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BoC customers fighting back…

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Re: BoC customers fighting back…

Postby bill cobbett » Sun Mar 31, 2013 9:45 pm

Oceanside50 wrote:
bill cobbett wrote:... and another temp injunction has been granted by the Nicosia District Court to solicitors Dimitrios Ioannidis & Co and Stelios Americanos & Co ...

(whether to these firms or to clients isn't clear or even wider)

http://www.incyprus.com.cy/en-gb/Cyprus ... challenged


Federalism, thats what Cyprus signed up for, Brussels has final say, these court cases are irrelevant...!!!


... in which case ... perhaps some actions should be directed towards the Brussels Brigade; after all, not two weeks ago they were advocating a partial seizure of funds below the 100,000E threshold and continue to support a violation that prob (because it is so far reaching) falls within Protocol 1, Article 1 of the ECHR.
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Re: BoC customers fighting back…

Postby kurupetos » Sun Mar 31, 2013 11:08 pm

It seems BoC could go bankrupt in a few months.

What happens next? Will they merge BoC to Hellenic Bank (like Laiki to BoC), etc.? :?
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Re: BoC customers fighting back…

Postby CBBB » Sun Mar 31, 2013 11:13 pm

kurupetos wrote:It seems BoC could go bankrupt in a few months.

What happens next? Will they merge BoC to Hellenic Bank (like Laiki to BoC), etc.? :?


NO!

I had to open a account at Hellenic to get paid!
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Re: BoC customers fighting back…

Postby kurupetos » Sun Mar 31, 2013 11:22 pm

CBBB wrote:
kurupetos wrote:It seems BoC could go bankrupt in a few months.

What happens next? Will they merge BoC to Hellenic Bank (like Laiki to BoC), etc.? :?


NO!

I had to open a account at Hellenic to get paid!

I know many people who did the same. :?
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Re: BoC customers fighting back…

Postby Get Real! » Sun Mar 31, 2013 11:30 pm

lucius wrote:
Get Real! wrote:
Athienitis (supermarkets) have won their case which should open the gates for others… and rightly so.


And who do you think will pay for the money for those who get exceptions?

Our politicians can go and prostitute themselves to raise the money.
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Re: BoC customers fighting back…

Postby Oceanside50 » Mon Apr 01, 2013 2:50 am

bill cobbett wrote:
Oceanside50 wrote:
bill cobbett wrote:... and another temp injunction has been granted by the Nicosia District Court to solicitors Dimitrios Ioannidis & Co and Stelios Americanos & Co ...

(whether to these firms or to clients isn't clear or even wider)

http://www.incyprus.com.cy/en-gb/Cyprus ... challenged


Federalism, thats what Cyprus signed up for, Brussels has final say, these court cases are irrelevant...!!!


... in which case ... perhaps some actions should be directed towards the Brussels Brigade; after all, not two weeks ago they were advocating a partial seizure of funds below the 100,000E threshold and continue to support a violation that prob (because it is so far reaching) falls within Protocol 1, Article 1 of the ECHR.


ECONOMIC AND MONETARY UNION

The EMU puts the finishing touches to the single market. Economic policy consists of three components. The Member States must ensure coordination of their economic policies, provide for multilateral surveillance of this coordination, and are subject to financial and budgetary discipline. The objective of monetary policy is to create a single currency and to ensure this currency's stability thanks to price stability and respect for the market economy.

...to ensure the currencies stability..and are subject to financial and budgetary discipline...Since Cyprus signed on, in essence it gave the EU the rights to do what they did to Cyprus' banks last week..in order to ensure monetary and financial, budgetary discipline....If whoever wants to challenge the Eu's act the courts of Cyprus are subordinate to the EU's, the courts in theEu would have to decide...it could become a landmark case defining the parameters of EU Federalism...
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Re: BoC customers fighting back…

Postby bill cobbett » Mon Apr 01, 2013 4:31 am

Ok, let's go with EU has "rights" business to do what it did to CY Banks last week ... and go on to perhaps agree that the EU also has responsibilities that go with these rights.

Let's start with the European Banking Authority...

The European Banking Authority is an organ of the EU and amongst its remit is...

..."The EBA acts as a hub and spoke network of EU and national bodies safeguarding public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors..."

