Will the euro crash in 2011

[Salty Sam]

[quote]b) Ma banque est une succursale d’un établissement dont le siège social est à l’étranger, suis-je couvert ?

S’il s’agit d’un établissement dont le siège social est hors l’Espace Economique Européen (cf. liste des pays de l’Espace Economique Européen), sa succursale française qui doit être agréée par les autorités françaises, relève des mécanismes de garantie français. En revanche, si l’établissement a son siège social dans un Etat de l’Espace Économique Européen, le mécanisme applicable à sa succursale est en principe celui en vigueur dans son propre pays.

En tout état de cause, l’établissement auprès duquel vous envisagez d’ouvrir un compte ou d’effectuer une opération doit vous informer sur le (ou les) système de garantie auquel il adhère.[/quote]

Only applicable for those foolish enough to have funds in the Bank of Toytown.[blink]

Just out of interest, can anyone name or even admit to having funds with a financial institution within the EU, which is not registered as required by law, with the relevent financial services authority?

[pachapapa]

[quote user="WJT"]Thank you PPP. However, I'm still not sure. It sounds to me that it applies to French resident in regards to a French bank that is perhaps domiciled elsewhere? CCSO is a French domiciled bank as far as I'm aware but not sure if being a UK resident would give us the same protection if it goes under?[/quote]

C/ Definition of members of the Fonds de Garantie des Dépôts

Certain deposits (see "cash guarantee" and "securities guarantee") are only guaranteed once they have been received by credit institutions that are members of the Fonds de Garantie des Dépôts i.e.:

• credit institutions which have their head office in France, the Overseas Departments or the Principality of Monaco,

• branches of credit institutions which have their head office in a state outside the European Economic Area (e.g. USA, Brazil, Japan, Russia, etc.) (see the list ).

All such institutions must be approved by the Comité des établissements de crédit et des entreprises d'investissement (French Financial Services Authority - CECEI).

You can refer to the list of the members of the Fonds de Garantie des Dépôts.

A branch located in France or in the French Overseas Departments of a credit institution which has its head office in a State of the European Economic Area may be a member, in a supplementary capacity, of the French Fonds de Garantie des Dépôts, if the guarantee system of the original country is less favourable than the French system pursuant to regulation CRBF no. 99-07, (provided that) an agreement is signed between the system in which the parent company of the branch belongs to and the Fonds de Garantie des Dépôts. Since no such agreement exists to date, no branches can take advantage of a guarantee from the Fonds de Garantie des Dépôts.

In any event, any credit institution authorised to trade as a deposit taker in France (institutions approved by the CECEI covered by the Fonds de Garantie des Dépôts, or branches of the European Economic Area not covered by the Fonds de Garantie des Dépôts) is obliged to notify the depositor of the guarantee system for deposits to which it belongs so that the depositor may check directly in the country concerned.

http://www.garantiedesdepots.fr/spip/spip.php?article48&lang=en

The french version has FAQ which is also worth a quick look.

[Salty Sam]

[quote user="WJT"]CCSO is a French domiciled bank as far as I'm aware but not sure if being a UK resident would give us the same protection if it goes under?[/quote]

It makes no difference whatsoever. You're funds are covered by the protection scheme, as they would be in the UK, the Isle of Man, Germany, etc, up to the specified limits.

I'll repeat the link I made in an earlier post http://www.garantiedesdepots.fr/spip/spip.php?article48&lang=en, and defy anyone to find where it states the Fonds de Garantie des Dépôts will prejudice against non-French, non-resident second home owners or others, holding accounts in a French bank - http://www.garantiedesdepots.fr/spip/spip.php?article53&id_rubrique=18

[pachapapa]

Consider the case of an American Bank based in a state not being france but nevertheless belonging to the European Economic Area.

b) Am I covered by my bank, which is a branch of a foreign-based institution ?

