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Are All Banks Worldwide Near Collapse>

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Recently on holiday in India, and noticed television advertisements offering interest on savings better than available in the western world. How can this be did they avoid the worst of the West's antics in the last few years?
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  • soulsaver
    soulsaver Posts: 6,607 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Well Iceland didn't, but they offer better rates than the rest of the wertern world...
    Zimbabwe didn't....
    Currency would be my guess? And/or growth?
  • Andrew64
    Andrew64 Posts: 425 Forumite
    I was in Malaysia recently and their banks were giving about 5%. I think banks in the 'developing' world were not as adventurous (LOL!) as their Western counterparts!
  • baby_boomer
    baby_boomer Posts: 3,883 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    All banks are near to collapse in the sense that they would collapse if we withdrew our savings at the same time.

    That's banking! It took this crisis for more people to become aware of the reality.
  • nzseries1
    nzseries1 Posts: 2,240 Forumite
    manrow wrote: »
    Are All Banks Worldwide Near Collapse>

    You saw high savings rates in India, and from that you inferred that All Worldwide Banks are Near Collapse?

    Sheer lunacy. Never have I heard anything so preposterous.
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • Sun
    Sun Posts: 326 Forumite
    India has high rate of inflation - 7-10%

    So, even if you get +5% on saving, value of money still drops compared to western world.
    All I ask is the chance to prove that money can't make me happy.
  • RayWolfe
    RayWolfe Posts: 3,045 Forumite
    1,000 Posts Combo Breaker
    SE Asia had it's banking collapse in 1997. It may have another one.
  • Reaper
    Reaper Posts: 7,353 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    The Asian banks did not get involved in sub-prime lending and the culture of individuals out there is save up to spend, not buy things on credit.

    However they have not been immune to the global recession and Indian bank ICICI, which trades over here, looks weak. It is rated BBB- by Fitch which only just puts it above "junk" investment status.
  • manrow
    manrow Posts: 185 Forumite
    Part of the Furniture Combo Breaker
    Quite right Reaper that is the subtle difference!
    Be ALERT - The world needs more LERTS
  • And ratings firms can be relied on for good judgement?

    The iffy banks in iffy countries tend to have more capital backing is my impression precisely because they are less trusted.

    Whats worse is the highly trusted AA banks like lloyds have ended up taking far greater risks then ever intended and our currency and economy is not so stable as it once was which puts us closer to indias problems then we would like
  • cocktail
    cocktail Posts: 377 Forumite
    manrow wrote: »
    Recently on holiday in India, and noticed television advertisements offering interest on savings better than available in the western world. How can this be did they avoid the worst of the West's antics in the last few years?
    Indian bank ICICI is the only one i know, operating here in the UK.
    They do have a poor rating from Fitch, but seems to be better than many of the 'Better' UK banks that the government has had to bail out.
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