Tuesday, 13 October 2009

No running please! (update)

Dutch central bank takes over DSB - oct 12

“The bank called for the emergency measure [to take control] due to a large outflow of liquidity that endangered the continued existence of DSB over the short term,” the central bank said in a statement.
Nout Wellink, president of the central bank, said DSB was now under administration in a process likely to lead to liquidation.

DSB boss took millions from 'his' bank - oct 13

On Monday, the bank was put under central bank control and administrators were appointed. The intervention followed a run on savings. In total, over €600m was removed from the bank over the past few days.

All savings at the bank have now been frozen and bank customers can use their bank cards to withdraw a maximum €750 - or €250 a day - before Wednesday afternoon.

Savers with up to €100,000 in the bank will be able to get their money back under the country's deposit guarantee scheme. But some 4,000 people with savings in excess of this amount are likely to lose the rest.

And some 4,000 people with subordinated deposits, which earned interest of around 6.5%, are not covered by the guarantee scheme at all.

Too late... the runnings all done... the fat cat got the cash... and the small guys are left waiting.

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