If the head office of your institution is located outside the European Economic Area (see list of countries of the European Economic Area), its French branch, which must be approved by the French authorities, is included in the French guarantee procedure. However, if the institution has its base in a state belonging to the European Economic Area, the procedure applicable to its branch is in principle the current procedure of that country.

[pachapapa]

Takes some believing but Greece is negotiating to buy clapped out Abrams Tanks.

Will it be enough to stop the General Strikes and get the Zorbas back to work?

http://www.defencegreece.com/index.php/2011/10/the-u-s-approved-to-grant-400-m1a1-abrams-to-greece/

[pachapapa]

Or get some Greek Colonels out of retirement and sort the anarchist and commies out.

http://www.arrse.co.uk/current-affairs-news-analysis/170376-greece-recieve-400-m1a1-abrams-tanks-us-2.html

[pachapapa]

[quote user="pachapapa"]

Consider the case of an American Bank based in a state not being france but nevertheless belonging to the European Economic Area.

b) Am I covered by my bank, which is a branch of a foreign-based institution ?

If the head office of your institution is located outside the European Economic Area (see list of countries of the European Economic Area), its French branch, which must be approved by the French authorities, is included in the French guarantee procedure. However, if the institution has its base in a state belonging to the European Economic Area, the procedure applicable to its branch is in principle the current procedure of that country.

[/quote]

Now I wonder if that would include an A.E.L.E. country like Iceland?[:D][:D][:D]

[Salty Sam]

[quote user="pachapapa"]

Now I wonder if that would include an A.E.L.E. country like Iceland?[:D][:D][:D]

[/quote]

If this is a veiled reference to 'Icesave', since their demise I think you'll find the rules have changed.

In addition, all investors received full reimbursement up to and including the ceiling for repayments as per FSA regulations.

 

[WJT]

Just wanted to say thank you. :)

[Jako]

As the BoE still seem to be under the impression that the Weimar Republic and Zimbabwe had a successful monetary policy they restarted their 'money printing' experiment. The long term target for EUR/GBP has now shifted from 2 to 2,50. (2 pounds 50 for one euro)

[Alan Zoff]

I must find a bigger wheelbarrow

[pachapapa]

[quote user="Salty Sam"][quote user="pachapapa"]

Now I wonder if that would include an A.E.L.E. country like Iceland?[:D][:D][:D]

[/quote]

If this is a veiled reference to 'Icesave', since their demise I think you'll find the rules have changed.

In addition, all investors received full reimbursement up to and including the ceiling for repayments as per FSA regulations.

 

[/quote]

The only real change resulting from the 2008 fiasco in FRANCE was an increase from € 70,000 to € 100,000.

I presume by mentioning something called icesave you are endeavouring to confuse by introducing something related to the UK.

I am unaware how your icesave contribution changes the situation in france.

At the moment I am watching Envoyé Special, an investigative journalism weekly programme on France 2.

The lead topic this week has been on confidence in French Banks. One interesting facet was the attempt by the investigators to get an interview with the Director of the fonds de garantie de depôts, the request was refused. The investigators instead interviewed an economics professor from the Sorbonne. They proceeded to the doors of the institution situated opposit the Opéra. The professor explained that the fonds de garantie totalled € 2,000,000,000 accumulated from the contributions of the main french clearing banks. There was a tacit suggestion that this would not go very far.

I suggest you watch the programme on pluzz.fr during the next week.

In the meantime I leave you, Q, SD et Al in blissfull ignorance of the stark realities of the fond de garantie.

What I do find interesting is how your little group believes without question the words of the french banking industry.

By the way they also visited a Parisian Department Store where "coffre-forts" are selling like hotcakes.

[breizh]

Saw it PPP.

The only thing I hang on to is the absolute catastrophie IF the Bd'F didn't back up the Fonds. For foreigneurs and non-residents, I think they'd leave them hanging.

On the plus side, the ECB have today guaranteed all banks absolute access to loans. No questions asked about liquidity or solvency. And French banks have been allowed to convert their toxic debt into loans, and convert at 100%. And the Brits worry about QE2!

