A run on the banks?

Uk will have to cope with 25% cuts across the board in the couple of weeks time. Also VAT is going up from 17 and half % in January to 20%. House prices are falling daily so it looks like all of the EU has problmes.
 
shnaek said:
I have heard of people opening accounts in NI with addresses here in the south - is that possible?
Can you open a Euro account in the north?
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I have a NI account with an address in the South, although it was opened originally with an NI address many years ago. It was actually a dormant account for many years, but they had no problem with me resurrecting it with a Southern address, so I don't see why they wouldn't let you open one.

I can't help you on the second point, my account is in STG.
 

Thanks for that. I used to have an account in Germany so I might look at resurrecting that.
 
I understand that.

I did say that it was just my opinion about deposits being safe.

Everyone has to make up their own mind.
 
Friends of mine have removed savings from Irish institutions and lodged them in the UK.
 
Personally I moved my small amount of savings, 20K perhaps, from BOI to gold about six months ago... I'm surprised more people aren't considering gold. After all, people are worried about currency collaspes, it'd seem that gold is one of the most effective 'hedges' against a Euro collaspe, or an Irish default.

Currency collaspes happen quickly, and wouldn't usually be talked about beforehand... basically I'd imagine a scenario where the banks close for the weekend, and then the accounts are locked, and when the banks next open all your accounts have been converted to a rapidly devaluing new currency. Any other approach would seem to lead to chaos... or more chaos.

I think this is where 'bank holiday' came from... when the US government banned private ownership of gold and closed the banks for a 'holiday'.. .. when the banks next opened in the US there was a representive from the US treasury in every bank, and safety deposit boxes could only be opened in his presence, any gold within was confisacated (i.e bought at below fair value)..

So keeping your gold in a foreign country, with strong personal property laws, is a good bet. I use BullionVault for gold. Apparently it can be quite dangerous to own gold if your government has banned private ownership.. trying to leave the country with it would be similar to smuggling cocaine or heroin today.
 
Why not invest in gold certs and save the storage issue..? If such a crash/run/whatever was to take place would it not be equally hard to realise the value of your bullion holding at short notice without taking a hit on the expected value ?

Just wondering,

Westgolf
 
I'm not sure what a gold cert is.. is it an EFT?

Apparently these aren't 100% secure. There might also be a weight discount applied which I don't fully understand.

It's horses for courses perhaps, but I like the BullionVault arrangement, where they are paid to mind my gold, but my gold is my property, even if they go bust, and this arrangement is very secure under UK law. (BullionVault are British).

The EFTs... here I believe that you are only a creditor of the company selling EFTs, they don't do allocated gold I think, so if they go bust you must wait in line for your 50c in the Euro or whatever... allocated gold storage is more secure I think.

There's a huge amount of info on these issues in the BullionVault FAQs
 
Towger said:
Pulling out if the Euro is still a problem. In a previous post someone said the Rabo told them they would probably convert customers balances in to the 'New Punt' value. Which will of course devalue very quickly.
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Is that true? Can they do legally do that? I was going to move my money to rabo this week, if thats the case I'll have to think again. If I opened a Euro account with nationwide UK could they end up doing the same thing?
 
chewchew said:
Is that true? Can they do legally do that? I was going to move my money to rabo this week, if thats the case I'll have to think again. If I opened a Euro account with nationwide UK could they end up doing the same thing?
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Yes, it's possible. I read an article in which it was explained that Ireland has the 2nd biggest GDP per capita and poorer countries like Slovakia would never help Ireland if something happens.

Anything can happen, even a domino effect that would lead the Euro to disappear AT LEAST until a better political and taxation armonization happens, I believe that too many steps for a currency union have been skipped in creating the Euro
 
Can anyone suggest a place where I can keep my cash in Euros or £ and they wouldn't be converted to 'new punt's' (if that scenario did happen)?
 
Thanks Godfather and Happygirl. Looks like its not exactly straight forward to open an account abroad then. I'm seriously considering burying it out the back yard now.
 
chewchew said:
Thanks Godfather and Happygirl. Looks like its not exactly straight forward to open an account abroad then. I'm seriously considering burying it out the back yard now.
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Mistake! Your IP address can give clues to potential hackers...
 
chewchew said:
Thanks Godfather and Happygirl. Looks like its not exactly straight forward to open an account abroad then. I'm seriously considering burying it out the back yard now.
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+1 at this stage....the old biscuit tin.

not worried about IP address i.d. as I'm on mobile broadband


If ya won the lotto where would you put that lot
 
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