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Cyprus surprise - Cypriot depositors to take a 'haircut'
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Will banks now need to put a disclaimer on deposit accounts along the lines of "there is no guarantee you will receive you capital back on request"?0
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HAMISH_MCTAVISH wrote: »Leave cash in any one country, and there's a risk of a tax raid.
Quite.
In order for there to be zero risk, there needs to be zero return.
When you expect more than zero returns, you have to accept more than zero risk.
In case you hadn't noticed it is practically a zero return for most, especially after tax."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »Statement from the President of the Republic here...
http://www.moi.gov.cy/moi/pio/pio.nsf/All/C7131DA40FCE0827C2257B30005411D5?Opendocument
From that statement.
It's a decision that leads to the historic and permanent rescue our economy.
Permanent or just the start?
Interesting that the depositors appear to be getting share in the banks, for what they are worth, in return.
I wonder if National Savings and Investments would be similarly hit if it were the UK? Apparent safe haven that it is meant to be:think:"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »If you put £1,000 into a Lloyds savings account, it would be covered by the FSCS.
You are talking about people not understanding things, but people are led to believe that they are covered. If they are not, or cover is removed, that's a different scenario.
People in this country often realise the risk of savings accounts and split their savings with several banks.
Sorry you're confusing different risks. How are people led to believe that FSCS protects them against changes in tax and legislation? It just protects depositors if a bank is unable to meet it's obligations.
Splitting savings isn't intended to mitigate against the risk of tax and legislative changes.
If people thought they were 'covered' i.e. risk free then they were wrong.0 -
grizzly1911 wrote: »Interesting that the depositors appear to be getting share in the banks, for what they are worth, in return.
Personally I wouldn't be happy if I banked with RBS to find one morning 6.75% of my money had been taken. In exchange I held RBS shares.....
The Germans were raising issues regarding the plan in January. Have they reached the point of no more? Banks should go bust rather than merely storing up problems for the future.0 -
Thrugelmir wrote: »Personally I wouldn't be happy if I banked with RBS to find one morning 6.75% of my money had been taken. In exchange I held RBS shares.....
The Germans were raising issues regarding the plan in January. Have they reached the point of no more? Banks should go bust rather than merely storing up problems for the future.
Yes I made the point about the Germans (think I got away with it) earlier.
I guess it would depend how many RBS shares you got, even after dilution, better than a poke in the eye with a sharp stick"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »It's not like shares. The risk is different.
My point to you (and you always do this - prime example being "people should buy if they dont want to pay high rents) is that you assume that everyone has thousands, making it worth actually investing in shares. People don't. Many many people simply have a small amount of savings. Hence why savings and investments can never be the same thing.
I think we basically agree. Shares have risks; deposits have risks - just different risks that's all.
Not being able to afford shares and only having a small amount of savings changes the type and magnitude of the risk - risk is still there. In this case there doesn't seem to be a distinction made between deserving and undeserving depositors.0 -
This may sound silly, but why just depositers? Why should people with mortgages/loans get away without being taxed if depositers have to? Anyone who had a loan of under/over €100,000 get's an increase in how much they have to repay?"Sealed Pot challenge" member No. 138
2012 £ 3147.74 2013 £1437.532014 £ 2356.520 -
Outrageous theft from it's own people. I hope the private citizens in Cypress are armed. Think it is time to reexamine our 'gun control' laws also.0
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Graham_Devon wrote: »the FSCS..
Yawn.
Putting money in the bank does not in any way exempt it from a decision to increase tax.
You seem to be muddling an awful lot of topics here Graham.
You only need to understand one thing...
It's a one-off tax. Removed at source from their bank accounts.
Deposit insurance schemes are of no relevance, as they don't guard against taxation.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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