ICICI Bank

Andrew64

There appears to be a run on ICICI in India.

http://www.ibnlive.com/news/rumours-hammer-icici-bank-stocks-customers-panic/75554-7.html

blondieleopard

absolutely,

I have £35k in icesave...and waited until last moment...too late as it was...to remove...as did not want to destablise bank......now will have to wait poss 3 months before get money...and with all this evolving news re other creditors...how much can govt continue to bail out ppl??

what if FSCS goes bankrupt??? is that beyond credibility in these crazy times ???

also got £35K....in K/E....tried to get that out Monday 7th ... 7pm.......so hoping that will be in my acct nxt week....like others who transferred before Mon 7th..who are now in receipt of their transfers...

also got £35k in icici which I transferred last Monday by Bacs..and which has been delayed by one day...credited by £50 for inconvenience....

you would have to be seriously dumb to watch your money sit in an acct where the risk factors CDS are yowling at you like rabid cats.....the preface to the iceland debacle...and the financial press are asking...why take the risk with icici..........???

the iceland banks were saying everything is ok right up until the last minute...and were probably trading illegally as they were insolvent...
no wonder the icelanders are protesting outside the banks....and demanding the heads of the boards and directors....

you have to ask yourself where has all the money gone..... and if it has gone into pockets of the banks' board /directors...it needs to be reappropriated...and debts paid off...and prosecutions follow...
and where was the regulation ???

so I do not believe ANYTHING that bank public statements say..... we all know that the whole thing operates on confidence..and the confidence tricksters...ie CEOs of banks... have been taking us for fools for yrs.....ie
....CEO of Lehmans...who toddles off with half a billion $ in bonuses in 6 yrs..when his CO goes bust....and he has the contrition of an assassin....

so I am bringing it all home....banks here may not be safe either....but the iceland situation has exposed that govt will protect their own before other nationals investors...which maybe is only right???

in the end it is the ordinary joe who gets booted out of his house for his foreclosure...repossession...and I see NO govt money going to rescue them....

in times like these...look after yourself...cos no one else will....

stay cool

EalingSaver

I'll start with a statement. I have/had (pick as appropriate) money with IceSave and KE. Substantive amounts but below the protected limits. My OH also had money (her entire liquid savings) in IceSave. I also have some currently stuck in the ether somewhere between KE and my linked account. I also have money with ICICI, and so do my parents.

ICICI UK is a fully incorporated UK company. It does not operate under the passport scheme, it is covered by normal FSCS protection scheme. Therefore in the event of a meltdown, the obvious model and precedent is what happened with KE, Heritable, B&B. Note reference to B&B. i.e. its in the same situation as any other UK bank which goes belly up. In other words the FSA steps in, declares it in default, moves it to a new owner, covers the liabilities with a loan. Nasty, but manageable.

ICICIs parent is the largest retail bank in India. Thats a big country and a big bank. If the Indian govt. allowed the home bank to go t***s up a la Landsbanki there would be anarchy in India. A country not known for its reticence for its people to get out on the streets.

The ratings agencies have issued statements regarding the status of ICICI. This is in contrast to Landsbanki and Kaupthing which had their ratings downgraded a couple of times, and ineed in contrast to B&B which had its ratings downgraded to one level above junk. ICICIs share price has dropped, but even that drop is smaller than that sufferred by many UK banks in the last week or two. As far as I know (though I hvae NOT checked) the ruppee has not gone into free fall as the Krona did.

Does this mean that disaster at ICICI Inida is not in the offing at some point? Who the hell knows. My point is this. Where else are you going to put your money which is any more guaranteed/safe than ICICI UK? At this rate, on every twitch in the market, people are going to shuffle their money from the latest target to another, only to repeat the exercise a week later.

Does this make me complacent? I don't think so - I certainly don't feel complacent, and I've had a torrid week. Reading these latest threads makes me very concerned that UK savers are about to create a run on ICICI UK. I'm just reassurring myself that the percentage of people who have money in ICICI UK and read these boards is hopefully small.

Edit:
P.S. I should add, everyone should of course do what they want. And I fully understand the emotion of 'pulling money back'. I post this up in the hope it will provide another view/contribution.

MrLew

EalingSaver wrote: »

My point is this. Where else are you going to put your money which is any more guaranteed/safe than ICICI UK?

I totally agree !

All the withdrawals people are making to their linked accounts (UK banks?) are only covered under the same guarantee that ICICI is under. Therefore they're only transfering their risk from one bank to another. A bank they obviously perceive as being less risky perhaps because it's a UK Bank. Just to confirm to everyone that ICICI UK is actually a UK bank.

Who's to say Lloyds or HSBC or some other bank is going to have the same press and a run on it's funds. Look at the drop in RBS share price recently, have you all withdrawn from there?

I slept last night, it sounds like a lot of you did not.

regards
MrLew

blondieleopard

maybe the whole point is that we don't put our money into the banks...
I hear mum and dad talking....telling me...
sod them..don't trust them...
what has happened over the last few yrs / months is an absolute disgrace to normal savers...ordinary people...
do you think that the Bushes... Blairs..etc..and the rich...are in dificulty ????

cannot think of names.....or .....have sustained financial difficultes which threaten their very life???

the rich...do not care about the poor... they control everything... including your bank actt..

they know who you are..they know all your numbers.....

be afraid...be very afraid.......

keicar

blondieleopard wrote: »

in times like these...look after yourself...cos no one else will....

Spot on! Who can you believe right now? Trust your own judgement !

Babycakes

I am keeping cash at home from now on. I have no faith in the banks.

Richard_Cocks

Babycakes: You know that cash isn't insured over a few hundred quid right?

Not to mention inflation eating away at your savings...

pioneer

The Spanish don't trust the Banks either


See this http://www.costablanca-news.com/news/spain.htm

I think were going to see a number of strangely stuffed matresses and turned soil

azureblue_2

One way or another we have all been burned this week it seems.
I've been caught in icesave. I also have icici uk funds and checked around to try to make an informed decision last week. By 2pm Friday there was no more decision to make as the bank is shut until Monday, and as we all know, Mondays are very bad on stock markets now.
How we survive this winter will be down to our own careful management of whatever we have got and whatever we can get back.
This means don't move house, don't buy a car, don't spend on holidays.
Be sparing, be frugal.
Take care. :wave: