Bank Run - Be Aware
-
Dave goes on the wagon, Spain goes third world! It seems I leave devastation in my wake :) Seriously though... I see that the shares have now been suspended. The fall ended at 30% and the Spanish Bourse has closed dealings to protect it. There is apparently a glut of 'Puts' on the shares and it classed as 'Under Auction'. That is the beginning of the end. The 'Puts' have to be honoured by the bourse if trading is suspended, there will be a lot of poor traders hurling themselves off the top of Madrid's skyscrapers at close of play.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^] English League Tables - Live
They have auto suspension, to prevent bottoming out [ha ha], but this sounds like they've hit the big red button; I can't be Christine Keelered to check.
Panic, Chaos, Destruction. My work here is done. Drink. Get drunk. Fall over - P O'H OK, I will win to day or my name isn't Ethel Crudacre! - DD Ethel Crudacre I cannot live by bread alone. Bacon and ketchup are needed as well. - Trollslayer Have a bit more patience with newbies. Of course some of them act dumb - they're often *students*, for heaven's sake - Terry Pratchett
-
For all our Spanish Members... Spanish Banking Group 'Bankia' is in trouble. It was part nationalised recently (45% state ownership)in order to stabilise customer concerns. However, it dropped 11% on the stock market yesterday, and, from that low, it has dropped a further 22% so far today. It has been revealed that over €1 Billion has been withdrawn from it in the last week. Because of the drop of property prices in Spain, the collateral it holds is now on the cusp of making it technically insolvent. (Technically, because it cannot be insolvent as it is backed by the Spanish Government). If you have money in this bank, get it out, there is a possibility that there will be a culling in the next 24-48 hours.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^] English League Tables - Live
X| yes... we are all fachydermed... PS: I don't have any money at that bank anyway...
[www.tamautomation.com] Robots, CNC and PLC machines for grinding and polishing.
-
Holy crap! I'm not feeling too good at the moment so I was going to have a couple of dry hours days. I'd better not stop supping or else the whole Hungarian economy will collapse [further] around my knees. Noblis Oblige. :sigh:
Panic, Chaos, Destruction. My work here is done. Drink. Get drunk. Fall over - P O'H OK, I will win to day or my name isn't Ethel Crudacre! - DD Ethel Crudacre I cannot live by bread alone. Bacon and ketchup are needed as well. - Trollslayer Have a bit more patience with newbies. Of course some of them act dumb - they're often *students*, for heaven's sake - Terry Pratchett
Do your bit for society! Drink Gin[^]!
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^] English League Tables - Live
-
For all our Spanish Members... Spanish Banking Group 'Bankia' is in trouble. It was part nationalised recently (45% state ownership)in order to stabilise customer concerns. However, it dropped 11% on the stock market yesterday, and, from that low, it has dropped a further 22% so far today. It has been revealed that over €1 Billion has been withdrawn from it in the last week. Because of the drop of property prices in Spain, the collateral it holds is now on the cusp of making it technically insolvent. (Technically, because it cannot be insolvent as it is backed by the Spanish Government). If you have money in this bank, get it out, there is a possibility that there will be a culling in the next 24-48 hours.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^] English League Tables - Live
Don't Spain guarantee personal deposits up to a reasonable limit? I thought all Western European governments introduced something like that after the Lehman Brothers thing and our Northern Rock fiasco. If so, you should leave your money in there, it's guaranteed by the state if things go tits up and by pulling it out you're exacerbating the problem.
-
Dave goes on the wagon, Spain goes third world! It seems I leave devastation in my wake :) Seriously though... I see that the shares have now been suspended. The fall ended at 30% and the Spanish Bourse has closed dealings to protect it. There is apparently a glut of 'Puts' on the shares and it classed as 'Under Auction'. That is the beginning of the end. The 'Puts' have to be honoured by the bourse if trading is suspended, there will be a lot of poor traders hurling themselves off the top of Madrid's skyscrapers at close of play.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^] English League Tables - Live
Let them dive, crash and burn. One of the most non productive sections of this modern economy is the financial institutions. We work our asses off and they make big money by trading derivatives and futures on commodities... In short playing in the casino.
Alberto Bar-Noy --------------- “The city’s central computer told you? R2D2, you know better than to trust a strange computer!” (C3PO)
-
Don't Spain guarantee personal deposits up to a reasonable limit? I thought all Western European governments introduced something like that after the Lehman Brothers thing and our Northern Rock fiasco. If so, you should leave your money in there, it's guaranteed by the state if things go tits up and by pulling it out you're exacerbating the problem.
BobJanova wrote:
guarantee personal deposits up to a reasonable limit?
Yeah that limit being you have 0 money and I took the lot to pay dividents to speculants. The only place safe is domestic hideouts.
Alberto Bar-Noy --------------- “The city’s central computer told you? R2D2, you know better than to trust a strange computer!” (C3PO)
-
Don't Spain guarantee personal deposits up to a reasonable limit? I thought all Western European governments introduced something like that after the Lehman Brothers thing and our Northern Rock fiasco. If so, you should leave your money in there, it's guaranteed by the state if things go tits up and by pulling it out you're exacerbating the problem.
And what do you pay your shopping with, while some beaurocrat takes six months to "consider" your case? Iain.
I am one of "those foreigners coming over here and stealing our jobs". Yay me!
-
For all our Spanish Members... Spanish Banking Group 'Bankia' is in trouble. It was part nationalised recently (45% state ownership)in order to stabilise customer concerns. However, it dropped 11% on the stock market yesterday, and, from that low, it has dropped a further 22% so far today. It has been revealed that over €1 Billion has been withdrawn from it in the last week. Because of the drop of property prices in Spain, the collateral it holds is now on the cusp of making it technically insolvent. (Technically, because it cannot be insolvent as it is backed by the Spanish Government). If you have money in this bank, get it out, there is a possibility that there will be a culling in the next 24-48 hours.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^] English League Tables - Live
-
This is why I keep my bank account safely overdrawn for most of the time. Tomorrow is a risky day morning for me because I get paid, but the wife should have that sorted out by lunchtime.
Every man can tell how many goats or sheep he possesses, but not how many friends.
-
And what do you pay your shopping with, while some beaurocrat takes six months to "consider" your case? Iain.
I am one of "those foreigners coming over here and stealing our jobs". Yay me!