Key Post Opening an account with KeyTrade Belgium


Keytrade are one bank and Credit Agricole are a different bank - both owned by the Credit Agricole Group. Just like AIB owned a US bank. Even if AIB Ireland went under I don't see how the depositors with the US bank would necessarily be affected as they are seperate entities.
 
Hmmm, maybe - but I feel that its not as simple as that. There is a general fear about contagion from a Greek default because of linkages between institutions. What greater link can there be than between a parent & its subsidiary? If Credit Agricole becomes insolvent, (government guarantee aside) what assets/reserves back up Keytrade deposits? If they are totally self-sufficient, why do they boast on their website about the backing of Credit Agricole's assets:

"Today, Keytrade Bank Luxembourg is part of the Crédit Agricole Group, one of Europe's largest banking groups (total assets of € 913 billion and own funds of € 66 billion)."

Now, in fairness, a line later, they say:

"Within this top-class group, Keytrade Bank Luxembourg keeps full autonomy and its own philosophy for serving its clients, while having the resources necessary for growth"

(Notice they imply that they do fall back on Credit Agricole resources for growth - I wonder if that's where it ends...).

I actually asked Keytrade about this directly & they said:

"Crédit Agricole is our main shareholder but we manage our activity in an autonomous way. Keytrad is thus a subsidiary company. Regarding your second question, Keytrade Bank is submitted at the Luxemburgish government. We are a member of the AGDL. We guarantee in deed up to maximum 100.000 eur per person. If you need more information , you can surf on: <here they insert a link to AGDL>"

Fair enough, but there's a certain amount of they-would-say-that-wouldnt-they about that.

Again, I'm no expert, just a concerned investor with little trust in large institutions...
 
Actually re-reading my last post again, I noticed something that I hadn't noticed before in Keytrade's reply to me: they say:

"we manage our activity in an autonomous way"

This says nothing about the backing of deposits - only that they don't take directions from Credit Agricole about how to do their business.
 
If you held shares in an account with Keytrade what would happen them. Would they be sold off to cover Keytrades liabilities or can they not be touched. I assume they wouldn't be covered by the 100k guarentee as this is for deposits only. I think there was a broker in Cork that went bust and the court ruled that shares held in their nominee accounts could be sold off.
 

Belgium also has a guarantee for equity accounts up to the value of €20,000.
See here under headline "Protection fund for deposits and financial instruments":
[broken link removed]
 
Is Dexia,Belgiums equivalent of Anglo Irish Bank and had anyone any informed opinions to the safety of Keytrade (contagion may spread?)...and I am not talking about the deposit guarantee scheme either.

At the risk of sounding like Dr Christian Szell...is it safe?
 

Came in to ask the same question.

At this stage im considering moving most of my deposits back to Rabo Ireland and just leaving them there. It seems nobody is safe so may as well have the money in an Irish bank.
 
Lamps said:
Came in to ask the same question.

At this stage im considering moving most of my deposits back to Rabo Ireland and just leaving them there. It seems nobody is safe so may as well have the money in an Irish bank.
Click to expand...


Am thinking the exact same. Im sick of all this moving about now.

Nowhere is safe, nobody knows whats going to happen in the coming months. Im a lot less frugal with my money these days, may as well get as much value out of it as i can while its still worth something.
 

CA group owns Keytrade, but CA bank in France is what has the big exposure to Greece. Sort of like AIB bank Ireland almost going under didn't threaten the AIB groups Polish bank deposits which were in a separate bank in a separate jurisdiction. I've never seen Keytrade's debt holdings, so I don't know how risky they are, but that is more important than CA's exposures.

Regardless, the only right answer is to diversify. Leave some in Keytrade and put the rest elsewhere.
 

Dexia is a very different animal from Keytrade. Completely different models, different scales. The way our entire banking system collectively broke down was unusual, and based on the fact that they were all up to their eyes in the property bubble. All depends on what Keytrade is holding.
 
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