In particular... any investor or depositor needs good info as to how safe the CY banks were judged.

So just what info were depositors given by the EBA as to the stability of CY Banks...??? Just how transparent were the markets and financial products to investors in CY Banks...??? ... and just how did the EBA act to protect depositors and investors...???

Well, some of the answers can be found in some stress tests that the European Banking Authority compelled almost all of the EU's banks to carry out some 18 months ago, and, in the opinion of commentators, both the Laiki and the BoC were judged solvent and were both judged to have passed those tests.

So questions arise from these stress tests: Were depositors misled...??? and vitally important, was the European Banking Authority negligent in its work and if it was, then is it liable...???

(For CF Bankers, who might give us more expert opinions, the stress tests for BoC are at ...http://eba.europa.eu/pdf/bank/CY007.pdf and the stress test for Laiki is at... http://eba.europa.eu/pdf/bank/CY006.pdf )
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Re: BoC customers fighting back…

Postby Oceanside50 » Mon Apr 01, 2013 5:22 am

bill cobbett wrote:Ok, let's go with EU has "rights" business to do what it did to CY Banks last week ... and go on to perhaps agree that the EU also has responsibilities that go with these rights.

Let's start with the European Banking Authority...

The European Banking Authority is an organ of the EU and amongst its remit is...

..."The EBA acts as a hub and spoke network of EU and national bodies safeguarding public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors..."

In particular... any investor or depositor needs good info as to how safe the CY banks were judged.

So just what info were depositors given by the EBA as to the stability of CY Banks...??? Just how transparent were the markets and financial products to investors in CY Banks...??? ... and just how did the EBA act to protect depositors and investors...??
Well, some of the answers can be found in some stress tests that the European Banking Authority compelled almost all of the EU's banks to carry out some 18 month

ago, and, in the opinion of commentators, both the Laiki and the BoC were judged solvent and were both judged to have passed those tests.

So questions arise from these stress tests: Were depositors misled...??? and vitally important, was the European Banking Authority negligent in its work and if it was, then is it liable...???

(For CF Bankers, who might give us more expert opinions, the stress tests for BoC are at ...http://eba.europa.eu/pdf/bank/CY007.pdf and the stress test for Laiki is at... http://eba.europa.eu/pdf/bank/CY006.pdf )


http://www.reuters.com/article/2012/06/ ... ZW20120628

"....At the heart of the debate lies the issue of how far will national governments, whose supervisors sit on the EBA, give up regulatory sovereignty to centralized EU decision making.

Momentum is building behind the European banking union plan and the bloc's leaders will try to move it along at their summit on Thursday and Friday, with talk of some building blocks being in place in 2013.

"That would be ambitious but it would be doable in the context we are in," said David Wright, secretary general of the global securities watchdog IOSCO and former deputy chief of the European Commission's financial services unit.

A union would need a single banking regulator. But the EBA, made up of supervisors and central bankers from all 27 EU states, has shown in its short life that it lacks the power to be effective in that role without changes.

In June last year Helaba, one of Germany's biggest lenders, was about to fail the EBA's new "stress test" designed to test the capital strengths of individual banks across the European Union.

German regulator Bafin came out fighting, and accused the EBA of overstepping the mark and cobbling together new rules on capital. The Bundesbank weighed in too, saying the stress test was just a "show" for investors and Bafin allowed Helaba to pull out of the test two days before results were published...."

What this implies is that the EBA through the European Union doesnt have the authority to overstep a sovereign country's banking system and effectively give an accurate stress test to any bank in the EU....The EBA doesnt even have the authority to legally gain accurate information from a bank, it goes by what the individual banks, own statistics, which could be inaccurate which probably was the case in Laiki and Bank of Cyprus...
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Re: BoC customers fighting back…

Postby Rufus2013 » Mon Apr 01, 2013 12:32 pm

How is this to make anyone who has not been able to access their accounts blood boil

http://rt.com/news/cyprus-president-money-withdraw-129/
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Re: BoC customers fighting back…

Postby Rufus2013 » Mon Apr 01, 2013 12:35 pm

Someone has to be accountable for the losses. I was ensured the B0C was in a stable position and this was only around 10 months ago. Their literature on their website even confirms this. :evil:
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