nowtelse2do Posted March 23, 2013 Share Posted March 23, 2013 Surprised it is not happening>>>>>>>>>>> New Zealand which has no depositors guarantee scheme, passed laws on Tuesday allowing levies on bank deposits...........Spain this week amended its Constitution to allow levies on bank deposits. Spain is also making vague proposals about making such levies, around 0.1%..........The body that guarantees USA deposits, the FDIC, published a joint white paper with "The Bank of England" in December 2012 exploring a common approach to Resolving Globally Active Systemically Important, Financial Institutions. This proposes appropriation of depositor guarantee schemes funds to prop up a failing bank, rather than (have to) compensate depositors after a failure. Under such a scenario, depositor guarantee schemes maybe required to contribute to the recapitolization of the firm.........The British Government will steal your savings when they need to steal them. Taken from another forum, Thanks to Frankie Mcgill. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 23, 2013 Share Posted March 23, 2013 nowtelse2do - 2013-03-23 4:31 PM Surprised it is not happening>>>>>>>>>>> New Zealand which has no depositors guarantee scheme, passed laws on Tuesday allowing levies on bank deposits...........Spain this week amended its Constitution to allow levies on bank deposits. Spain is also making vague proposals about making such levies, around 0.1%..........The body that guarantees USA deposits, the FDIC, published a joint white paper with "The Bank of England" in December 2012 exploring a common approach to Resolving Globally Active Systemically Important, Financial Institutions. This proposes appropriation of depositor guarantee schemes funds to prop up a failing bank, rather than (have to) compensate depositors after a failure. Under such a scenario, depositor guarantee schemes maybe required to contribute to the recapitolization of the firm.........The British Government will steal your savings when they need to steal them. Taken from another forum, Thanks to Frankie Mcgill. 8-) 8-) 8-)..................Malcolm KOTR was right...... the sale of safes is going to go through the roof :D Link to comment Share on other sites More sharing options...
BGD Posted March 23, 2013 Share Posted March 23, 2013 nowtelse2do - 2013-03-23 5:31 PM Surprised it is not happening>>>>>>>>>>> New Zealand which has no depositors guarantee scheme, passed laws on Tuesday allowing levies on bank deposits...........Spain this week amended its Constitution to allow levies on bank deposits. Spain is also making vague proposals about making such levies, around 0.1%..........The body that guarantees USA deposits, the FDIC, published a joint white paper with "The Bank of England" in December 2012 exploring a common approach to Resolving Globally Active Systemically Important, Financial Institutions. This proposes appropriation of depositor guarantee schemes funds to prop up a failing bank, rather than (have to) compensate depositors after a failure. Under such a scenario, depositor guarantee schemes maybe required to contribute to the recapitolization of the firm.........The British Government will steal your savings when they need to steal them. Taken from another forum, Thanks to Frankie Mcgill. This is I am afraid entirely false information, at least so far as it refers to Spain. http://elpais.com/elpais/2013/03/19/inenglish/1363719453_547903.html Link to comment Share on other sites More sharing options...
