Cyprus-Forum.com

[CBBB]

oh come on...this was done over a long weekend..wss decided on a saturday...and it hasnt even been voted in yet..but bank accounts have been frozen already..thats illegal already....

What is illegal about it, you will have access on Tuesday.

[GreekIslandGirl]

Sue their ass:

EU Charter of Fundamental Rights, article 17:

1. Everyone has the right to own, use, dispose of and bequeath his or her lawfully acquired possessions. No one may be deprived of his or her possessions, except in the public interest and in the cases and under the conditions provided for by law, subject to fair compensation being paid in good time for their loss. The use of property may be regulated by law insofar as is necessary for the general interest.

They are giving shares for the levy. So, it's legal.

Besides, looking at some of those interest rates, the levy is set to just below what they would have got in annual interest anyway.

[GreekIslandGirl]

oh come on...this was done over a long weekend..wss decided on a saturday...and it hasnt even been voted in yet..but bank accounts have been frozen already..thats illegal already....

Sounds like a normal week's banking with RBS or Nat West.

[observer]

Sue their ass:

EU Charter of Fundamental Rights, article 17:

1. Everyone has the right to own, use, dispose of and bequeath his or her lawfully acquired possessions. No one may be deprived of his or her possessions, except in the public interest and in the cases and under the conditions provided for by law, subject to fair compensation being paid in good time for their loss. The use of property may be regulated by law insofar as is necessary for the general interest.

They are giving shares for the levy. So, it's legal.

Besides, looking at some of those interest rates, the levy is set to just below what they would have got in annual interest anyway.

I don't see how matters are made any better by the interest rate being set just below what depositers would have got in annual interest. Depositers made an agreement with the banks to have the interest themselves, not have it taken by the government.

[observer]

oh come on...this was done over a long weekend..wss decided on a saturday...and it hasnt even been voted in yet..but bank accounts have been frozen already..thats illegal already....

Sounds like a normal week's banking with RBS or Nat West.

Humourous, but not true. Whatever the faults of RBS and NatWest (and they were many), depositers' accounts were never frozen.

[Maximus]

where can you go in the EU to seek legal redress for this?

[GreekIslandGirl]

oh come on...this was done over a long weekend..wss decided on a saturday...and it hasnt even been voted in yet..but bank accounts have been frozen already..thats illegal already....

Sounds like a normal week's banking with RBS or Nat West.

Humourous, but not true. Whatever the faults of RBS and NatWest (and they were many), depositers' accounts were never frozen.

NatWest and RBS computer glitch stretches into third day
Up to 12 million NatWest and Royal Bank of Scotland customers are still unable to pay bills or move money after a computer glitch left their accounts frozen for the third day running.

Telegraph

[observer]

Clever, but I think that there is a difference between a computer glitch and a concious decision to freeze accounts to stop there being a run on the bank.

[GreekIslandGirl]

Amounts to the same thing. When you put money in a bank, you are effectively losing control. It's a gamble in which you hope you make a profit from interest rates. The banks can freeze your money from 3 to 12 days so that you cannot withdraw - they do this regularly and blame it on "clearing times".

Sue their ass:

EU Charter of Fundamental Rights, article 17:

1. Everyone has the right to own, use, dispose of and bequeath his or her lawfully acquired possessions. No one may be deprived of his or her possessions, except in the public interest and in the cases and under the conditions provided for by law, subject to fair compensation being paid in good time for their loss. The use of property may be regulated by law insofar as is necessary for the general interest.

They are giving shares for the levy. So, it's legal.

Besides, looking at some of those interest rates, the levy is set to just below what they would have got in annual interest anyway.

I don't see how matters are made any better by the interest rate being set just below what depositers would have got in annual interest. Depositers made an agreement with the banks to have the interest themselves, not have it taken by the government.

According to reports, they will get shares as their "profit" - so if it replaces the interest rate fairly, what's the problem? Isn't this a bit like when the UK government privatized Gas etc - they gave shares to the owners (taxpayers) instead of money and they could sell the shares on to release the money.

[GreekIslandGirl]

So the Russians have some 35 billion deposited in Cypriot banks. presumably, they will get the heftiest levy or shares in the banks. So they will own some 10% of their money's worth in "Cyprus Bank Ltd".

Last month (when our new president took power?), Putin "quietly" took Cyprus off the list of countries that he did not want Russians to deposit their money in.

Now, Russia is chipping in with a few billion to help this transaction go through ...

Hmm.

Russia’s President Vladimir Putin has complained that a pervasive reliance on offshore financial centres is robbing Russia of tax revenues and capital. He demanded, in a speech last year, that Russia’s economy “de-offshore”. A net $56bn of capital left Russia in 2012.
Yet this instruction appears not to apply to Cyprus. The Cypriot finance ministry announced last month that Russia had removed the island from a “blacklist” of countries to avoid investing in.

FT

Yup, it's Bankers playing war games with the economy.

Money is the ammunition. De-monetarisation anyone? CMD