Thursday, 23 December 2010

Dutch courage?

Netherlands Plans to Make Call for Bank Run a Criminal Offense

The Dutch government plans to make calls for bank runs a criminal offense to help protect the banking system’s stability, more than a year after an outflow of deposits sparked the bankruptcy of lender DSB Bank NV.

“A lender can only function if deposit holders and creditors have faith in its solidity,” Minister of Justice Ivo Opstelten said in a letter to parliament. “Persons who intentionally make public statements on a lender’s solidity and call for a bank run put this lender in a real danger of bankruptcy."

The truth needs no laws to support it...

Saturday, 18 December 2010

Spanish fly

Roubini Says Spain Risks Bank Run Without More European Support

“Spain is too big to fail but also too big to be bailed out,” Roubini said today in a Bloomberg Television interview on “Surveillance Midday” with Tom Keene. He said the existing resources for bailouts are too small “to backstop the Spanish banks and the sovereign if there is going to be a run on them.”

One to watch...

Wednesday, 8 December 2010

The bank run will not be televised...

Cantona's bank run set to flop in France

Today's mass bank run plot that was launched off the back of an Eric Cantona interview on YouTube looks set to flop.

'Bankrun 2010' was created by two filmmakers in response to Eric Cantona's call for millions of people to 'cripple the banks' by all withdrawing their cash at once.

A date was set for Tuesday 7 December, but the plan looks to have fizzled out with just a handful of activists turning out across France.

Just goes to show that most people will only start running... when its too late!

Monday, 6 December 2010

On your marks.... get set....

Banks braced as King Eric's day of reckoning arrives

More than 34,000 people around the world, mainly in France, Italy and Britain, have taken Cantona's big idea seriously. They have pledged their support to internet sites which have called for a co-ordinated "bank run" tomorrow. Another 27,000 are said to be "considering" joining in.

Politicians and bankers, who initially ignored the growing "buzz" surrounding the Cantona bank raid, have been making increasingly jittery remarks in recent days. They say there is no danger that the banking system will collapse, even if the super-wealthy Cantona withdraws all his own millions (which he insists that he will).