All's happy in EU-la-la-land................until next week!

[Quillan]

Here we go, fishing again.

Personally I have made no comment on the "fond de garantie" and neither do I believe everything the French bank industry says but then I also don't believe anything the world banking and financial industry says nor do I believe the type of garbage that self seeking non qualified attention seeking wallies have to say either. [:P] So please keep me out of this particular part of your arguement and/or fishing.

[pachapapa]

[quote user="Quillan"]

Here we go, fishing again.

Personally I have made no comment on the "fond de garantie" and neither do I believe everything the French bank industry says but then I also don't believe anything the world banking and financial industry says nor do I believe the type of garbage that self seeking non qualified attention seeking wallies have to say either. [:P] So please keep me out of this particular part of your arguement and/or fishing.

[/quote]

A comment above your post on the Fd'G and ECB.

So the only point remaining is the spelling of argument.[:)]

[pachapapa]

Oh! by the way, another chance to watch your favourite trader tomorrow friday.

Hi Everybody! Tomorrow I am being interviewed by Sir David Frost on Al-Jazeera.

At 9 p.m CET.

21:00

Frost Over the World Sir David Frost takes us to the global stage with some of the biggest names in world affairs and entertainment.

[pachapapa]

[IMG]http://a6.sphotos.ak.fbcdn.net/hphotos-ak-ash4/s320x320/306388_268436706529464_100000894093084_860364_1007819487_n.jpg[/IMG]

[Salty Sam]

[quote user="pachapapa"]

The only real change resulting from the 2008 fiasco in FRANCE was an increase from € 70,000 to € 100,000.

I presume by mentioning something called icesave you are endeavouring to confuse by introducing something related to the UK.

And the Netherlands.

I am unaware how your icesave contribution changes the situation in france.

What situation?

At the moment I am watching Envoyé Special, an investigative journalism weekly programme on France 2.

The lead topic this week has been on confidence in French Banks. One interesting facet was the attempt by the investigators to get an interview with the Director of the fonds de garantie de depôts, the request was refused. The investigators instead interviewed an economics professor from the Sorbonne. They proceeded to the doors of the institution situated opposit the Opéra. The professor explained that the fonds de garantie totalled € 2,000,000,000 accumulated from the contributions of the main french clearing banks. There was a tacit suggestion that this would not go very far.

I suggest you watch the programme on pluzz.fr during the next week.

No thanks. If it's not featured in the Daily Mail, it can't possibly be accurate!

In the meantime I leave you, Q, SD et Al in blissfull ignorance of the stark realities of the fond de garantie.

Based on your personal expertise?

What I do find interesting is how your little group believes without question the words of the french banking industry.

Only the French banking industry, what about EU banks in general? 

In the meantime I leave you to wade through this: http://ec.europa.eu/internal_market/bank/index_en.htm within the section entitled "Group of Experts in Banking Issues", there appears to be one person missing from the experts list!

By the way they also visited a Parisian Department Store where "coffre-forts" are selling like hotcakes.

It's called the "Northern Rock" syndrome.

The only point remaining is your spelling of "French". It has a capital letter 'F'[:)] 

[/quote]

Quick edit to note your mate Alessio appears to be also offering angling instruction! Would this be fly, course, or deep sea? 

[pachapapa]

[quote user="Salty Sam"][quote user="pachapapa"]

The only real change resulting from the 2008 fiasco in FRANCE was an increase from € 70,000 to € 100,000.

I presume by mentioning something called icesave you are endeavouring to confuse by introducing something related to the UK.

And the Netherlands.

I am unaware how your icesave contribution changes the situation in france.

What situation?

At the moment I am watching Envoyé Special, an investigative journalism weekly programme on France 2.

