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  1. #21

    Default Re: Another Bank Run Underway

    Quote Originally Posted by Green08 View Post
    The Sydney Morning Herald - Weekend edition Sep 27 - 28 2008 Pg 28

    "...Indeed, of 250,000 banks in the world, only 18 are rated a AA investments, and Australia's Big Four are amoung them."
    Whats the credit rating of ING. I'm under the impression that they are one of the largest banks in the world

  2. #22

    Default Re: Another Bank Run Underway

    I think the big 4 will be fine. Nothing to do with prudent management but rather they have become experts in running an oligopoly. Simply rape their customers for fees and high differential interest rates. They are no less greedy and unethical as their US counterparts.

  3. #23

    Default Re: Another Bank Run Underway

    Quote Originally Posted by Julia View Post
    On the basis of the previous performance of the ratings agencies, I have to say I find that less than reassuring.
    Well said Julia, I'm glad someone has a memory longer than a week. Remember that Fitch publicly admitted that their own models assumed that house prices would never fall. How good of a predictor have the ratings agencies been of subsequent distress? I would argue that have been more reactive than predictive.

  4. #24

    Default Re: Another Bank Run Underway

    I didn't say I agree with the rating agencies just posted what was in the paper. I think the rating agencies have actually lead people and businesses under false assumptions for years and have alot to do with the current problem.

    As far as ING I have know idea.

  5. #25

    Default Re: Another Bank Run Underway

    Anyone who starts rumours about bank runs needs to be dealt with by the courts much like bomb scare pranks etc.

    It is ****ing with peoples' savings.

    And telling everyone that you withdrew funds is uncool too. Just because someone is worried does not mean the rest of the world needs to know and prompt others to do the same on a healthy bank, whatever bank that may be.
    Last edited by It's Snake Pliskin; 29th-September-2008 at 12:41 AM. Reason: addition
    Discussion only! Posts may be factually incorrect due to ignorance, taken out of context, misinterpreted, or just opinionated discussion.

  6. #26

    Default Re: Another Bank Run Underway

    Quote Originally Posted by finnsk View Post
    Dont know if it means anything but last Friday I was at the local Westpac bank early afternoon and the teller told me that they was running out of money because they have had a large mount of withdrawals I did not have any problems but the guy next to me did not look too happy.
    Thats not uncommon - you typically need to make a booking for larger cash withdrawals because they don't always have wads of cash lying around. (the banks don't keep millions of dollars of cash sitting around in the branch networks). I've taken $10,000 or $20,000 cash out at times without booking it and they've commented that they'll have to check that they have enough and reminded me I should book it. I suspect this is what the comment about running out of money due to a lot of withdrawals was referring to.
    Don't take investment advice from seafood.

  7. #27

    Default Re: Another Bank Run Underway

    It will happen quickly if any Bank etc in Australia goes
    Macquarie, National? Bendigo? etc etc

    Over the weekend
    Fortis a Belgium bank - from another forum

    'The Belgian-Dutch Fortis bank(that took over ABN-Amro bank last year) is near collapse .
    95% of the population don't realize it for the moment.'

  8. #28
    Can be found on the bid Trembling Hand's Avatar
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    Default Re: Another Bank Run Underway

    Yeah
    Fortis Receives EU11.2 Billion Rescue From Benelux Governments

    This makes me a bit wobbly, Fortis is IBs clearing and custodial bank in Oz.

    Not saying run just getting a little close to home.
    I am tomorrow, or some future day, what I establish today. I am today what I established yesterday or some previous day. – James Joyce

  9. #29

    Default Re: Another Bank Run Underway

    Quote Originally Posted by white_goodman View Post
    pffft thats rumour mongering if ive ever seen it
    Did not mean it as spreading a rumour just what was happening thought I would give my experience to fellow members here, further more I was not withdrawing money just exchange for coins as I need them for my business.
    As for my money in the banks I am getting a little nervous in case of a bank run ect.
    How secure is our money in the Australian bank system?

  10. #30

    Default Re: Another Bank Run Underway

    Quote Originally Posted by Trembling Hand View Post
    Yeah
    Fortis Receives EU11.2 Billion Rescue From Benelux Governments

    This makes me a bit wobbly, Fortis is IBs clearing and custodial bank in Oz.

    Not saying run just getting a little close to home.
    I'm putting my trust in the below information provided by IB (for now at least)
    How Much Exposure Does IB Have to a Single Bank?
    IB spreads its assets in segregated accounts for the benefit of customers across at least six of the largest banks (as of September 2008). IB’s customer segregation account at Citibank is used as the “conduit” account for deposits and withdrawals but funds are then spread across these federally-approved depositories.

    It is our belief that the U.S. government would do everything in its power to prevent the failure of any of the major money-center banks with whom IB maintains deposits. In the event that such a bank did fail, and in the further event that the federal government did not arrange assistance for the bank, then IB’s own, significant, proprietary capital would be required to be used to guarantee IB’s obligations to our customers.
    Success is a science; if you have the conditions, you get the result.

