Cyprus-Forum.com

[Maximus]

Do not bank with any Cypriot Bank.

Find a foreign bank that has branches in Cyprus. Or bank offshore and have a VISA Card and pay your bills that way.

The Cypriot Banks are still not out of the woods and have too many non conforming loans on their books and only recently plunder savings from customers.

Stay away from Russian Owned Bank of Cyprus.

That could only be a concern if she is planning to deposit over €100.000. Otherwise Bank of Cyprus or another major bank in Cyprus is the way to go as they have branches and ATMs everywhere.

I would be concerned for any deposits if they go bankrupt. Probably unlikely at this point but I think you are better safe than sorry.

Cyprus became an unfortunate test case which allowed banks to plunder or levy savings to cover bank debts. Never in international history has such a thing occured. Until I am convinced that Cypriot Banks have reduced their non conforming lending exposures to under 5%, they will never see a dime from me.

In Cyprus there are about a hundred foreign bankers including Barclays and HSBC. You can also bank with anyone and all you need is a VISA and Internet connection. Transfers are also free from one account to another and you can even open EURO cash accounts.

Deposits have always been covered up to 100k per depositor per bank.

If a bank goes bankrupt, your money that exceeds 100k, goes with it.

In the case of Cyprus, not all of the money over 100k went 'poof', which can been seen by some risk takers who had more than 100k in the account as a bonus.

It depends how you look at it.

Cyprus is not the first country to have a bank or banks go bankrupt.

Yes but if a Bank goes down in Australia or the U.S. the Federal Reserve guarantees deposits.

Are you sure the Central Bank is able to do the same in Cyprus? Ultimately, it is the RoC that guarantees the deposits. Are they capable of this? I am not so sure, not today anyway. They will need a bail out and if they don't get one then the shit hits the fan again. This means more blackmail from the EU and who knows what they will do next to depositors.

I would bank ofshore or only have very small amounts in Banks like BoC. That's just me.

Depositors money up to 100k in a Cypriot bank is and was guaranteed. I am 100% sure about it because no money under 100K was levied as part of the bail out.

Also, it is not the RoC that guarantees deposits because Cypriot banks are part of the euro system. Its the European central bank (The ECB is the EU's equivalent of the FED in the USA) and the EU commission that sets and guarantees the deposit guarantee scheme.

http://europa.eu/rapid/press-release_ME ... ?locale=en

[Paphitis]

No there are no guarantees without a bailout!

That has already been proven.

I do not think the Central Bank is in a position to guarantee Billions worth of depositor funds. What they have done is bought some time in the hope that no Banks fail (with fingers crossed) within the next 5 years (minimum) maybe more. If they do, the RoC will need more bailouts. That is no guarantee in my book.

[Maximus]

No there are no guarantees without a bailout!

That has already been proven.

I do not think the Central Bank is in a position to guarantee Billions worth of depositor funds. What they have done is bought some time in the hole that no Banks fail within the next 5 years (minimum) maybe more. If they do, the RoC will need more bailouts. That is no guarantee in my book.

No money under 100K per depositor per bank was levied as part of the bail out.

If another bail out is required, (because a bank has gone bankrupt!!!) no money under 100k per depositor per bank will be levied as a part of it.

The EU commission and the European Central Bank guarantee it.

[Paphitis]

No there are no guarantees without a bailout!

That has already been proven.

I do not think the Central Bank is in a position to guarantee Billions worth of depositor funds. What they have done is bought some time in the hole that no Banks fail within the next 5 years (minimum) maybe more. If they do, the RoC will need more bailouts. That is no guarantee in my book.

No money under 100K per depositor per bank was levied as part of the bail out.

If another bail out is required, no money under 100k per depositor per bank will be levied as a part of it.

The EU commission and the European Central Bank guarantee it.

The banks needed to be recapitalized to guarantee deposits below 100,000. In other words, without the tranche of bailouts, there was no guarantee of any deposits even below 100,000 particularly at Laiki Bank.

The EU Commission offers no such guarantee. It is the responsibility of the Central Bank. If the Central Bank is unable to bail out depositors then it may intervene after another round of austerity and blackmail. They will give you the money but at a cost.