nowtelse2do Posted March 23, 2013 Share Posted March 23, 2013 Still looks like anyone with over 100,000 euro is fair game Bruce. He also says he will not explain how the Eurogroup makes decision.................Definitely a Politician and a we all know they only tell the truth. Will get back to Frankie with your post if that's ok with you. ;-) Dave Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 23, 2013 Share Posted March 23, 2013 BGD - 2013-03-23 4:45 PM nowtelse2do - 2013-03-23 5:31 PM Surprised it is not happening>>>>>>>>>>> New Zealand which has no depositors guarantee scheme, passed laws on Tuesday allowing levies on bank deposits...........Spain this week amended its Constitution to allow levies on bank deposits. Spain is also making vague proposals about making such levies, around 0.1%..........The body that guarantees USA deposits, the FDIC, published a joint white paper with "The Bank of England" in December 2012 exploring a common approach to Resolving Globally Active Systemically Important, Financial Institutions. This proposes appropriation of depositor guarantee schemes funds to prop up a failing bank, rather than (have to) compensate depositors after a failure. Under such a scenario, depositor guarantee schemes maybe required to contribute to the recapitolization of the firm.........The British Government will steal your savings when they need to steal them. Taken from another forum, Thanks to Frankie Mcgill. This is I am afraid entirely false information, at least so far as it refers to Spain. http://elpais.com/elpais/2013/03/19/inenglish/1363719453_547903.html The trouble is Bruce even though they say it............and might even believe it :D...............Joe public Spanish or otherwise will still move their money just to be on the safe side ;-)..........especially those with a lot of money, as the fact that Cyprus will nick 25% of it has set a president :D Just as well I don't have any dosh......or I'd be having a few sleepless nights now 8-) Link to comment Share on other sites More sharing options...
Guest 1footinthegrave Posted March 23, 2013 Share Posted March 23, 2013 Didn't I read they have another system in Spain,it went along the lines of some dodgy official flogging Brits land to build on, then when the houses were complete tell them it was all a dodgy deal and they end up with nothing. >:-) Link to comment Share on other sites More sharing options...
nowtelse2do Posted March 23, 2013 Share Posted March 23, 2013 Mmm......Levy not correct Bruce difference in the wording, as follows>>>>>>> From the Expansion 21st March. A new low-rate Spanish bank deposit tax, which will see banks rather than account holders pay levies is being introduced to "Impose order in the Spanish banking system," the Treasury Minister Cristobal Montoro said yesterday. The new fees will see between 0.1% and 0.2% taxed from bank deposit and is expected to raise 1.5 billion and 3 billion euro. Spanish bank deposits currently total 1.5 trillion euro and the new measure will be introduced in the coming weeks. Dave Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 23, 2013 Share Posted March 23, 2013 Cash is king............will be the watch word for the next few years ;-)............and the black market will flourish.............serve the stupid EU buggers right >:-) Link to comment Share on other sites More sharing options...
Guest 1footinthegrave Posted March 23, 2013 Share Posted March 23, 2013 Which cash though, does Monopoly do the business, glad that's all I've got. :D Link to comment Share on other sites More sharing options...
BGD Posted March 23, 2013 Share Posted March 23, 2013 nowtelse2do - 2013-03-23 8:06 PM Mmm......Levy not correct Bruce difference in the wording, as follows>>>>>>> From the Expansion 21st March. A new low-rate Spanish bank deposit tax, which will see banks rather than account holders pay levies is being introduced to "Impose order in the Spanish banking system," the Treasury Minister Cristobal Montoro said yesterday. The new fees will see between 0.1% and 0.2% taxed from bank deposit and is expected to raise 1.5 billion and 3 billion euro. Spanish bank deposits currently total 1.5 trillion euro and the new measure will be introduced in the coming weeks. Dave No. There is no difference in the wording. Only in the translation from the Spanish language. I'm not sure why you are confused. Because the proposal in Spain is completely different. It is a domestic proposal to tax the INSTITUTION (ie the bank, or Caixa) on the value of the deposits within it, NOT the individual depositor......................and only in those Spanish semi-autonomous regions where the regional government has refused to implement the cost-cutting measures and tax receipt targets that Central Govt has decreed. Link to comment Share on other sites More sharing options...
