Cyprus Banks and possible 'domino effect'

MikeInPoulton wrote:

however your continuous taking out of context

The only comment out of context in this conversation is yours:

MikeInPoulton wrote:

You are fast becoming the 'king of semantics'

Lusco wrote:

MikeInPoulton wrote:

however your continuous taking out of context

The only comment out of context in this conversation is yours:

MikeInPoulton wrote:

You are fast becoming the 'king of semantics'

Swift edit there chap.

If you insist on 'cherry picking' words from my responses as a method of deflection then please carry on.

It is obvious you want the last word on this subject............ so I will allow you to do so.

Give it a rest Lusco. Pleeeeeeeeeeeeeeeeease!

@MikeInPoulton: Independently of who is right here (if any) I do not think is that difficult to discuss this topic without continuously making disrespectful off-topic comments.

Looks like there will be an official annoucement this night. A Cypriot newspaper published a draft with some capital control measures. Here are some of the key points.

1. Ban on checks being cashed, although they can be deposited into accounts.
2. The transfer of money abroad is not allowed unless it is to pay for imports that carry necessary documentation and for accommodation and tuition costs for Cypriots studying abroad. They must be full-time residents on the island.
The limit for students abroad is 10,000 per quarter.
Spending on credit cards abroad is limited to 5,000 euros per month per person.
3. Time deposit accounts cannot be redeemed before maturity.
4. Those leaving the country will not be allowed to carry more than 3,000 euros in cash on them per trip. This also applies to other countries.
5. Any transactions, transfers or payments that have not been completed before the decree is issued are subject to capital controls.
6. The capital controls apply to all accounts, payments and transfers, regardless of currency used.

http://www.ekathimerini.com/4dcgi/_w_ar … 013_490241

These measures are expected to last 7 days. It is difficult to believe that
they will last "only" 7 days.

Lusco wrote:

@MikeInPoulton: Independently of who is right here (if any) I do not think is that difficult to discuss this topic without continuously making disrespectful off-topic comments.

Hi Mick

I trust you are in the process of applying the '6 P' principle to your future personal 'doings' (a technical term here in the de-industrialised North West) and are now counting the days until you escape this never-ending big freeze (lots of brass monkeys looking for welders around here).  Hope the wedding doesn't 'hurt' too much but I'm sure whatever happens it will be a wonderful occasion..........plenty of tissues for Lynn.

Stay safe mate

Mike

MikeInPoulton wrote:

jeanniebx wrote:

It's not easy, is it? It's a good job the sun is shining today

Jeanniebx...............

what a wonderful way of showing your strength in these tough times.  I'm sure your 'stoicism' will see you through and I feel that all here (on the Malta Blog) wish you well.  Just another reason to realize your dream of moving across the wonderful world that is Malta.

All the very best

Mike

Thanks Mike - and I'm originally from quite close to you - Chorley.  I've been to Poulton many times.
The strange thing is, that even with all this going on, I've had a viewing on the apartment today, and another one for tomorrow, so people are obviously still looking to buy.
Everybody keep your fingers crossed for me.  I'm over there next week for five days, meeting up with a friend, and generally have a look around.

FYI:

Temporary restrictions are as follows:

1. The maximum amount of cash may not exceed € 300 per day per person in each institution or its equivalent in foreign currency. All withdrawals (ie, withdrawals via debit or prepaid card, cash withdrawals from credit institutions and withdrawals via credit card over the current account balance / running), calculated per person total for all the accounts available in each institution.

2. Opoiodipote amount of the daily maximum cash withdrawal, which is not withdrawn by the beneficiary on the day on which this maximum withdrawal amount applicable may be withdrawn at any time later.

3. Prohibited cashing checks.

4. Any non-cash payment or money transfer outside the Republic or to any account maintained at another financial institution, other than:

(A) payment for trade within the normal business activity of the customer with the presentation of supporting documents as follows:

- Payment to € 5.000 per day per account is not subject to limitation.

- Payment of € 5.001 to € 200.000 subject to Commission approval. List of applications for payments that fall into this category are submitted to the Commission by the credit institution on a daily basis and report the amount of each payment, the total amount and number of payments that fall into this category. In its decision, taken within 24 hours, taking into account the available stock liquidity of the institution.

- Pay more than € 200.001 and above only, subject to prior approval by the Commission for this payment, at the request of the credit institution. The Commission's decision takes into account the available stock liquidity of the institution.

(B) the payment of salaries of officials with the presentation of supporting documents.

(C) maintenance costs up to € 5.000 per quarter tuition and facial studying abroad and first degree relative is a person who is ordinarily resident in the Republic. Payments for maintenance expenses are allowed only subject to the credit institution documents sufficient to substantiate that the recipient of cashless payment and money transfer or studying abroad and first degree relative is a person who is ordinarily resident in the Republic. Additionally, tuition payments made only to the recipient institution, on production of the necessary documentation.

