The Best Cyprus Community

Skip to content


Your banks are toast

Feel free to talk about anything that you want.

Re: Your banks are toast

Postby Cap » Mon Apr 06, 2015 8:30 pm

Suck on it

'Cyprus lifts all capital controls as banks recover'

http://www.bbc.com/news/world-europe-32194092
User avatar
Cap
Main Contributor
Main Contributor
 
Posts: 6818
Joined: Mon Jun 18, 2007 12:55 pm
Location: Cypriot Empire

Re: Your banks are toast

Postby Lordo » Tue Apr 07, 2015 12:28 am

and is everybody rushing to put their money in your banks again.
User avatar
Lordo
Leading Contributor
Leading Contributor
 
Posts: 11518
Joined: Wed Oct 05, 2011 2:13 pm
Location: softalar, banana republic

Re: Your banks are toast

Postby Tim Drayton » Tue Apr 07, 2015 10:22 am

No, but I personally continue to bank with the Bank of Cyprus just as before the crisis, and have not lost a penny, so the alarmist claim that all banks in Cyprus are 'toast' was, I am afraid, wide of the mark. The claim made by the same person that I may soon die of starvation was wrong, too, given that I am still here.
User avatar
Tim Drayton
Main Contributor
Main Contributor
 
Posts: 8226
Joined: Sat Jul 21, 2007 1:32 am
Location: Limassol/Lemesos

Re: Your banks are toast

Postby supporttheunderdog » Tue Apr 07, 2015 12:05 pm

Lordo wrote:and is everybody rushing to put their money in your banks again.


but they are not seemingly rushing to take it out either...
User avatar
supporttheunderdog
Main Contributor
Main Contributor
 
Posts: 8199
Joined: Thu Oct 28, 2010 3:03 pm
Location: limassol

Re: Your banks are toast

Postby Lordo » Tue Apr 07, 2015 2:04 pm

i suspect those who wanted to take their money out, they had done so before the rules were imposed. it was not exactly done on the quiet was it. was there anybody not aware of what was to come.
User avatar
Lordo
Leading Contributor
Leading Contributor
 
Posts: 11518
Joined: Wed Oct 05, 2011 2:13 pm
Location: softalar, banana republic

Re: Your banks are toast

Postby Tim Drayton » Tue Apr 07, 2015 2:36 pm

Lordo wrote:i suspect those who wanted to take their money out, they had done so before the rules were imposed. it was not exactly done on the quiet was it. was there anybody not aware of what was to come.


I think it came as a bolt out of the blue for the man in the street, but of course the rich and powerful knew what was coming. This is always the way. Some Turkish Cypriots once told me about the way the Turkish Cypriot authorities once forcibly converted all bank deposits in Cyprus pounds to Turkish lira at an extortionately unfavourable exchange rate, but of course the well-connected withdrew their Cyprus pound deposits in the run up to this event.
User avatar
Tim Drayton
Main Contributor
Main Contributor
 
Posts: 8226
Joined: Sat Jul 21, 2007 1:32 am
Location: Limassol/Lemesos

Re: Your banks are toast

Postby Lordo » Tue Apr 07, 2015 2:52 pm

yep, it happened just after 74. the tl was about 1000 to the pound and they were converting it with 36 which was the official exchange rate. dengtash robbed a lot of people out of their savings.
User avatar
Lordo
Leading Contributor
Leading Contributor
 
Posts: 11518
Joined: Wed Oct 05, 2011 2:13 pm
Location: softalar, banana republic

Re: Your banks are toast

Postby Tim Drayton » Wed Sep 07, 2016 8:58 am

More than three years have now passed so I just thought I would put your mind at rest and let you know that I continue to bank with the Bank of Cyprus using precisely the same account as before. I haven't died of starvation, either, nor has anybody else in Cyprus. It was nice of you to worry about us, though.
User avatar
Tim Drayton
Main Contributor
Main Contributor
 
Posts: 8226
Joined: Sat Jul 21, 2007 1:32 am
Location: Limassol/Lemesos

Re: Your banks are toast

Postby Robin Hood » Wed Sep 07, 2016 6:22 pm

I have just read the whole 24 pages of the thread and there were a lot of sensible exchanges up until the last 3-4 pages. The whole discussion I thought was very civilised and some good points were made.

Laiki did go to the wall and many BoC customers also lost their savings as well; there were currency controls and basically Cyprus has still not really recovered. The banking problems across the EU are now even worse than Cyprus was when things went pear shaped. But, it is not covered in any detail in the Press. Even the mighty Deutsch Bank is a bit rickety and has seen losses. The ECB has, I believe, poured €3 trillion into the banking system which has made little or no difference to the EU economy. But share prices and asset prices have rocketed so it is little wonder the banks are back in the black ...... but they are still very reluctant to make ordinary loans ..... which begs the question 'So how are they making large profits again?' :?

I don’t think Appel was too far out and he did admit he was quoting a worse case scenario.
Robin Hood
Regular Contributor
Regular Contributor
 
Posts: 2579
Joined: Mon May 18, 2009 7:18 pm
Location: Limassol

Re: Your banks are toast

Postby Get Real! » Wed Sep 07, 2016 6:40 pm

Robin Hood wrote:I have just read the whole 24 pages of the thread and there were a lot of sensible exchanges up until the last 3-4 pages.

:roll: Forget it mate… you’re 3 years too late with this one.


On a different note… can it get any worse than a Sony Vaio that is not recognized by the Sony support site, running under a Greek Windows 8.1? :lol:
User avatar
Get Real!
Forum Addict
Forum Addict
 
Posts: 40485
Joined: Mon Feb 26, 2007 12:25 am
Location: Nicosia

PreviousNext

Return to General Chat

Who is online

Users browsing this forum: No registered users and 2 guests