Guest Peter James Posted March 24, 2013 Share Posted March 24, 2013 Brian Kirby - 2013-03-19 6:48 PM I'm still expecting to wake up and find it was all a dream! :-D Its drastic isn't it? But when the ship is sinking the rule book gets thrown out of the window. I fear this is a measure of how bad things are. But we have got so used to hearing scares about the economy we are maybe no longer taking as much notice as we should. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 24, 2013 Share Posted March 24, 2013 Peter James - 2013-03-24 4:01 PM Brian Kirby - 2013-03-19 6:48 PM I'm still expecting to wake up and find it was all a dream! :-D Its drastic isn't it? But when the ship is sinking the rule book gets thrown out of the window. I fear this is a measure of how bad things are. But we have got so used to hearing scares about the economy we are maybe no longer taking as much notice as we should. If the ship is sinking ;-)..............then its best to get as far away from the ship before you get sucked down with it :D Link to comment Share on other sites More sharing options...
nowtelse2do Posted March 24, 2013 Share Posted March 24, 2013 BGD - 2013-03-23 11:54 PM nowtelse2do - 2013-03-23 8:06 PM Mmm......Levy not correct Bruce difference in the wording, as follows>>>>>>> From the Expansion 21st March. A new low-rate Spanish bank deposit tax, which will see banks rather than account holders pay levies is being introduced to "Impose order in the Spanish banking system," the Treasury Minister Cristobal Montoro said yesterday. The new fees will see between 0.1% and 0.2% taxed from bank deposit and is expected to raise 1.5 billion and 3 billion euro. Spanish bank deposits currently total 1.5 trillion euro and the new measure will be introduced in the coming weeks. Dave No. There is no difference in the wording. Only in the translation from the Spanish language. I'm not sure why you are confused. Because the proposal in Spain is completely different. It is a domestic proposal to tax the INSTITUTION (ie the bank, or Caixa) on the value of the deposits within it, NOT the individual depositor......................and only in those Spanish semi-autonomous regions where the regional government has refused to implement the cost-cutting measures and tax receipt targets that Central Govt has decreed. The translation is what caused my confusion Bruce (the wording) Please remember I picked it up from another forum and was directed to Expansion. Sorry if you have closed your account. :D Dave Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 25, 2013 Share Posted March 25, 2013 Cor 8-).....................40% 8-)..............that's gona hurt ...... The EU have really gone and done it now >:-) ..........Only an idiot will have more than 100 Euro's in a PIGS bank account............I'll expect the stock market will benefit :-S Link to comment Share on other sites More sharing options...
Guest Peter James Posted March 25, 2013 Share Posted March 25, 2013 So deposits over 100,000 Euros and bondholders who chose to risk investing in Cypriot Banks for their better interest rates are going to lose some money. And The EU Court found against Gordon Brown's decision to bail out Icelandic bank depositors and bill the Icelandic people for it. Is the notion the public are held responsible for bankers debts unique to Britain? Link to comment Share on other sites More sharing options...
Guest Peter James Posted March 25, 2013 Share Posted March 25, 2013 pelmetman - 2013-03-25 7:19 AM .Only an idiot will have more than 100 Euro's in a PIGS bank account............I'll expect the stock market will benefit :-S Maybe the pound will hold up a bit longer too. The Russians can put their crooked money in British Banks knowing the taxpayer will always bail them out. Link to comment Share on other sites More sharing options...
John 47 Posted March 25, 2013 Share Posted March 25, 2013 Well, a quick reading of the news this morning suggests that at last some common sense has crept in. The rules were clear to any saver: if you deposit less than 100,000 euros then that will be protected; if you invest more you take the risk of losing it all. The original "solution" tore up those rules and therefore sent a wave of panic through all EU countries that the same could happen to them. This won't solve the problem overnight but it may at least restore some stability. Problem is it will mean, at least in the short-term, that the euro will strengthen against the pound - good job I got this week's cash when the rate was almost 1.18! :-D Link to comment Share on other sites More sharing options...
nowtelse2do Posted March 25, 2013 Share Posted March 25, 2013 And the veiled threat, or maybe not so veiled, Russia hinting that German assets in Russia could be frozen. Big mistake Germany you've got their backs up. If I was one of those that brokered this deal I would be getting an anti plutonium vaccine quickly 8-) Dave Link to comment Share on other sites More sharing options...
