Follow, retweet @dailypinster




Post new topic Reply to topic  [ 1823 posts ]  Go to page Previous  1 ... 25, 26, 27, 28, 29, 30, 31 ... 122  Next
Author Message
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Tue Nov 16, 2010 2:32 pm 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8329
Location: London, innit
polaris wrote:
Someone, 7 or 8 pages back, made a convincing argument that owning shares in a number of well run profitable companies was the safest place for your wedge. Have a look for that post.



a lot of punters in Argentina bought shares around the time of the corralito (and cars, furniture etc...)

speaking of which - what's corralito as Gaeilge?

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


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Tue Nov 16, 2010 4:16 pm 
Offline
Neo Landlord

Joined: May 27, 2009
Posts: 294
McQueen wrote:
If Ireland left the EURO it would happen over a weekend after some kind of behind the scenes deal with Europe. Like you say its not the kind of thing you can have a referendum on as billions would leave the country pre-emptively.

Its easy enough I would guess though to just say that all Irish domiciled accounts now convert to a new "Irish Punto" at a rate of 1:1 and that all debts of Irish domilcied entities are repaid in Punto's at the same exchange rate. Naturally, the new Punto would fall 50% or so on the first day of trading to say 1:0.5 or so. An effective default of sorts with foreign creditors now owning a currency that suddenly collapsed v EUR/USD/GBP etc.
Irish people would have less spending power abroad, but more importantly the country would become instantly competitive again, Tourists would be back, Multinationals would find our workforce cheap again and most beneficially of all Mortgage debts etc would be repayable in a currency that went down in value, while house prices / wages would soon start to rise in that same currency as new life is bred into the country again by the cheap ccy. Negative equity in Punto's would fall versus sitting on growing negative equity in EURO's


OK so we have a new punt which is worth one Euro on Sunday night when this happens. Man in street has an account in a bank in anytown Ireland, his balance, credit or debit is exactly the same. His mortgage is exactly the same.
Come Monday morning when the exchanges open the new punt drops to half a Euro. Within Ireland nothing has changed. The balance that the man in the street has in the bank in the street is the same. Some of these balances are in fact fairly heavy mortgages but no change between borrower and lender, if the lender is an Irish one. So as far as the borrower is concerend no change. The lender though has had to borrow this money from somewhere, presumably abroad, almost certainly in Eoroland and this balance will still be in Euros. The lender now has big problems . He has borrowed x billion Euros but is only getting back half of that. Worse, unless Irish interest rates double he is only going to be getting half the interest in Euros that he had been.
The same thing will apply to anyone who has borrowed abroad. If you have borrowed in any currency your debt will still be denominated in that currency.


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Tue Nov 16, 2010 11:41 pm 
Offline
Back Home with Mammy
User avatar

Joined: Oct 27, 2010
Posts: 62
Location: dublin
can someone tell me why the euro isnt tanking now?

europe will be bailing out greece, portugal, ireland,spain and god knows who else. this means the printing press will be put into overdrive for qEU


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Tue Nov 16, 2010 11:52 pm 
Offline
Under CAB Investigation

Joined: Jan 2, 2008
Posts: 1541
Is 142+ down to 13470ish since November 4th ( 9 trading days not enough)?

_________________
“Never play chess with a pigeon.
The pigeon just knocks all the pieces over.
Then shits all over the board.
Then struts around like it won.”


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 12:00 am 
Offline
Planning Tribunal Attendee

Joined: Jun 5, 2008
Posts: 1499
In your Scenario Rare Bear thats when you will get Debt forgiveness that the sheep are looking for..

_________________
What condition was the property in for each of the properties you are saying the bottom is in for!


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 7:45 am 
Offline
Nationalised
User avatar

Joined: Apr 1, 2010
Posts: 9773
slasher wrote:
polaris wrote:
Someone, 7 or 8 pages back, made a convincing argument that owning shares in a number of well run profitable companies was the safest place for your wedge. Have a look for that post.



a lot of punters in Argentina bought shares around the time of the corralito (and cars, furniture etc...)

speaking of which - what's corralito as Gaeilge?