(D) payments or money transfers via debit or credit card or prepaid, to €
5.000 per month per person per institution.

5. Prohibited the filing period ending before the specified end date unless the product will be used to repay the loan within the same institution.

6. During the first filing deadline date, the greater of € 5.000 or 10% of total capital, transferred, when selecting the depositor in current account / current or new filing deadline of the depositor at the same institution. For the remaining amount, the expiration date of the filing deadline is extended by 1 month.

7. Amounts transferred from deposits in current account / current account, subject to the restrictive measures applied to current accounts / current.

8. The carrying bills in euros or in foreign currency exceeding the amount of € 1.000 or the equivalent in foreign currency per person per trip abroad. The Director of Customs shall implement this measure.

9. Financial transaction, payment or transfer, which is not completed before the commencement of this Ordinance, subject to the provisions of this Order restrictive measures. Financial transaction, payment or transfer, which has not been processed by the credit institution before the entry into force of the Order is canceled and must be resubmitted.

10. Prohibit credit institutions to perform cashless payments or money transfers that aim to circumvent the restrictive measures.

11. The restrictive measures apply to all accounts, payments and transfers, regardless of the currency.

12. Excluding restrictive measures:

(A) All money transferred from abroad to the Republic.

(B) Cash withdrawal from an account that is abroad or via credit and debit or prepaid card issued by a foreign institution.

(C) The cashing checks drawn on accounts located in foreign institutions abroad.

(D) Cash withdrawals from an account in a credit institution with the Central Bank.

(E) The Republic.

(G) The Central Bank of Cyprus.

(H) The diplomatic missions.

(I) Payments authorized by the Commission.

MikeInPoulton wrote:

Hi Mick

I trust you are in the process of applying the '6 P' principle to your future personal 'doings' (a technical term here in the de-industrialised North West) and are now counting the days until you escape this never-ending big freeze (lots of brass monkeys looking for welders around here).  Hope the wedding doesn't 'hurt' too much but I'm sure whatever happens it will be a wonderful occasion..........plenty of tissues for Lynn.
Stay safe mate
Mike

The only reason we are here now is to terminate affairs here and we seriously considered going straight back to Gozo until mid April. Of course we cannot, too much to do. As for the wedding, I guarantee it is I who will need the tissues.

your cash isnt safe anymore even with a depositors protection scheme - they can stil take your cash and issue shares in the bank whether you want them or not...disguised as a tax..... what next your house  your car?......

why doesnt someone take out an injunction against the EU/home country taking (read stealing) your cash

toonarmy9752 wrote:

your cash isnt safe anymore even with a depositors protection scheme - they can stil take your cash and issue shares in the bank whether you want them or not...disguised as a tax..... what next your house  your car?......

why doesnt someone take out an injunction against the EU/home country taking (read stealing) your cash

.....nail on head toon. That 1949 prediction of an Orwellian state is fast becoming the truth.

Trouble is, what individual (indeed group) would have the nerve/power/backing/finances etc to take them on.  I'm not suggesting bending over and ordering some 'sudocrem', however I do feel that it will take strong political leadership from, say, the UK to continue to press for release from this 'oppression' - not only are these overpaid (the commissioners earn £220K + allowances per year), self-serving, faceless Eurocrats happy to 'steal' everyone's money but they are now trying to move in on the British judicial system with a system of controls that would eventually lead to a set of 'Euro judges' determining sentencing in their courts.

Hands off our cash, hands off our countries and hands off our people.

Viva la Revolucion

Mike

Luxembourg and Malta next?

http://www.businessweek.com/articles/20 … luxembourg

Q: What does that say for other countries in the eurozone that have very highly-leveraged banking sectors, Luxembourg, Malta even? Much larger than Cyprus’.

A: It means: deal with it before you get in trouble. Strengthen your banks, fix your balance sheets, and realise that if a bank gets in trouble, the response will no longer automatically be we’ll come and take away your problems. We’re going to push them back. That’s the first response that we need. Push them back. You deal with them.

Major political scandal: Cypriot banks write-off loans to politicians

http://www.keeptalkinggreece.com/2013/0 … liticians/

redmik wrote:

Major political scandal: Cypriot banks write-off loans to politicians

http://www.keeptalkinggreece.com/2013/0 … liticians/

To say I'm speechless would be an understatement........tip of iceberg comes to mind.  Of course if it has happened there, where else have the banks 'written off' such debts for 'political favours'. 

Scandalous........it's like making Jimmy Saville caretaker at an all girls school.