CliveH Posted March 25, 2013 Share Posted March 25, 2013 John 47 - 2013-03-25 9:44 AM Well, a quick reading of the news this morning suggests that at last some common sense has crept in. The rules were clear to any saver: if you deposit less than 100,000 euros then that will be protected; if you invest more you take the risk of losing it all. The original "solution" tore up those rules and therefore sent a wave of panic through all EU countries that the same could happen to them. This won't solve the problem overnight but it may at least restore some stability. Problem is it will mean, at least in the short-term, that the euro will strengthen against the pound - good job I got this week's cash when the rate was almost 1.18! :-D Yes this is very much what everyone feared! How could you have an EU ruling that states that 100K Euro (£85K for UK) is protected under EU law and then that same EU deciding that THEY could take part of that 100K Euro/£85K ?? But the irony is that Merkel has no room for manoeuvre seeing as her ratings in the polls is very low due to her bailing out basket case economies using German wealth and she faces an election in Sept. bailing out Cyprus would be one bailout too many for most Germans. So the EU has been forced to do a deal whereby a huge percentage of wealthy savers could lose 40% (tho 30% has also been mentioned) which will mean an effective end to any trust that business has in dealing with the EU. So this is a serious pre-cursor to the end of the Euro anyway - so what Merkel has been desperately trying to prop up is far closer to collapse due to her and her Euro numpties actions. Imagine you have just sold your house and you have all your equity in a bank account waiting to purchase your next home. Now you have 30% or 40% less than you had before. Imagine you are a company with a Corporation Tax Bill that has to be paid and you have planned and saved from your profit to pay that bill. Now you have to find 30% to 40% of that all over again. Would you ever trust the powers that be again? Link to comment Share on other sites More sharing options...
CliveH Posted March 25, 2013 Share Posted March 25, 2013 nowtelse2do - 2013-03-25 12:43 PM And the veiled threat, or maybe not so veiled, Russia hinting that German assets in Russia could be frozen. Big mistake Germany you've got their backs up. If I was one of those that brokered this deal I would be getting an anti plutonium vaccine quickly 8-) Dave Indeed! - the Russians would have no scruples in doing this at all. We already have the debacle of some wealthy Frenchmen exchanging citizenship to being Russian so that the 75% tax the Socialist Government of France tried (and failed) to introduce. http://www.bbc.co.uk/news/world-europe-21559612 So Russia is well aware of the publicity value in such actions. :-S Link to comment Share on other sites More sharing options...
John 47 Posted March 25, 2013 Share Posted March 25, 2013 CliveH - 2013-03-25 2:01 PM Imagine you have just sold your house and you have all your equity in a bank account waiting to purchase your next home. Now you have 30% or 40% less than you had before. Imagine you are a company with a Corporation Tax Bill that has to be paid and you have planned and saved from your profit to pay that bill. Now you have to find 30% to 40% of that all over again. Would you ever trust the powers that be again? Obviously, you would not be happy but my point is that the rules you agree to when you invest should be adhered to. The rules are that any investment in any one institiution below 100, 000 euros are protected. If you have more than that you either take the risk or spread your investment between several different institutuions and thus protect it. If any of those institutions then go bust you knew the risk. What got me was that the rules were, until this morning, being torn up. Now we have returned to sanity. Link to comment Share on other sites More sharing options...
