# Bank Accounts



## Sammy69 (Sep 23, 2013)

Good Morning All, did the Cypriot Government in fact make the deductions from private banks accounts where the account holder had in excess of 100,000 Euros ?


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## Guest (Sep 27, 2013)

Sammy69 said:


> Good Morning All, did the Cypriot Government in fact make the deductions from private banks accounts where the account holder had in excess of 100,000 Euros ?


yes, 47,5 % after the 100000 were deducted

Anders


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## aj2703 (Apr 21, 2012)

Vegaanders said:


> yes, 47,5 % after the 100000 were deducted
> 
> Anders



WOW they took 47.5% of people money after the first 100k?. That is modern day robbery.

So 200k in the bank account and they took £47,500....

Glad now i don't live there...


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## Guest (Sep 27, 2013)

aj2703 said:


> WOW they took 47.5% of people money after the first 100k?. That is modern day robbery.
> 
> So 200k in the bank account and they took £47,500....
> 
> Glad now i don't live there...


Seems that EU now can agree to use this method in the future to save bad banks

Anders


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## PeteandSylv (Sep 24, 2008)

I have not heard of any ex-pats being affected by this as keeping that sort of amount in a single bank account anywhere is ill-advised.

Pete


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## aj2703 (Apr 21, 2012)

Vegaanders said:


> Seems that EU now can agree to use this method in the future to save bad banks
> 
> Anders


I wonder what would happen if someone challenged it in court?. Infact i am surprised no-one has.

That is like giving a green light to banks to be careless with their assets because they know money can literally be taken from customers accounts to bail them out.


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## David_&_Letitia (Jul 8, 2012)

aj2703 said:


> I wonder what would happen if someone challenged it in court?. Infact i am surprised no-one has.
> 
> That is like giving a green light to banks to be careless with their assets because they know money can literally be taken from customers accounts to bail them out.


...but the alternative was for the bank to go bust and customers would lose everything over 100k.


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## aj2703 (Apr 21, 2012)

David_&_Letitia said:


> ...but the alternative was for the bank to go bust and customers would lose everything over 100k.


Does not make it right people should lose their hard earned money through now fault of their own.

I take it at some point the bank / banks will return to profit. When they do, will the money taken be returned. I bet it isn't, though to me it should be.


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## PeteandSylv (Sep 24, 2008)

aj2703 said:


> Does not make it right people should lose their hard earned money through now fault of their own.
> 
> I take it at some point the bank / banks will return to profit. When they do, will the money taken be returned. I bet it isn't, though to me it should be.


This had all been well discussed at the time. The bank will issue shares to compensate. Of course at present this will be all but worthless but one day, maybe.

It should not be a license for banks to act irresponsibly. One of the major problems here is that the central bank failed in it's monitoring duty and the Idiot President's administration failed in monitoring the central bank, or rather the Idiot President ignored everything he was told that he chose not to hear. There are various versions with many variations except, probably, the truth.

What is clear is that the banking industry throughout the world, at one time beyond question in it's integrity, is just another business. Monitoring authorities are required to oversee their activities and hopefully more effectively than the FSA who allowed RBS among others to go down the toilet. Above these and their governments the EU requirements must be met. Perhaps we can hope that the cavalier risk attitude can be changed.

The great shame for Cyprus is that their banks were allowed to make idiotically large investments in Greece putting all their eggs in 1 basket, so to speak. The EU haircut on Greece caused the crisis which led to the EU with encouragement from the Merkel b*tch and the Dutch finance oaf, insisting on the Cyprus depositor theft following the Idiot President's successful personal campaign to p*ss off everyone in the EU.

Pete


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## Guest (Sep 27, 2013)

PeteandSylv said:


> This had all been well discussed at the time. The bank will issue shares to compensate. Of course at present this will be all but worthless but one day, maybe.
> 
> It should not be a license for banks to act irresponsibly. One of the major problems here is that the central bank failed in it's monitoring duty and the Idiot President's administration failed in monitoring the central bank, or rather the Idiot President ignored everything he was told that he chose not to hear. There are various versions with many variations except, probably, the truth.
> 
> ...


The only question that remains is, how would this mess be solved in another way? I don't defend the way that Merkel and others acted, but what was the alternative ? Don't forget that Laiki had already got 7-8 billion in emergency funding, and in my opinion this was a BIG mistake and really caused the way the haircut was carried out

Anders


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> The only question that remains is, how would this mess be solved in another way? I don't defend the way that Merkel and others acted, but what was the alternative ? Don't forget that Laiki had already got 7-8 billion in emergency funding, and in my opinion this was a BIG mistake and really caused the way the haircut was carried out
> 
> Anders


While I agree this is a mess for Cyprus I also see it as symptomatic of the much bigger picture which is the ongoing failure of the EU. The level of borrowing throughout the EU is absurd, the cost of administering the EU is ridiculous, the continuing entry of countries that offer nothing and merely look to receive is daft, and the differentials between the richer and poorer countries, often considered as north and south, make a mockery of the idea of a union.

