Got all your money in one bank account? Take it all to Sweden!

[Le Jacquelope]

They, too, are rebelling against the idiocy of the "blame-the-bank-depositor" mentality.

Or hell, take it to Austria or Denmark.

They're joining Ireland in offering blanket guarantees offered to all private savings accounts.

So far, no bank executive or Government official anywhere is telling private account holders that they're stupid. If one comes up, I'll be sure to post an update.

 

[Saucy_Sage]

I regret that I simply do not have enough "brains" to post a meaningful or important response in a thread like this one.


Alack.

Alas.

 

[Le Jacquelope]

I regret that I simply do not have enough "brains" to post a meaningful or important response in a thread like this one.


Alack.

Alas.

If you have over $250,000, move it to one of those countries mentioned above, if you legally can.

My wife and I are doing it today. Or, we're trying.

 

[starrkers]

http://i7.photobucket.com/albums/y286/starrcats/smilies/deadhorse.gif

 

[Le Jacquelope]

Sorry, didn't provide the linkage to back up my claim.

Fresh news, just came out today:

http://www.earthtimes.org/articles/show/235526,sweden-and-denmark-move-to-protect-deposits.html

Sweden and Denmark move to protect deposits

Posted : Mon, 06 Oct 2008 08:00:06 GMT
Author : DPA
Category : Business

Stockholm/Copenhagen - Sweden and Denmark on Monday joined the growing group of European countries that have raised state guarantees for bank deposits amid the ongoing financial turmoil. The Swedish government said it planned to double the state guarantee to 500,000 kronor (70,000 dollars) for deposits in Swedish- owned banks.

"The measure aims at ensuring that savers continue to trust the financial system," Finance Minister Anders Borg and Local Government and Financial Markets Minister Mats Odell said.

The previous guarantee of 250,000 kronor was introduced 1996.

In Denmark, the government and the leading banks agreed late on Sunday to create a special fund worth 35 billion kroner (6.5 billion dollars) to safeguard financial stability.

The scheme was to run for two years, and included removing - for the time being - the current deposit guarantee cap of 300,000 kroner.

Peter Straarup, chief executive of banking group Danske Bank, said it was "expensive" but "considering the circumstances a good deal for the parties," he was quoted as telling financial news agency RB-Borsen.

Meanwhile, the Swedish central bank Monday further raised the new loan facility it created last week to make it easier for banks to access credits.

Riksbank Governor Stefan Ingves said the loan facility was raised from 60 billion to 100 billion kronor (8.7 to 14 billion dollars) and described the measure as "a preventive measure."

"The international financial turbulence is now clearly affecting the financial market in Sweden, Swedish banks and other financial market participants. Swedish banks have plenty of capital and limited loan losses, but the markets for long-term credit are functioning less efficiently," Ingves said in a statement.

The loans were to be offered for six months.

An initial auction was due for Monday, the central bank said. A second auction was slated for Wednesday.

Denmark and Sweden have not introduced the common European Union currency, the euro.

 

[Le Jacquelope]

http://www.iht.com/articles/2008/10/06/business/6saversbox.php

http://img.iht.com/images/mobile/mobile_logo.gif

Factbox: Bank deposit guarantee schemes in Europe

Reuters
Monday, October 6, 2008

More European governments followed Germany's lead over the weekend, offering blanket deposit guarantees to savers in a frantic effort to calm fears among investors over the worst financial crisis in 80 years.

Here are details of bank deposit guarantee schemes in some European countries:

AUSTRIA:

-- Austria said on Sunday it would follow Germany in guaranteeing the deposits of retail savers. However, a decision regarding the new level of the deposit guarantee would be made only after Monday's meeting of EU finance ministers.

-- Deposits are currently guaranteed up to €20,000, or $27,720. There are several programs for commercial, cooperative and savings banks, some of which voluntarily offer a higher guarantee.

BULGARIA:

-- The Bulgarian Deposit Insurance Fund insures depositors for amounts up to 40,000 levs, or €20,425, in each bank.

-- All banks that operate in Bulgaria pay annual contributions to the fund. Branches of foreign banks operating in Bulgaria, whose headquarters are in countries where there are no guarantee schemes, also contribute to the fund.

DENMARK:

-- The Danish government early on Monday guaranteed all bank deposits in Denmark as part of a deal with banks to set up a 35 billion Danish krona, or $6.50 billion, liquidation fund.

-- Until now the Guarantee Fund for Depositors and Investors covered cash deposits up to 300,000 krona, or €40,201. The Guarantee Fund covers deposits with the financial institution less any debt to the financial institution.

FRANCE:

-- The deposit guarantee, known as a "cash guarantee", gives each depositor a maximum compensation limit of €70,000. The maximum guarantee applies to each institution, regardless of the number of accounts opened by the same depositor in France or in branches of the institution located in the European Economic Area.

GERMANY:

-- Germany offered a blanket guarantee on bank deposits which would guarantee more than €500 billion, or $693 billion, in private deposit accounts. Until now, the Compensation Scheme of German Banks (EdB) was limited to 90 percent of deposits and the equivalent of €20,000 for each depositor.

-- The Deposit Protection Fund of the Association of German Banks fully secures the deposits of customers at private commercial banks not covered by the EdB up to a ceiling of 30 percent of the relevant liable capital of each bank.

GREECE:

-- The Hellenic Deposit guarantee fund, known as TEK, insures depositors for amounts up to €20,000 in each bank. All banks pay into TEK, including foreign banks operating in Greece whose headquarters are outside the European Union. TEK's liquid assets totaled €940 million in 2007.

IRELAND:

-- Ireland had previously guaranteed bank deposits up to €20,000 but raised the guarantee to €100,000 on Sept. 20. The scheme introduced on Tuesday sets no limit to the funds guaranteed. The new pledge, which covers up to €400 billion, or $575 billion, of liabilities and includes retail, commercial and interbank deposits, takes effect immediately and expires in September 2010.

ITALY:

-- Italy's Interbank Deposit Protection Fund provides for a maximum level of protection equal to €103,291.38 per depositor.

NETHERLANDS:

-- The DGS guarantees balances up to a total of €40,000 for each account-holder in each institution (regardless of the number of accounts held). For each account-holder, the amount over €20,000 is subject to a 10 percent account-holder risk.

PORTUGAL:

-- The Deposit Guarantee Fund covers in full the overall value of the cash credit balances of the depositor in each bank, whenever that value does not exceed €25,000 in each bank.

SLOVENIA:

-- Slovenia guarantees bank deposits up to a maximum of €22,000.

SPAIN:

-- The amount guaranteed is limited to a maximum of €20,000 for each depositor.

SWEDEN:

- Sweden is expanding its guarantee on bank deposits, the Ministry of Finance said on Monday. The guarantees for bank deposits would be raised to 500,000 Swedish kroner, or $71,310, from 250,000, effective Monday.

UNITED KINGDOM:

-- The Financial Services Authority raised the compensation limit for savings deposits to 50,000 ($90,560) pounds for each customer claim from 35,000 pounds. This applies to each depositor for the total of their deposits with an organization.

 

[Le Jacquelope]

And Germany:

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/05/AR2008100500816.html

http://www.dailymail.co.uk/news/article-1069374/After-record-losses-FTSE-Wall-Street-worse-get.html

The pressure is mounting upon England to follow suit.