Resend my activation email : Register : Log in 
BCF: Bike Chat Forums


Cashless society

Reply to topic
Bike Chat Forums Index -> Politics & Current Affairs Goto page Previous  1, 2
View previous topic : View next topic  
Author Message

stinkwheel
Bovine Proctologist



Joined: 12 Jul 2004
Karma :

PostPosted: 21:20 - 21 Jul 2021    Post subject: Reply with quote

Kawasaki Jimbo wrote:

Based on the idea that the Treasury (the taxpayer) shouldn’t have to bail out the bank, the investors should. But as I recall, if your savings were below a certain level you didn’t lose money. It was seen as a trial run for an EU law which the UK likely still maintains.


Surely account holders are not investors, they are the customers. The shareholders are the investors.

And what about those who were customers of the Central bank of Cyprus? Where the goverment is the owner?
____________________
“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.
 Back to top
View user's profile Send private message You must be logged in to rate posts

Kawasaki Jimbo
World Chat Champion



Joined: 09 Oct 2015
Karma :

PostPosted: 21:44 - 21 Jul 2021    Post subject: Reply with quote

stinkwheel wrote:
Kawasaki Jimbo wrote:

Based on the idea that the Treasury (the taxpayer) shouldn’t have to bail out the bank, the investors should. But as I recall, if your savings were below a certain level you didn’t lose money. It was seen as a trial run for an EU law which the UK likely still maintains.


Surely account holders are not investors, they are the customers. The shareholders are the investors.

And what about those who were customers of the Central bank of Cyprus? Where the goverment is the owner?

You are correct, it was a “bail-in of depositors.”
https://bankofcyprus.com/en-GB/Start/News_Archive/Recapitalisation-through-Bail-in-and-Resolution-Exit-Bank-of-Cyprus-Announcement/
I think this meant depositors had a proportion of their cash turned into shares in a failing bank which might increase in value later if the bank survived (as they always do). The point is, the government didn’t have to step in financially.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

stinkwheel
Bovine Proctologist



Joined: 12 Jul 2004
Karma :

PostPosted: 22:00 - 21 Jul 2021    Post subject: Reply with quote

Kawasaki Jimbo wrote:
You are correct, it was a “bail-in of depositors.”
https://bankofcyprus.com/en-GB/Start/News_Archive/Recapitalisation-through-Bail-in-and-Resolution-Exit-Bank-of-Cyprus-Announcement/
I think this meant depositors had a proportion of their cash turned into shares in a failing bank which might increase in value later if the bank survived (as they always do). The point is, the government didn’t have to step in financially.


So the government stole their money and used it to buy shares.

My current account is with a building society so it's different but I personally wouldn't see depositing money at a bank as me being an investor in that bank. If I was, I'd expect a say in what they do (which I do with a building society, I'm free to attend their AGM and to vote on issues).

EDIT: Yes, always a good idea to have some negotiable currency about the place. I have a few platinum soverigns squirreled away on the basis that it's useful and valuable stuff as a metal even if the entire financial system collapses.... A quick check shows ithey've gone up 30% since I bought them last year. Should've bought more!
____________________
“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.
 Back to top
View user's profile Send private message You must be logged in to rate posts

Ribenapigeon
World Chat Champion



Joined: 20 Feb 2012
Karma :

PostPosted: 11:54 - 23 Jul 2021    Post subject: Reply with quote

This thread really should get the award for most middle class thread. Laughing
____________________
Defund the rich.
 Back to top
View user's profile Send private message You must be logged in to rate posts

Polarbear
Super Spammer



Joined: 24 Feb 2007
Karma :

PostPosted: 13:13 - 23 Jul 2021    Post subject: Reply with quote

Ribenapigeon wrote:
This thread really should get the award for most middle class thread. Laughing


I am honestly confused why you would say that. Elucidate please.
____________________
Triumph Trophy Launch Edition
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

GettinBetter
Trackday Trickster



Joined: 20 Jun 2019
Karma :

PostPosted: 18:46 - 23 Jul 2021    Post subject: Reply with quote

stinkwheel wrote:
..always a good idea to have some negotiable currency about the place. I have a few platinum soverigns squirreled away on the basis that it's useful and valuable stuff as a metal even if the entire financial system collapses.... A quick check shows ithey've gone up 30% since I bought them last year. Should've bought more!


So very true. When these things happen, joe public will be the last to know, and it all happens very fast with no warning.
____________________
History teaches us that history doesn't teach us.
Honda VT125 Shadow Honda VF750-C Magna
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Jmoan
Traffic Copper



Joined: 18 Nov 2015
Karma :

PostPosted: 16:10 - 25 Jul 2021    Post subject: Reply with quote

Polarbear wrote:
Ribenapigeon wrote:
This thread really should get the award for most middle class thread. Laughing


I am honestly confused why you would say that. Elucidate please.


The funny answer.
https://www.youtube.com/watch?v=qzTYNhWoLZ4

The not so funny answer is if they did save a bob or two the banks are rubbish and the state will use it as an excuse to cut any handouts.
 Back to top
View user's profile Send private message You must be logged in to rate posts
  Display posts from previous:   

Post new topic   Reply to topic    Bike Chat Forums Index -> Politics & Current Affairs All times are GMT + 1 Hour
Goto page Previous  1, 2
Page 2 of 2

 
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum

Read the Terms of Use! - Powered by phpBB © phpBB Group
 

Debug Mode: ON - Server: birks (www) - Page Generation Time: 0.10 Sec - Server Load: 0.36 - MySQL Queries: 17 - Page Size: 58.58 Kb