• Australian (ASX) Stock Market Forum

Another Bank Run Underway

Discussion in 'International Markets' started by wayneL, Sep 25, 2008.

  1. wayneL

    wayneL Rotaredom

    Posts:
    14,893
    Likes Received:
    2
    Joined:
    Jul 9, 2004
    This time it's Hong Kong.

    http://uk.biz.yahoo.com/24092008/140/hong-kong-bank-mobbed-savers.html

     
  2. chops_a_must

    chops_a_must Printing My Own Money

    Posts:
    4,632
    Likes Received:
    0
    Joined:
    Nov 1, 2006
    Pics or it didn't happen!
     
  3. chops_a_must

    chops_a_must Printing My Own Money

    Posts:
    4,632
    Likes Received:
    0
    Joined:
    Nov 1, 2006
    Haha.

    What do you reckon would happen if I gathered about 30 people together, and started milling around outside a bank?

    Would be a good social experiment right now I reckon.
     
  4. nomore4s

    nomore4s Commonsense isn't that common

    Posts:
    2,892
    Likes Received:
    0
    Joined:
    Jan 11, 2007
    Especially if it was Bankwest
     
  5. chops_a_must

    chops_a_must Printing My Own Money

    Posts:
    4,632
    Likes Received:
    0
    Joined:
    Nov 1, 2006
    If only uni was in the city... it would be all too easy.
     
  6. GreatPig

    GreatPig Pigs In Space

    Posts:
    2,368
    Likes Received:
    0
    Joined:
    Jul 9, 2004
    And just in case you doubt that's the Bank of East Asia, here's another photo. If you look carefully, you can see the same seal and picture of Tian Tan on the back wall.

    [​IMG]

    Mind you, perhaps that was on a day when they advertised 12%pa term deposits OTC for that day only. :D

    GP
     
  7. GreatPig

    GreatPig Pigs In Space

    Posts:
    2,368
    Likes Received:
    0
    Joined:
    Jul 9, 2004
    Or maybe it actually is BankWest... :D

    [​IMG]

    GP
     
  8. IFocus

    IFocus You are arguing with a Galah

    Posts:
    3,599
    Likes Received:
    0
    Joined:
    Sep 8, 2006
    My brother causally phoned me up the other day and said he had his savings's in BW and asked what he should do.

    I said You F**ken What?


    I didn't know he was with BW so next day on open he headed down to the local branch to transfer his funds about $180K I think and joined the que he was saying the staff were stressed
     
  9. CAB SAV

    CAB SAV Well-Known Member

    Posts:
    215
    Likes Received:
    0
    Joined:
    Jun 12, 2008
    Excellent. Send chas from the Chasers team an email & tell them to mill around NAB.
     
  10. disarray

    disarray Well-Known Member

    Posts:
    926
    Likes Received:
    0
    Joined:
    Apr 16, 2007
    my old man closed his $150k bankwest account today as well and moved to commonwealth. interesting times.
     
  11. basilio

    basilio Well-Known Member

    Posts:
    3,830
    Likes Received:
    6
    Joined:
    Jun 30, 2008
    This is not a good look folks.

    Any bank, every bank can be closed down with a run. No bank has the liquidity to stand even a small lack of confidence.

    I suggest there is enough trouble around without creating further destruction of confidence - even if it is a bad joke.

    Cheers
     
  12. GreatPig

    GreatPig Pigs In Space

    Posts:
    2,368
    Likes Received:
    0
    Joined:
    Jul 9, 2004
    Give it another few months and Commonwealth might own BankWest anyway.

    GP
     
  13. Green08

    Green08 Well-Known Member

    Posts:
    731
    Likes Received:
    0
    Joined:
    May 15, 2008
    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."
     
  14. Julia

    Julia In Memoriam

    Posts:
    16,986
    Likes Received:
    0
    Joined:
    May 10, 2005
    On the basis of the previous performance of the ratings agencies, I have to say I find that less than reassuring.
     
  15. grace

    grace Well-Known Member

    Posts:
    1,237
    Likes Received:
    0
    Joined:
    Nov 9, 2007
    To my knowledge, Rabobank has the only, and highest AAA rating in Australia. We have some money invested with them. The pillars are AA+, and so on down the line from memory.

    However, if you look what citi, UBS etc had prior to this year, one must really look behind the rating. The problem is, we don't really know what our banks have been involved in......
     
  16. BBand

    BBand Well-Known Member

    Posts:
    166
    Likes Received:
    0
    Joined:
    Mar 11, 2007
    Rabobank AA+
    Robabank AAA? :)
     
  17. finnsk

    finnsk Well-Known Member

    Posts:
    171
    Likes Received:
    0
    Joined:
    Jun 11, 2005
    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.
     
  18. white_goodman

    white_goodman BOC

    Posts:
    1,636
    Likes Received:
    0
    Joined:
    Dec 13, 2007
    pffft thats rumour mongering if ive ever seen it
     
  19. mayk

    mayk Well-Known Member

    Posts:
    585
    Likes Received:
    0
    Joined:
    Sep 25, 2007
    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?

    I already have deposits in two separate banks. Needless to say they belong to the "big four".
     
Loading...

Share This Page