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



"Téigh amach as an gáirdín sin! ... agus fág an airgid"

Or in Oirish:

"Gerrowra da gaaarrden ... an paws off de moolah"

_________________
"Prediction is very difficult, especially about the future" – Niels Bohr


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 7:57 am 
Offline
Planning Tribunal Attendee

Joined: Jun 5, 2008
Posts: 1499
delete

_________________
What condition was the property in for each of the properties you are saying the bottom is in for!


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 10:35 am 
Offline
Single Home Owner

Joined: Dec 4, 2008
Posts: 133
Which Keytrade Belgium (.com) or switzerland(.ch) - they have different protection...

quotes taken from their websites...

Quote:
belgium
Guarantee
As a Keytrade Bank client, finance company of Belgian right, your assets are protected by the deposits guarantee system for maximum € 100.000 for deposits and maximum € 20.000 for the financial instruments.

What is the deposit guarantee system?
The deposit guarantee system, or Protection fund, intervenes when a credit institution, brokerage firm or other investment company is no longer able to fulfil its obligations to its clients.

What does it mean?
In the event of a bankruptcy, the protection fund offers a dual level of protection:

The first level of protection covers the loss of cash assets held in the form of account deposits (on current, on term, on savings account). The compensation by the Fund for this type of assets is limited to maximum € 100,000 and per client.
The second level of protection comes into effect when a client is no longer able to recover the financial instruments (securities such as shares, bonds, mutual funds, ...) entrusted to the defaulting institution. For this case, the compensation is also subject to maximum € 20,000. But for the financial instruments registered in your name, you should recover them totally without having to call upon the compensation by the Funds.
Click on http://www.protectionfund.be for more information on the Protection fund for deposits and financial instruments.


Quote:
swiss
Reliability and stability

Keytrade Bank Geneva Branch offers all of the guarantees of a bank that is part of one of the world's largest financial groups: the Crédit Agricole Group (total assets of EUR 913 billion and own funds of EUR 66 billion).

In addition, like all banking institutions established in Switzerland, Keytrade Bank Geneva Branch is supervised by the Swiss Financial Market Supervisory Authority (FINMA).

The depositor protection scheme

Keytrade Bank Geneva Branch is a member of the depositor protection scheme. The depositor protection scheme for banks and securities dealers guarantees payment of these deposits up to CHF 100,000 in the event of bankruptcy or of protective measures being initiated. If the bank concerned does not have sufficient assets to pay out the deposits, the payment is guaranteed by the other banks. The maximum amount that the members of our association are required to contribute is limited to CHF 6 billion.
The "Swiss Banks" and Securities Dealers " Depositor Protection Association" is responsible for overseeing the self-regulation prescribed by the Banking Act for the purpose of protecting the preferential deposits held with the branches of Swiss banks and securities dealers.

By guaranteeing payout of the preferential deposits, the Swiss Banks' and Securities Dealers' Depositor Protection Association plays an important role in protecting creditors. The Association makes a key contribution to the reputation and stability of the Swiss financial centre. More details about the depositor protection scheme can be found with the following link http://www.einlagensicherung.ch/en/bank ... k/home.htm


Last edited by spc100 on Wed Nov 17, 2010 11:10 am, edited 1 time in total.

Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 10:40 am 
Offline
Under CAB Investigation
User avatar

Joined: Oct 20, 2010
Posts: 2148
spc100 wrote:
Which Keytrad Belgium (.com) or switzerland(.ch) - they have different protection...

quotes taken from their websites...

Quote:
belgium
Guarantee
As a Keytrade Bank client, finance company of Belgian right, your assets are protected by the deposits guarantee system for maximum € 100.000 for deposits and maximum € 20.000 for the financial instruments.

What is the deposit guarantee system?
The deposit guarantee system, or Protection fund, intervenes when a credit institution, brokerage firm or other investment company is no longer able to fulfil its obligations to its clients.

What does it mean?
In the event of a bankruptcy, the protection fund offers a dual level of protection:

The first level of protection covers the loss of cash assets held in the form of account deposits (on current, on term, on savings account). The compensation by the Fund for this type of assets is limited to maximum € 100,000 and per client.
The second level of protection comes into effect when a client is no longer able to recover the financial instruments (securities such as shares, bonds, mutual funds, ...) entrusted to the defaulting institution. For this case, the compensation is also subject to maximum € 20,000. But for the financial instruments registered in your name, you should recover them totally without having to call upon the compensation by the Funds.
Click on http://www.protectionfund.be for more information on the Protection fund for deposits and financial instruments.