  11. #31

    Default Re: Another Bank Run Underway

    Quote Originally Posted by finnsk View Post
    Did not mean it as spreading a rumour just what was happening thought I would give my experience to fellow members here, further more I was not withdrawing money just exchange for coins as I need them for my business.
    As for my money in the banks I am getting a little nervous in case of a bank run ect.
    How secure is our money in the Australian bank system?
    yeh fair enough, but if we cant keep our money in the big 4 theres really no other place that we could keep it...

    could you imagine the turmoil if people actually lost their savings..
    Taking the bull by the horns

  12. #32
    Can be found on the bid Trembling Hand's Avatar
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    Default Re: Another Bank Run Underway

    That is not my point rub. Fortis doesn't hold IB funds its the clearer and custodial holder of IBs ASX. Like it is to many of the big independent funds.
    I am tomorrow, or some future day, what I establish today. I am today what I established yesterday or some previous day. – James Joyce

  13. #33

    Default Re: Another Bank Run Underway

    Quote Originally Posted by white_goodman View Post
    could you imagine the turmoil if people actually lost their savings..
    I know I would not be too happy, if I was going to lose my money I want to do it my own way, not the banks way
    Last edited by finnsk; 29th-September-2008 at 11:15 AM. Reason: added

  14. #34

    Default Re: Another Bank Run Underway

    Quote Originally Posted by It's Snake Pliskin View Post
    Anyone who starts rumours about bank runs needs to be dealt with by the courts much like bomb scare pranks etc.

    It is ****ing with peoples' savings.

    And telling everyone that you withdrew funds is uncool too. Just because someone is worried does not mean the rest of the world needs to know and prompt others to do the same on a healthy bank, whatever bank that may be.
    yeah you're right, people shouldn't be responsible for their own destiny, they should just leave the fruits of their lifes work in a bank that doesn't really give a rats ass about depositors and we'll all just take the word of a bunch of multimillionaire bank board fatcat pricks that everything is alright.

    form a queue, join the line, your time to get fleeced will come.

  15. #35

    Default Re: Another Bank Run Underway

    Quote Originally Posted by disarray View Post
    yeah you're right, people shouldn't be responsible for their own destiny, they should just leave the fruits of their lifes work in a bank that doesn't really give a rats ass about depositors and we'll all just take the word of a bunch of multimillionaire bank board fatcat pricks that everything is alright.

    form a queue, join the line, your time to get fleeced will come.
    Davros that was not my point.

    Rumours can cause a run on a healthy bank. In the current environment a little common sense is useful.
    Discussion only! Posts may be factually incorrect due to ignorance, taken out of context, misinterpreted, or just opinionated discussion.

  16. #36

    Default Re: Another Bank Run Underway

    Quote Originally Posted by It's Snake Pliskin View Post
    Davros that was not my point.

    Rumours can cause a run on a healthy bank. In the current environment a little common sense is useful.
    Wise words indeed.

    'Tis a pity all the worlds Wunder-Banken-Menschen hadn't applied a little before it actually got to this point?

    Ho-hum......

  17. #37
    Printing My Own Money chops_a_must's Avatar
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    Default Re: Another Bank Run Underway

    Quote Originally Posted by Trembling Hand View Post
    Yeah
    Fortis Receives EU11.2 Billion Rescue From Benelux Governments

    This makes me a bit wobbly, Fortis is IBs clearing and custodial bank in Oz.

    Not saying run just getting a little close to home.
    I thought you were the champion of IB's safety.

    Anyway... it means Fortis as far as I'm aware, is safe........... for now.
    Up the Rats!!!!

  18. #38
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    Default Re: Another Bank Run Underway

    Quote Originally Posted by mayk View Post
    In light of the above discussion. How much money is guaranteed by the federal govt. (or RBA) in case a bank does go under? 20,000?
    No guarantees.

    " Australia is one of only two countries, the other is New Zealand, in the 30-member OECD that does not have an explicit government guarantee over depositors' funds with banks."
    The Australian
    March 28, 2008

    Bank customers would be guaranteed to quickly recover $20,000 of their deposits if their bank collapsed under a plan before the federal Government to retain confidence in the nation's financial system.

    They had better hurry up before it is too late.
    "Never again will the American taxpayer be held hostage by a bank that is too big to fail." - US President Barack Obama

  19. #39

    Default Re: Another Bank Run Underway

    Another one bites the dust!

    Citigroup buy Wachovia. Wachovia's share price drops 91% in pre-mkt trading, after also falling heavily last week.

    The UK mortage lender B&B was bought by a Spanish bank heavily involved in mortgage securities and the Spanish real estate mkt is the worst in Europe!

    Broke banks buying broke banks and then it looks like the govt is bailing less of them out!!

  20. #40

    Default Re: Another Bank Run Underway

    Macquack

    Well that is not reassuring! What about the RBA bonds? Are they guaranteed by the Govt?

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