of historical interest today it is something that is in our memories. Familiar brands including Bradford & Bingley and Halifax Bank of Scotland (HBoS) may disappear forever and this feature is taking the opportunity to record those shop fronts now. <A HREF="/2/2.htm">Lloyds TSB</A> are due to take over HBoS may renew their frontage if they are going to exploit the HBoS brand. Santander, who also own Abbey are taking over the savings side of Bradford & Bingley whilst the UK government is picking up the mortgages and loans. Northern Rock never had a presence in Horsham, nor had Lehman Brothers, so their demise will not be witnessed here</P> <TABLE class=thumbs> <TR><TD COLSPAN=2><H3>Santander takeover Bradford & Bingley</H3></TD></TR> <TR> <TD><A HREF="/images/hh/full/87c.jpg" target="_blank"> <IMG class=edge SRC="/images/hh/page/87c.jpg" alt="Hidden Horsham, Abbey" width=295 height=404 border=0 align=left></A></TD> <TD><A HREF="/images/hh/full/87d.jpg" target="_blank"> <IMG class=edge SRC="/images/hh/page/87d.jpg" alt="Hidden Horsham, Bradford & Bingley" width=295 height=502 border=0 align=left></A></TD> </TR> <TR> <TD><P class=c><A HREF="/1/1.htm">Abbey</A> is also owned by Santander </P> </TD> <TD><P class=c> Bradford & Bingley</P> </TD> </TR> </TABLE> <P>The opening and subsequent failing of banks and building societies is not new to the history of Horsham. In 1856 the Horsham Permanent Benefit Building Society was opened and by 1874 it was the Horsham and Crawley Building Society. Some thirty years later in 1914 it went into liquidation only to be resurrected as the Horsham Building Society. Co-incidently Bradford & Bingley now occupy the their former site at 30 Carfax</P> <P>This feature will be revisited in later months when the bank takeover frenzy has settled down. The new frontages will be recorded</P> <P><B>Nov 2008 update:</B> Rosebys, suppliers of curtains and linen, in Swan Walk went into administration on the 25<SUP>th</SUP> of September and the shutters have been closed ever since. The VW car dealership Sidlow also entered administration on the 30<SUP>th</SUP> of October</P> <TABLE BORDER=0 width=610 class=info > <TR><TD><P>External Links:</P> <P>* Image from Official Town Guide of 1962: <A HREF="http://www.horsham.gov.uk" target="_blank">Horsham Council</A></P> <P>Teach Me Finance: <A HREF="http://www.teachmefinance.com/Financial_Terms/Credit_Crunch.html" target="_blank">Credit Crunch Definition</A></P> <P class=vh>Visit Horsham: <A HREF="http://www.visithorsham.co.uk/Category/Banks_and_Building_Societies.aspx" target="_blank">Banks and Building Societies</A></P> <P>WSCT: <A HREF="http://www.wscountytimes.co.uk/news/Credit-crunch--jobs-threat.4646719.jp" target="_blank">jobs threat as Horsham car dealership collapses</A></P> </TD></TR> </TABLE> <H3><A HREF="/86/townhallinside.htm" class=opac><IMG SRC="/images/back.gif" alt="click for the previous image" border=0></A><A HREF="/88/nairn.htm" class=opac><IMG SRC="/images/fwd.gif" alt="click for the next image" border=0></A></H3> <HR> <P>Contributions, comments and suggestions are welcomed. 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