At the end of the day the Cyprus bailout amounts were relatively peanuts compared to the total EU value. No union applied and bullying tactics were used particularly by Merkel to conjure up populist support for her re-election campaign. Germany could easily have agreed to give/lend Cyprus the amount it needed to get by while, as a condition, offering positive help to improve and update internally. Instead mob culture was used to punish innocent depositors partly with the excuse that they were after laundered Russian deposits. These deposits were to have been investigated by an EU team. Has this happened? Has even 1 illegal deposit been proved? I'm sure there were some just as there are in the UK, Germany and many other countries but the fundamentals of the solution were that Cyprus was used a scapegoat by politicians.

This has now led to the risk to depositors in banks all over the EU and it is surely just a matter of time before another crisis occurs in a weaker economy.

Pete


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## Guest (Sep 27, 2013)

PeteandSylv said:


> While I agree this is a mess for Cyprus I also see it as symptomatic of the much bigger picture which is the ongoing failure of the EU. The level of borrowing throughout the EU is absurd, the cost of administering the EU is ridiculous, the continuing entry of countries that offer nothing and merely look to receive is daft, and the differentials between the richer and poorer countries, often considered as north and south, make a mockery of the idea of a union.
> 
> At the end of the day the Cyprus bailout amounts were relatively peanuts compared to the total EU value. No union applied and bullying tactics were used particularly by Merkel to conjure up populist support for her re-election campaign. Germany could easily have agreed to give/lend Cyprus the amount it needed to get by while, as a condition, offering positive help to improve and update internally. Instead mob culture was used to punish innocent depositors partly with the excuse that they were after laundered Russian deposits. These deposits were to have been investigated by an EU team. Has this happened? Has even 1 illegal deposit been proved? I'm sure there were some just as there are in the UK, Germany and many other countries but the fundamentals of the solution were that Cyprus was used a scapegoat by politicians.
> 
> ...


Slovenia seem to be the next in line

Anders


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## bencooper (Mar 20, 2013)

If the account is jointly owned (eg husband and wife) the exposure starts at 200,000 I am informed


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## Guest (Sep 27, 2013)

bencooper said:


> If the account is jointly owned (eg husband and wife) the exposure starts at 200,000 I am informed


That is correct.

Anders


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## buster12 (Oct 9, 2012)

PeteandSylv said:


> This had all been well discussed at the time. The bank will issue shares to compensate. Of course at present this will be all but worthless but one day, maybe.
> 
> It should not be a license for banks to act irresponsibly. One of the major problems here is that the central bank failed in it's monitoring duty and the Idiot President's administration failed in monitoring the central bank, or rather the Idiot President ignored everything he was told that he chose not to hear. There are various versions with many variations except, probably, the truth.
> 
> ...


Nice summary, Pete! hwell:

Regards,

David


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## Veronica (Apr 5, 2008)

Vegaanders said:


> yes, 47,5 % after the 100000 were deducted
> 
> Anders[/QUOTE)
> 
> ...


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## Guest (Sep 28, 2013)

Veronica said:


> Vegaanders said:
> 
> 
> > yes, 47,5 % after the 100000 were deducted
> ...


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## Veronica (Apr 5, 2008)

We know of other similar examples and have no reason not to believe our friend. He is a very reliable and trustworthy person.


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## Guest (Sep 28, 2013)

Veronica said:


> We know of other similar examples and have no reason not to believe our friend. He is a very reliable and trustworthy person.


I am sure he is but still a haircut of 100% is not true. And if it was the we have seen it in the news. There must be something more to this story.

Anders


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## Veronica (Apr 5, 2008)

I won't argue with you Anders. You obviously know all the facts about every case


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## Guest (Sep 28, 2013)

Veronica said:


> I won't argue with you Anders. You obviously know all the facts about every case


Definitely not, but the amount taken was not something individual and I trust the figures published by the Central Bank. Until I see this case in writing I have my opinion.

We don't have to argue, only have different opinions

Anders


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## Veronica (Apr 5, 2008)

This is not the only case we know about where far more was taken than has been admitted. Without giving you personal details of people I cannot prove anything to you. I will just say don't always believe everything you read.

I will say no more on the subject


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## Veronica (Apr 5, 2008)

Ok in the interest of information on this forum being as accurate as possible, I have made some calls. I can confirm that anyone who had money in the Bank of Cyprus lost 47.5% of anything over 100K, but anyone with money in Laiki bank lost everything over 100k.
Some people lost millions and were left with only 100K.


Veronica


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## Guest (Sep 28, 2013)

Veronica said:


> Ok in the interest of information on this forum being as accurate as possible, I have made some calls. I can confirm that anyone who had money in the Bank of Cyprus lost 47.5% of anything over 100K, but anyone with money in Laiki bank lost everything over 100k.
> Some people lost millions and were left with only 100K.
> 
> 
> Veronica


I have also done my homework and you are right. Also important is that BöC had to take over the 9 billion in loans that Laiki got from EU some time before the bailout

Anders


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