Quote:
swiss
Reliability and stability

Keytrade Bank Geneva Branch offers all of the guarantees of a bank that is part of one of the world's largest financial groups: the Crédit Agricole Group (total assets of EUR 913 billion and own funds of EUR 66 billion).

In addition, like all banking institutions established in Switzerland, Keytrade Bank Geneva Branch is supervised by the Swiss Financial Market Supervisory Authority (FINMA).

The depositor protection scheme

Keytrade Bank Geneva Branch is a member of the depositor protection scheme. The depositor protection scheme for banks and securities dealers guarantees payment of these deposits up to CHF 100,000 in the event of bankruptcy or of protective measures being initiated. If the bank concerned does not have sufficient assets to pay out the deposits, the payment is guaranteed by the other banks. The maximum amount that the members of our association are required to contribute is limited to CHF 6 billion.
The "Swiss Banks" and Securities Dealers " Depositor Protection Association" is responsible for overseeing the self-regulation prescribed by the Banking Act for the purpose of protecting the preferential deposits held with the branches of Swiss banks and securities dealers.

By guaranteeing payout of the preferential deposits, the Swiss Banks' and Securities Dealers' Depositor Protection Association plays an important role in protecting creditors. The Association makes a key contribution to the reputation and stability of the Swiss financial centre. More details about the depositor protection scheme can be found with the following link http://www.einlagensicherung.ch/en/bank ... k/home.htm

So EUR100k from the Belgium government or EUR80k (CHF100k) from pooled self insurance by the Swiss banking industry.

_________________
banana republic, septic isle


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 10:50 am 
Offline
Neo Landlord

Joined: May 27, 2009
Posts: 294
FAUGH45568 wrote:
In your Scenario Rare Bear thats when you will get Debt forgiveness that the sheep are looking for..

In that scenario the banks are even more screwed than now, someone else will inherit the mortgages and screw as much as possible out of the borrowers.


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 11:10 am 
Offline
Under CAB Investigation
User avatar

Joined: Apr 9, 2009
Posts: 1614
taxpayingbagholder wrote:
can someone tell me why the euro isnt tanking now?

europe will be bailing out greece, portugal, ireland,spain and god knows who else. this means the printing press will be put into overdrive for qEU


It will get a temporary reprieve if Ireland agree a bailout then continue south to at least 1.25

_________________
"If you were to mention to grown-ups: 'Ive seen a beautiful house built with pink bricks, with geraniums on the windowsills and doves on the roof....' they would not be able to imagine such a house. You would have to say to them: 'I saw a house worth a hundred thousand pounds'. Then they would exclaim: 'Oh! How lovely.'"

(Le Petit Prince, Antoine de Saint-Exupery)


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 11:12 am 
Offline
Single Home Owner

Joined: Dec 4, 2008
Posts: 133
JohnnyTheFox wrote:
spc100 wrote:
Which Keytrad Belgium (.com) or switzerland(.ch) - they have different protection...

quotes taken from their websites...

Quote:
belgium
Guarantee
As a Keytrade Bank client, finance company of Belgian right, your assets are protected by the deposits guarantee system for maximum € 100.000 for deposits and maximum € 20.000 for the financial instruments.

What is the deposit guarantee system?
The deposit guarantee system, or Protection fund, intervenes when a credit institution, brokerage firm or other investment company is no longer able to fulfil its obligations to its clients.

What does it mean?
In the event of a bankruptcy, the protection fund offers a dual level of protection:

The first level of protection covers the loss of cash assets held in the form of account deposits (on current, on term, on savings account). The compensation by the Fund for this type of assets is limited to maximum € 100,000 and per client.
The second level of protection comes into effect when a client is no longer able to recover the financial instruments (securities such as shares, bonds, mutual funds, ...) entrusted to the defaulting institution. For this case, the compensation is also subject to maximum € 20,000. But for the financial instruments registered in your name, you should recover them totally without having to call upon the compensation by the Funds.
Click on http://www.protectionfund.be for more information on the Protection fund for deposits and financial instruments.