The lead topic this week has been on confidence in French Banks. One interesting facet was the attempt by the investigators to get an interview with the Director of the fonds de garantie de depôts, the request was refused. The investigators instead interviewed an economics professor from the Sorbonne. They proceeded to the doors of the institution situated opposit the Opéra. The professor explained that the fonds de garantie totalled € 2,000,000,000 accumulated from the contributions of the main french clearing banks. There was a tacit suggestion that this would not go very far.

I suggest you watch the programme on pluzz.fr during the next week.

No thanks. If it's not featured in the Daily Mail, it can't possibly be accurate!

In the meantime I leave you, Q, SD et Al in blissfull ignorance of the stark realities of the fond de garantie.

Based on your personal expertise?

What I do find interesting is how your little group believes without question the words of the french banking industry.

Only the French banking industry, what about EU banks in general? 

In the meantime I leave you to wade through this: http://ec.europa.eu/internal_market/bank/index_en.htm within the section entitled "Group of Experts in Banking Issues", there appears to be one person missing from the experts list!

By the way they also visited a Parisian Department Store where "coffre-forts" are selling like hotcakes.

It's called the "Northern Rock" syndrome.

The only point remaining is your spelling of "French". It has a capital letter 'F'[:)] 

[/quote]

Quick edit to note your mate Alessio appears to be also offering angling instruction! Would this be fly, course, or deep sea? 

[/quote]

Just off to bed. So just a quickie.

Spelling involves letters and diacritics.

To put it simply a mixture of upper and lower case letters is GOOD SPELLING.[:D]

http://en.wikipedia.org/wiki/Spelling

[Salty Sam]

[quote user="pachapapa"]

To put it simply a mixture of upper and lower case letters is GOOD SPELLING.[:D][/quote]

For someone with such an inordinate history of university education, I find it quite ironic that you feel the need to correct others when your basic grasp of the English spelling leaves a lot to be desired.

http://www.informatics.sussex.ac.uk/department/docs/punctuation/node27.html

[:)]

[Quillan]

Perhaps they are all bad spellers etc in Sussex? [:P] Never mind he will be back as fast a Google will let him to correct you. [:D]

[Rabbie]

[quote user="pachapapa"]Spelling involves letters and diacritics.

To put it simply a mixture of upper and lower case letters is GOOD SPELLING.[:D]

http://en.wikipedia.org/wiki/Spelling

[/quote]On reading your link I see that good spelling is getting the letters in the accepted order. It has nothing to do with mixing upper and loWer case letters which just makes things look ridiculous.

[pachapapa]

Recent posts on this thread suggest that ONLY me and Breizh have slight doubts about Bank Deposit Guarantees.

But I see Moody's have now expressed a slight twinge of doubt as to whether the UK government would stand behind their banks if they got into difficulties.

Read PLEASE the second paragraph of the link to reinforce your neuronal retention.[:)]

http://www.bbc.co.uk/news/business-15211230

[pachapapa]

[quote user="Rabbie"][quote user="pachapapa"]Spelling involves letters and diacritics.

To put it simply a mixture of upper and lower case letters is GOOD SPELLING.[:D]

http://en.wikipedia.org/wiki/Spelling

[/quote]On reading your link I see that good spelling is getting the letters in the accepted order. It has nothing to do with mixing upper and loWer case letters which just makes things look ridiculous.[/quote]

Quite agree with you.

Both France  and france plumb the depths of superlative ridiculousity. 

[pachapapa]

[quote user="Salty Sam"][quote user="pachapapa"]

To put it simply a mixture of upper and lower case letters is GOOD SPELLING.[:D][/quote]

For someone with such an inordinate history of university education, I find it quite ironic that you feel the need to correct others when your basic grasp of the English spelling leaves a lot to be desired.

http://www.informatics.sussex.ac.uk/department/docs/punctuation/node27.html

[:)]

[/quote]

Ah! changing the goal posts again.

Having mistakenly used the word spelling you are now trying to incorporate a completely different skill into your fallacious argument.

Please spend 5 minutes, soon, investigating the difference between spelling and punctuation.

Of course other than that the two words are spelt differently.[:)]