[Maximus]

No there are no guarantees without a bailout!

That has already been proven.

I do not think the Central Bank is in a position to guarantee Billions worth of depositor funds. What they have done is bought some time in the hole that no Banks fail within the next 5 years (minimum) maybe more. If they do, the RoC will need more bailouts. That is no guarantee in my book.

No money under 100K per depositor per bank was levied as part of the bail out.

If another bail out is required, no money under 100k per depositor per bank will be levied as a part of it.

The EU commission and the European Central Bank guarantee it.

The banks needed to be recapitalized to guarantee deposits below 100,000. In other words, without the tranche of bailouts, there was no guarantee of any deposits even below 100,000 particularly at Laiki Bank.

I had money in Laiki bank (under 100k).

It was transferred along with my account to the bank of Cyprus.

My money was guaranteed.

The Bank of Cyprus is a "good bank".

[Paphitis]

No there are no guarantees without a bailout!

That has already been proven.

I do not think the Central Bank is in a position to guarantee Billions worth of depositor funds. What they have done is bought some time in the hole that no Banks fail within the next 5 years (minimum) maybe more. If they do, the RoC will need more bailouts. That is no guarantee in my book.

No money under 100K per depositor per bank was levied as part of the bail out.

If another bail out is required, no money under 100k per depositor per bank will be levied as a part of it.

The EU commission and the European Central Bank guarantee it.

The banks needed to be recapitalized to guarantee deposits below 100,000. In other words, without the tranche of bailouts, there was no guarantee of any deposits even below 100,000 particularly at Laiki Bank.

I had money in Laiki bank (under 100k).

It was transferred along with my account to the bank of Cyprus.

My money was guaranteed.

That was after the bailout and you were sweating for quite a while.

Do you still feel confident enough to keep 100,000 in deposits within BoC? If you do then what can I say. Not everyone has a brain.

You couldn't even withdraw it.

[Maximus]

No there are no guarantees without a bailout!

That has already been proven.

I do not think the Central Bank is in a position to guarantee Billions worth of depositor funds. What they have done is bought some time in the hole that no Banks fail within the next 5 years (minimum) maybe more. If they do, the RoC will need more bailouts. That is no guarantee in my book.

No money under 100K per depositor per bank was levied as part of the bail out.

If another bail out is required, no money under 100k per depositor per bank will be levied as a part of it.

The EU commission and the European Central Bank guarantee it.

The banks needed to be recapitalized to guarantee deposits below 100,000. In other words, without the tranche of bailouts, there was no guarantee of any deposits even below 100,000 particularly at Laiki Bank.

I had money in Laiki bank (under 100k).

It was transferred along with my account to the bank of Cyprus.

My money was guaranteed.

That was after the bailout and you were sweating for quite a while.

Do you still feel confident enough to keep 100,000 in deposits within BoC? If you do then what can I say. Not everyone has a brain.

You couldn't even withdraw it.

I have tens of thousands in the bank of Cyprus.

No sweat, my money is guaranteed.

[Paphitis]

As I said, some people were AWOL when God was handing out brains.

You keep so much money in the BoC. What happens if God forbid they fail, and the Government has Capital Restrictions to avoid a Bank run?

The smart money left long ago my friend. There is no reason at all to keep that ammount of money in BoC until you are sure that you are in fact guaranteed which on paper is not the case.

[Maximus]

As I said, some people were AWOL when God was handing out brains.

You keep so much money in the BoC. What happens if God forbid they fail, and the Governments has Capital Restrictions to avoid a Bank run?

The smart money left long ago my friend. There is no reason at all to keep that ammount of money in BoC until you are sure that you are in fact guaranteed which on paper is not the case.

re Paphitis,

What don't you understand about "your money is guaranteed up to 100k per depositor per bank?". If the BoC fails, my money and my account will be transferred to Hellenic, for example..

The smart money that you talk about that left (money under 100K) is actually panicked money.

[Maximus]

Here is a reason to keep that amount of money in the BoC.

Someones net worth (liquid) could be in the hundreds of thousands or millions.

think about it.....