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Robert, I think Fluffy made a good point.
If insolvent banks are permitted by governments, regulators, auditors and supranational prudential authorities to continue trading then is it not reasonable for uninformed depositors to assume their money is safe?
Presumably the ECB's decision to provide Laiki with 9 billion Euros of liquidity finance was done on the basis that it was an ongoing business.
Maybe now is the time to qualify as a Cypriot lawyer.
Fpt....
Ashcroft is about as reliable a source as you are likely to get.
Anecdotal evidence reported here by a number of PBers active in Eastleigh during the by-Election strongly supported the view that UKIP were taking votes fairly evenly across the board from other Parties.
The only blonde standing needs a haircut.
"Leaving aside the specifics of the deal, what is everyone's thoughts on the cypriot parliament being bypassed ?"
Euro hypothermia, the periphery being sacrificed to protect the core, Ireland first - who went easy for some strange reason - Greece, Cyprus etc.
All banks except Bank of Cyprus and Laiki will open tomorrow.
A restructured Bank of Cyprus will open on March 28th.
No announcement as to whether currency controls will be imposed.
http://www.sportingintelligence.com/2013/03/25/from-man-utd-at-1bn-to-wigan-at-42m-whats-your-club-really-worth-250102/
OOPS.
Also truly fascinating Diesel-Boom's words. Truly.
"So where can we put our money, if not in a bank? Bricks and Mortar?"
I'd suggest a water purifier as fairly soon after the majority of people realize there's not going to be enough heat or leccy they'll find out there's not going to be enough water either.
Bug in Vanilla!
OGH changed thread - naught wrong with that - but I posted summinck on the last thread that ended-up on a thread from twenty-four hours earlier. I reposted the thread on t'last thread so will save reposting it here.
I have serious questions about the maturity of this Vanilla software release. EiT's widget-software looks as though it will require a considerable amount of thought and rewrite. If/When OGH buys a service the PHP API may offer solutions and fixes but this will lead to a custom provision and not one that is generic.
And I am disappointed with Marf: No mention of Limassol....
They had a social club where one night they were all having a good laugh about how the weather was only 20 degrees warmer than at home a ha ha ha ha ha.
Bet they're not laughing today.
1. Check the latest Annual Report and Accounts and see whether they have been signed off by the bank's auditors?
2. Ask the Central Bank and/or Bank Regulator whether they have any plans to shut down the bank?
3. Read the newspapers and see that the European Central Bank has provided 9 billion of liquidity finance to the bank to enable it to continue operations?
Yes, of course, the depositor should be aware that above market returns generally correlate with higher risk, but if the expert regulators, auditors, credit rating agencies and central bankers all fail to take early and appropriate action to safeguard their stakeholders why are they in office at all?
"No mention of Limassol.... "
The yacht is IN Limassol, you donut.
That's Paphos in the background. Thought you knew the place?
If we can't rely on regulators to take early and appropriate action, then why are we bothering to pay fortunes for regulators in the first place? Lets do away with them and just tell people to be more careful.
Regulators clearly don;t work. They only inculcate in people a false sense of security. Banks are as unstable as they always have been. Having regulators has made no difference.
Insured depositors should not be stung but uninsured depositors should have known better and as in any risky environment ignorance is no excuse.
Remember those eurozone banking stress tests and all the euro-wallahs saying everything is fine?
However, I would also expect the ECB to offer unlimited liquidity to Eurozone banks hit by outflows. So, and I may be in a minority of one on here, to expect a fairly rapid bounce-back, particularly in places where the banks are well capitalised (Italy, France).
Well, no. According to their own website, if you search hard enough, you find out that "Citibank in Hungary has been operating as a branch office of the Irish based Citibank Europe plc since January 2009 as Citibank Europe plc Hungarian Branch Office."
That said, I recognise a few of the tankers laid-up....
You have the guarantee of the Citibank brand, regardless of strict liability.
Not 100% safe, I agree, but somewhat better than your average Hungarian bank.
Citibank has a core tier one capital ratio of under 9%, which means it is more geared than (say) BNP which is at 13.6%. Nevertheless, anything under €100,000 should be covered by deposit insurance. I would avoid having more than €100,000 at any one bank if you can avoid it.
@marklowen: #Cyprus President's office says national address delayed to 20.15 local (18.15gmt)
Robert S. is counting his greenbacks and smiling as we blog.
The Burnley connection suggests it's Mike Smithson.
Nuff said.
It would be nice to be in a position where having more than €100,000 in free cash was keeping me awake at night, mind.
Tell us all you are "in a minority of one on here, [expecting] a fairly rapid bounce-back" whilst going long on the dollar.
You should quit your day job and become a regulator, Robert!
That's right, Antifrank.
Wetherby's have supervised the naming of racehorses strictly ever since since Selohesra ran unremarked upon for a number of years.
Btw, did you notice that Black Caviar has an 'appointment' with Frankel when the Australian mare visits the UK this summer?
The mind boggles.
I was wondering that.
Not only a Citibank problem though. This rule applies generally to all of the major US retail banks.
