Unicredit is an Italian bank!
Submitted by Penny on Mon, 12/05/2011 - 16:44In reply to A newbie all over again! by Annec
Unicredit is an Italian bank!
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Oops thanks for that
Submitted by atessa on Mon, 12/05/2011 - 17:02In reply to Unicredit is an Italian bank! by Penny
Oops thanks for that Penny,maybe i should have checked which country my bank was in.Thought it was a Czech bank.But how safe is my money?
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You would need a crystal ball
Submitted by Gala Placidia on Tue, 12/06/2011 - 03:37In reply to A newbie all over again! by Annec
You would need a crystal ball to predict what may happen... or not. Unicredit is in trouble at the moment; however, it posted huge profits only a year ago. I find this article most interesting: http://seekingalpha.com/article/308081-italian-default-scenarios It deals mainly with bonds and sovereign debt, but it gives you a hint of what may happen. I would keep only a money supply for paying bills, etc. I would not have investments placed with any bank at the moment, if I could avoid it. I am an optimist by nature and I think that Italy and the EU will pull through. Perhaps it is wishful thinking.... Time will tell.
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Thanks Gala for your input, i
Submitted by atessa on Tue, 12/06/2011 - 17:38In reply to You would need a crystal ball by Gala Placidia
Thanks Gala for your input, i think you are right in just small amounts to pay bills etc. Just to ask again are savings in the banks guaranteed up to a set amount ? In England i think you are compensated by the Financial Services Compensation Scheme up to £50,000 is it similiar in Itay?
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EZ 'guaranteed deposits' €100.000,00
Submitted by Fillide on Tue, 12/06/2011 - 19:02In reply to Thanks Gala for your input, i by atessa
The theory goes that an individual depositor in an Italian bank is covered by the government to the tune of €100K. This goes for all EZ countries, though I'd prefer not to test this promise...('Better' than the UK, since tho' Brown promised to up it to £100K he never did, and it is still £50K.) If the whole Euro concept collapses, one widely credible 'opinion' (voiced by lawyers, wouldn't you guess!) suggests that any resident Italian bank account will be frozen, although non-resident accounts won't be. I'm no more informed on this option than Bloomberg or the ft. There is clearly (in the event of an EZ collapse, or Italy abandoning the Euro) an exchange rate risk, which for anyone with an account not in the EZ should be easy enough to 'avoid'. Though of course, one might bet on the wrong 'safe haven'. There was a very nice chart up yesterday (can't remember who posted it, but it was an attendable source) considering the 'real adjusted €' value of the currencies of various countries in the EZ. It was pretty optimistic re Italy - suggesting that 'an Italian €' was worth about 96€cents (a German € was about 1.34, a French one about 1.25, but a Greek one less than 0.40) - a bit of burgernomics really, but it did seem to put some of the current hysteria into perspective.
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DON'T CRY FOR ME.....
Submitted by Gala Placidia on Wed, 12/07/2011 - 03:07In reply to A newbie all over again! by Annec
The worst that could happen would be something similar to the Argentinian crisis when all bank deposits were frozen and the local currency was devalued. I know a few people there who lost fortunes. Ever since that event, I profoundly distrust banks. I look at them as a necessary evil. Good to pay bills by direct debit, that's all. The best investment: brick and mortar that you purchase at a reasonable price. Even in the current situation.
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In safe hands?
Submitted by atessa on Wed, 12/07/2011 - 18:44In reply to DON'T CRY FOR ME..... by Gala Placidia
Its good to know our money is in safe hands! Agree that non of us would like to be put to the test with the banks guarantee.I also have great distrust of financial institutions,although with the banks you can withdraw your money unlike the pension companies,the crisis is taking its toll on my pension fund,they all keep making money from my fund,except me!!and i cnnot get my hands on my money!!!YES I ALSO DISTRUST.
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UK cover....
Submitted by stevegwmonkseaton on Wed, 12/07/2011 - 16:46In reply to A newbie all over again! by Annec
... is NOT £50000, it's £85000 per individual, per bank (company). Which at current rates is around €100000....
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You are correct, my apologies
Submitted by Fillide on Wed, 12/07/2011 - 21:30In reply to UK cover.... by stevegwmonkseaton
Yes indeed, the UK 'guarantee' is now £85,000 (per person per bank) since December 2010 (forced into it because of the evil EU rules!) However, Mr Brown, at the time of the Northern Rock collapse, (in 2008) announced an increase from the £50,000 limit - and it sounded (and was meant to be interpreted as) 'from today'. Like many of his statements it came true after a couple of years - like the bust which he didn't forsee!
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but if...
Submitted by Anonymous (not verified) on Fri, 12/09/2011 - 14:05In reply to A newbie all over again! by Annec
The bank guarantees are all very well as long as the state is solvent. Italy is solvent (of sorts) only because it is being propped up. I am very pessimistic about Italy's future looking at current financial data and its spiraling debt. Remember, the IMF have been called in.Unicredit was recently downgraded because of financial problems and given Italy's track record of dipping into peoples accounts when the going gets tough....The Italians are all moving money out of the country at an ever increasing rate.The UK is considered as the one of the safest havens in the world for investments and do not play fast and loose with your money.
