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stinkwheel
Bovine Proctologist



Joined: 12 Jul 2004
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PostPosted: 20:20 - 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?
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I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.
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Kawasaki Jimbo
World Chat Champion



Joined: 09 Oct 2015
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PostPosted: 20:44 - 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.
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stinkwheel
Bovine Proctologist



Joined: 12 Jul 2004
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PostPosted: 21:00 - 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!
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“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.
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Ribenapigeon
Super Spammer



Joined: 20 Feb 2012
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PostPosted: 10:54 - 23 Jul 2021    Post subject: Reply with quote
This thread really should get the award for most middle class thread. Laughing
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Polarbear
Super Spammer



Joined: 24 Feb 2007
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PostPosted: 12:13 - 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.
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GettinBetter
Crazy Courier



Joined: 20 Jun 2019
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PostPosted: 17:46 - 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.
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Jmoan
Brolly Dolly



Joined: 18 Nov 2015
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PostPosted: 15:10 - 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.
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Old Thread Alert!

The last post was made 3 years, 350 days ago. Instead of replying here, would creating a new thread be more useful?
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