But such changes in policy are unlikely to be coupled with a Citibank subsidiary defaulting, just a nuisance if you see Citigroup as a long term service provider.
In this case, I think we could see some serious (upward) moves in some of the peripheral European banks - particularly in places like Italy where overall corporate and personal indebtedness is very low.
On a BBC commission, managing his shoot.
Roger wouldn't know where Burnley is.
By the way, have you changed your name, since scrutinising the long-haired blonde in the toon?
As to a name change, and in recognition of Wetherby's oversight, I am contemplating a change of name to Arthur ffoulkes-Sheik, cousin of the SNP floater Tasmina Ahmed Sheikh.
Lol!
Btw, the Hovis commercial was shot in Shaftesbury, Wiltshire.
Not a lot of people know that.
I think we could see some serious (upward) moves in some of the peripheral European banks - particularly in places like Italy where overall corporate and personal indebtedness is very low.
I always suspected that your Dad had you baptised in a casino.
My services are available if not.
David Purchase (Parmjit Dhanda's former assistant)
Sophy Gardner (former RAF commander; shortlisted in Rotherham, Feltham & Heston)
Keir Dhillon (2001 GE Tewkesbury candidate, former SW National Policy Forum representative; previously shortlisted in Bristol NW)
We have Sophy again!
Glad to see Sophy back, Andrea. I'm rooting for her in Gloucester.
How long before the bank run?
http://blogs.spectator.co.uk/coffeehouse/2013/03/how-long-will-capital-restrictions-last-in-cyprus-cant-say/
Thanks for the rail-related links earlier in the day. Most enlightening.
In the Corby election, again the 22% Con>UKIP fits, but the BNP lost 1911 votes... Im assingining the 432 the English Democrats won as ex BNP.. if we give the other 1500 to UKIP that means 15% from Con.... does 75% of lost BNP votes to UKIP sound fair?
A close GE 2010 result between Con & LD or Lab
A reasonably similar significant UKIP and BNP showing, close to the amount of the 3rd party
An Eastleigh-esque turnout/non turnout & VI national polling levels
Know ye of any such constituencies?
Theyd go close at Thurrock given this scenario
I know that steam trains aren't really your thing, Cap'n Doc, but did you see that the Bluebell Railway has now linked up to the mainline at East Grinstead? I wonder if they will now run commuter services. Just think of the joys of getting into a steam-drawn 1930s carriage as part of one's journey to, and particularly from, work, especially if they had a proper buffet service (anyone here remember eating cheese on toast on the old BR Southern Region trains?).
Claiming benefits or tax credits (native population): Men 24.2%, Women 55%
http://www.bbc.co.uk/news/uk-politics-21921089
But how will the two Eds find the dosh to pay the bribes?
http://www.independent.co.uk/news/uk/politics/exclusive-michael-heseltine-fears-british-people-are-too-rich-to-push-for-economic-recovery-8547641.html
55% of women claiming some sort of benefit? I am surprised, and slightly worried, that the proportion is that small. Until a couple of years ago my wife would have been one of those, after all child benefit (introduced to replace an allowance against income tax that could be claimed by men) is paid to the woman in the household.
On your earlier post, I would think that 17% of the vote for UKIP at the next GE is possible. Not likely, given swing-back/fear of Labour, I agree, but possible; especially if Cameron continues to ignore his natural supporters whilst chasing his apparent dream of winning over the Notting Hill set (who won't vote for him, ever).
If voters don't (yet) see that, I expect they will by around mid-2016, but by then it will be too late. As a sensible precaution, I'm gradually moving my pension and other investments out of instruments dependent on the UK economy.
ahoy, Mr Llama! That's good news re. the Bluebell Railway. I went to East Grinstead back in 2011 but the link was of course non-functional. Unfortunately I went during the week so didn't get to ride the Bluebell itself. Must remedy that this summer.
Oh which reminds me - Epping Ongar resumes on Good Friday after the winter break - though it may well be wintry at the weekend!
Mr. Nabavi, surely the problem of "I have a space cannon capable of firing people into the heart of the sun, but am not sure who to fire first. Who do you suggest?" would have Ed Miliband and Ed Balls as an answer?
Also ComRes phone poll due out at 10pm. Two parties show big gains at the exepense of the other two.
As a matter of interest, to where are you moving them?
Thanks
Yes, using this hair brained Heath Robinson Spreadsheet I have devised, they would come an extremely close second there... Maybe that would be one for Farage to have a go at?
I am sadly going through every constitunecy, have done East of England so far...
Best Chances
Thurrock
South Basildon & East Thurrock
Next bests
Broadland
Great Yarmouth
Peterborough
West Suffolk
Worth a pops
NW Cambs
Norwich N
S Cambs
Luton N
It worked for Blair, as the left had no credible alternative.
Cameron has UKIP to contend with, and, given his latest announcements, is trying to give some red meat back to the core voters.
EDIT: Agree, silly to pursue gay marriage.
Governing Parties: 37%
Labour: 37%