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In reply to but if... by Anonymous (not verified)
Hi Bella Caroline, "The Italians are all moving money out of the country at an ever increasing rate." I'm intrigued............where do you get this info from ? and where are 'they' moving their monies to ? S
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Leaving
Submitted by Anonymous (not verified) on Fri, 12/09/2011 - 21:19Regular financial figures from various different publications and official statistical sites list the flow of money.Also there have been many articles in local and foreign press that there has been a large increase in Italians that have been stopped at the Swiss and other borders with large amounts of cash.There has also been an increase in Italians leaving the country to look in other countries for work (similar to what happened in the 60's and 70's) and better salaries.
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Switzerland that's where
Submitted by pas55 on Tue, 05/22/2012 - 06:01Switzerland that's where
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UK
Submitted by Anonymous (not verified) on Tue, 05/22/2012 - 06:20In reply to Switzerland that's where by pas55
Actually no, only to a degree..The UK and Germany, the UK especially is seen as a safe haven.
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to nitpick
Submitted by Ram on Sat, 12/10/2011 - 03:04In reply to A newbie all over again! by Annec
Your bank account in ITaly is protected up to 103.265 euros, but not by the governemnt. There is an interbanking insurance which covers you in the case of your bank going belly up. HOwever, if all the banks go belly up its not quite clear who covers the individual bank account holder. Having said that, I wouldnt believe one or the other. The banks will be ok because the salva stato funds go to the banks, not the people nor the country. Whether the banks choose to share them is another thing.
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Run on bank?
Submitted by Anonymous (not verified) on Mon, 05/21/2012 - 14:23In reply to to nitpick by Ram
The flight of money from Italy still continues...The government is seriously worried about the amount of money that is leaving the country.Germany and the UK still seems to be the most popular choice for Italian money being seen as safe places.Various commentators have predicted a run on Italian and Spanish banks at some point.
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I can only comment on what
Submitted by pas55 on Tue, 05/22/2012 - 06:31In reply to A newbie all over again! by Annec
I can only comment on what Italian friends are doing.
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Certainly, but according to
Submitted by Anonymous (not verified) on Tue, 05/22/2012 - 06:36In reply to I can only comment on what by pas55
Certainly, but according to figures issued by the Italian government and various organisations these are the countries that the bulk of the money is going to. There is a real fear at the moment that there will be a run on the banks in Italy.
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Lowest ratings
Submitted by Anonymous (not verified) on Wed, 05/23/2012 - 04:14In reply to A newbie all over again! by Annec
There is such confidence in Germany that they are able to offer zero interest rate bonds. Compare this with the Italian sky high interest rates on offer, second only to Greece.Italian banks have the lowest ratings in Europe with talk of further downgrades.
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Viva Espana
Submitted by Fillide on Wed, 05/23/2012 - 05:43In reply to Lowest ratings by Anonymous (not verified)
I think you should move on to Spain.
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Although Spain is of course a
Submitted by Anonymous (not verified) on Wed, 05/23/2012 - 05:54In reply to Viva Espana by Fillide
Although Spain is of course a major problem, it is Italy which poses the greatest danger to the EU. although it is being propped up financially at the moment by the ECB, and has been for over a year now, italy would simply be to expensive to save due to it's enormous debts and collapsing finances
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Escape now?
Submitted by sprostoni on Wed, 05/23/2012 - 07:36In reply to Although Spain is of course a by Anonymous (not verified)
My Gawd ...........Bella Carolina.......... Should we all sell up and run somewhere else ? I hear what you are saying, I don't agree with all of it, but I have to say my little world here is wonderful. Good luck S
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Hello sprostoni,It's not me
Submitted by Anonymous (not verified) on Wed, 05/23/2012 - 08:53In reply to Escape now? by sprostoni
Hello sprostoni,It's not me that's saying it as such..The fact is that Italy is in deep, deep financial trouble, it has the third larges sovereign debt in the world. It is only fighting off bankruptcy due to the intervention of the ECB and the Imf over the last year. It is losing it's battle on corruption and there has been talk of a run on the banks and Italy leaving the EU and returning to the LiraIt has been announced that there are more stringent tax rises, and public service cuts to come.It is certainly affecting ordinary, working Italians in a big way..There has been a surge in suicides in Italy over the last year and unemployment has soared.Italians are leaving the country at the moment in numbers not seen since the 60's (mainly the young) and the government is seriously worried about the amount of money leaving Italy.
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Suicide...
Submitted by Flip on Wed, 05/23/2012 - 09:34In reply to A newbie all over again! by Annec
Yeh! I feel like slitting me wrists reading all the repetitive cr4p you've been posting .....
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Hmmmmmmm................the
Submitted by La Dolcevita on Wed, 05/23/2012 - 14:23In reply to A newbie all over again! by Annec
Hmmmmmmm................the exact same dissing of Italy word for word can be found on another forum - or more like monologue..........if Italy isn't for you then go somewhere else.....................
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Money leaving
Submitted by Anonymous (not verified) on Fri, 08/24/2012 - 12:08In reply to A newbie all over again! by Annec
Judging by the news and the amount of people moving their money out of the country, it would seem advisable not to have money here.Something I discovered a few weeks back is that there is a law in Italy that enables the authorities to take a percentage of money held in accounts, both corporate and private, in the event of a national financial emergency.Must admit, I have no confidence in the state of things here at the moment.
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