so, this bail out in Cyprus, is actually theft of the savings of so called "rich"

ChiefGrasscutter

Bradford & Bingley's Deposits amounted to £21bn - hardly small.

While agreeing that HMG/British Leyland was hardly a success story - you may have forgotten about when the aero-engine make Rolls Royce went bust and was rescued/Nationalised by the government and re-formed as Rolls Royce 1971 plc. Now probably the most prestigous UK exporting maufacturer and until recently its CEO was an ex-merchant Banker.

The_Green_Man_2

ChiefGrasscutter wrote: »

Bradford & Bingley's Deposits amounted to £21bn - hardly small.

Then that £21bn should have been used to fund the bank's liabilities, not the taxpayers. Tax revenue should be there to pay for public services, not to protect individual's investments or employment.

ash28

Itismehonest wrote: »

If I were one of the wealthy savers losing 40% of my money. I think I'd pay up, close the accounts & move the residue out of the EU. So I'm not sure it's the best thing for Cyprus or the EU in the long run.

If I was one of the wealthy depositors facing losing 40% of my money I would have been in London transferring my money - the Cyprus banks in London had no restrictions on withdrawals.....it will be the not so well off that have been badly affected ...as usual.

No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.

While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.

http://www.reuters.com/article/2013/03/25/eurozone-cyprus-muddle-idUSL5N0CG13920130325

Nicosia would probably have been better off defaulting.....

Thrugelmir

The_Green_Man wrote: »

Northern Rock was a small business.

Small?

NRAM still holds around 5% of outstanding UK mortgages. Although both NR and BB were nationalised some 5 years ago.

Itismehonest

ash28 wrote: »

If I was one of the wealthy depositors facing losing 40% of my money I would have been in London transferring my money - the Cyprus banks in London had no restrictions on withdrawals.....it will be the not so well off that have been badly affected ...as usual.



http://www.reuters.com/article/2013/03/25/eurozone-cyprus-muddle-idUSL5N0CG13920130325

Nicosia would probably have been better off defaulting.....

I agree.
Whether we consider it fair or not history shows that trying to make the really wealthy pay over the odds never actually works in favour of the less well off.

The_Green_Man_2

Thrugelmir wrote: »

Small?

NRAM still holds around 5% of outstanding UK mortgages. Although both NR and BB were nationalised some 5 years ago.

You seem to have counted BB in your NRAM figures, even though the text you quoted was about NR. Does double accounting happen a lot in this forum in order to support arguments?

CLAPTON

The_Green_Man wrote: »

You seem to have counted BB in your NRAM figures, even though the text you quoted was about NR. Does double accounting happen a lot in this forum in order to support arguments?

sometimes the principles of the arguments are important and the numbers are just to illustrate the point and are not really worth much debate


sometimes numbers are central to the issue and so are very important and so are worthy of detailed debate


one needs to distinguish betwen the two situations.

The_Green_Man_2

CLAPTON wrote: »

sometimes the principles of the arguments are important and the numbers are just to illustrate the point and are not really worth much debate


sometimes numbers are central to the issue and so are very important and so are worthy of detailed debate


one needs to distinguish betwen the two situations.

I thought you were 'done here'. Have you gotten your second wind or was your bottom lip quivering so uncontrollably that you couldn't type?

grizzly1911

The_Green_Man wrote: »

Then that £21bn should have been used to fund the bank's liabilities, not the taxpayers. Tax revenue should be there to pay for public services, not to protect individual's investments or employment.

Deposits are liabilities.

Loans and mortgages are assets.

The_Green_Man_2

grizzly1911 wrote: »

Deposits are liabilities.

Loans and mortgages are assets.

Symantics that in no way detract from my point.