Guest 1footinthegrave Posted March 25, 2013 Share Posted March 25, 2013 CliveH - 2013-03-25 2:01 PM John 47 - 2013-03-25 9:44 AM Well, a quick reading of the news this morning suggests that at last some common sense has crept in. The rules were clear to any saver: if you deposit less than 100,000 euros then that will be protected; if you invest more you take the risk of losing it all. The original "solution" tore up those rules and therefore sent a wave of panic through all EU countries that the same could happen to them. This won't solve the problem overnight but it may at least restore some stability. Problem is it will mean, at least in the short-term, that the euro will strengthen against the pound - good job I got this week's cash when the rate was almost 1.18! :-D Yes this is very much what everyone feared! How could you have an EU ruling that states that 100K Euro (£85K for UK) is protected under EU law and then that same EU deciding that THEY could take part of that 100K Euro/£85K ?? But the irony is that Merkel has no room for manoeuvre seeing as her ratings in the polls is very low due to her bailing out basket case economies using German wealth and she faces an election in Sept. bailing out Cyprus would be one bailout too many for most Germans. So the EU has been forced to do a deal whereby a huge percentage of wealthy savers could lose 40% (tho 30% has also been mentioned) which will mean an effective end to any trust that business has in dealing with the EU. So this is a serious pre-cursor to the end of the Euro anyway - so what Merkel has been desperately trying to prop up is far closer to collapse due to her and her Euro numpties actions. Imagine you have just sold your house and you have all your equity in a bank account waiting to purchase your next home. Now you have 30% or 40% less than you had before. Imagine you are a company with a Corporation Tax Bill that has to be paid and you have planned and saved from your profit to pay that bill. Now you have to find 30% to 40% of that all over again. Would you ever trust the powers that be again? I must be thick, where does all this money come from to keep baling EU countries out, and I always thought the very reason for putting your money in a bank, be it a quid, or a million is that it's safe, so I'm with you, I would never trust any powers, just as well I'm skint. :D Link to comment Share on other sites More sharing options...
CliveH Posted March 25, 2013 Share Posted March 25, 2013 John 47 - 2013-03-25 2:33 PM CliveH - 2013-03-25 2:01 PM Imagine you have just sold your house and you have all your equity in a bank account waiting to purchase your next home. Now you have 30% or 40% less than you had before. Imagine you are a company with a Corporation Tax Bill that has to be paid and you have planned and saved from your profit to pay that bill. Now you have to find 30% to 40% of that all over again. Would you ever trust the powers that be again? Obviously, you would not be happy but my point is that the rules you agree to when you invest should be adhered to. The rules are that any investment in any one institiution below 100, 000 euros are protected. If you have more than that you either take the risk or spread your investment between several different institutuions and thus protect it. If any of those institutions then go bust you knew the risk. What got me was that the rules were, until this morning, being torn up. Now we have returned to sanity. I agree re the under 100K Euro accounts John. At least now we have the EU recognising that the financial compensation rules actually do apply to them! Tho I would hardly define as "sane" a group of countries taking money out of the deposit accounts of citizens of another country. Whatever it is - sane it isn't. The fall out from this will be enormous. They know it - that is why they are restricting access to peoples money so tightly. Now we all know how the mandarins of the EU will deal with such a crisis - I would suggest that people who are vulnerable to such actions will no longer see anywhere in the EU as a viable place to place funds "safely" on deposit. Link to comment Share on other sites More sharing options...
BGD Posted March 25, 2013 Share Posted March 25, 2013 If you watch this all the way through you will at last have a good understanding of the true situation: Link to comment Share on other sites More sharing options...
John 47 Posted March 25, 2013 Share Posted March 25, 2013 CliveH - 2013-03-25 3:00 PM I agree re the under 100K Euro accounts John. At least now we have the EU recognising that the financial compensation rules actually do apply to them! Tho I would hardly define as "sane" a group of countries taking money out of the deposit accounts of citizens of another country. Whatever it is - sane it isn't. When I used the word "sanity" I was basically referring to sticking by the rules that people signed up to when they invested. We should all be aware that if we have more than 100,000 euros in any one account then there is no security for anything above that limit. Now, the rules have been adhered to and we can, in theory, return to normal. As for taking the money out of the deposits of citizens of another country, well that is the risk of any deposit over 100,000 euros. What you are basically signing up to is that if the bank goes tits up then you lose. Link to comment Share on other sites More sharing options...
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