Quote:
swiss
Reliability and stability

Keytrade Bank Geneva Branch offers all of the guarantees of a bank that is part of one of the world's largest financial groups: the Crédit Agricole Group (total assets of EUR 913 billion and own funds of EUR 66 billion).

In addition, like all banking institutions established in Switzerland, Keytrade Bank Geneva Branch is supervised by the Swiss Financial Market Supervisory Authority (FINMA).

The depositor protection scheme

Keytrade Bank Geneva Branch is a member of the depositor protection scheme. The depositor protection scheme for banks and securities dealers guarantees payment of these deposits up to CHF 100,000 in the event of bankruptcy or of protective measures being initiated. If the bank concerned does not have sufficient assets to pay out the deposits, the payment is guaranteed by the other banks. The maximum amount that the members of our association are required to contribute is limited to CHF 6 billion.
The "Swiss Banks" and Securities Dealers " Depositor Protection Association" is responsible for overseeing the self-regulation prescribed by the Banking Act for the purpose of protecting the preferential deposits held with the branches of Swiss banks and securities dealers.

By guaranteeing payout of the preferential deposits, the Swiss Banks' and Securities Dealers' Depositor Protection Association plays an important role in protecting creditors. The Association makes a key contribution to the reputation and stability of the Swiss financial centre. More details about the depositor protection scheme can be found with the following link http://www.einlagensicherung.ch/en/bank ... k/home.htm

So EUR100k from the Belgium government or EUR80k (CHF100k) from pooled self insurance by the Swiss banking industry.


Also, If Switzerland is considered "outside the EU", it would mean that the interest would be taxed at your marginal rate.


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 4:24 pm 
Offline
Old Time Landlord

Joined: Jan 31, 2007
Posts: 375
There has been a lot of discussion on whether rabodirect savings would turn into new punts if Ireland left the Euro. You would have to assume that given that rabodirect is based here in Ireland that they would.

If however you used your rabo-direct account to buy the funds that they re-sell then presumably (as long as they weren't Irish funds) they would still be in Euros?

Does anyone familiar with investment funds have an idea on this?


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 4:40 pm 
Offline
Of Systemic Importance
User avatar

Joined: Nov 7, 2006
Posts: 5308
Location: Cloud 9
Rarely wrote:
There has been a lot of discussion on whether rabodirect savings would turn into new punts if Ireland left the Euro. You would have to assume that given that rabodirect is based here in Ireland that they would.

If however you used your rabo-direct account to buy the funds that they re-sell then presumably (as long as they weren't Irish funds) they would still be in Euros?

Does anyone familiar with investment funds have an idea on this?


I got onto Robo a year ago about this and got this response.

"This is a highly unlikely scenario. There have been no reports in Ireland or any other country within the EU about leaving the Eurozone, which was also confirmed by the EU President Jean-Claude Trichet in the Irish Times on 26th January 2009.

But if this was to happen then most likely there would be legislation put in place to guide the transfer from Euro to the currency that Ireland would adopt. We would also have to evaluate what would be the best course for RaboDirect and its customers in this situation, keep balances in Euro and/or transfer to the new Irish currency. Again this is an extremely unlikely situation."

_________________
Landlord throwing you out on your ear so he can sell?
Need to save a few bob?
Then take a look at the bargain aisle
http://www.thebargainaisle.com


Top
 Profile  
 
 Post subject: Re: Eur Wedge On De Edge
PostPosted: Wed Nov 17, 2010 4:41 pm 
Offline
Homeless

Joined: Feb 3, 2007
Posts: 20
Location: Dublin
Rarely wrote:
There has been a lot of discussion on whether rabodirect savings would turn into new punts if Ireland left the Euro. You would have to assume that given that rabodirect is based here in Ireland that they would.

If however you used your rabo-direct account to buy the funds that they re-sell then presumably (as long as they weren't Irish funds) they would still be in Euros?

Does anyone familiar with investment funds have an idea on this?


I've also been thinking about this. The Rabo funds are denominated in Eur, and are not administered from Ireland, so you should be safe enough. The shares/bonds the funds invest in will still be denominated in the currency of the country of purchase.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1823 posts ]  Go to page Previous  1 ... 25, 26, 27, 28, 29, 30, 31 ... 122  Next


Who is online

Users browsing this forum: Bing [Bot] and 11 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com