What the hell is up with Malta here? I'd have thought with all the capital-light money laundering they'd be pretty high on the list.
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Ranting into the ether about banks
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It may be that the laundering class has seized effective control of the banks, and is more interested in their laundering services than in maximising the banks' profits and taking "clean" money out that way. That could also be the case if their effective control isn't matched by economic interests in the banks (due to legal restrictions, "optics", etc). Cyprus is also lower than I would expect, likely for similar reasons.
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Having a giant mountain of NPLs, and having been subject to massive recapitalisation, doesn't tend to help ROE. They probably pay a fair amount for deposits too.
Malta doesn't really have a (disclosed) NPL problem, so that can't be it for them.
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Monzo finally figures out how to make money from their customers.. Not sure they'll be happy about it though.
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Cost of deposits during the quarter was 70bps, in line with expectations. The increase of 3bps from Q4 2018 and 9bps since Q3 2018 remains materially lower than the 25bps Bank of England base rate increase in August 2018.
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Rather reminds me of the runs on banks that catered to Chinese immigrants in San Francisco and New York. Rather similar rumours (though the focus there was deposit accounts, not safe deposit boxes), only the mode of transmission was more old school.
Does the UK deposit insurance scheme cover items other than cash in safe deposit boxes? I would think that there would be major valuation issues.Last edited by ursus arctos; 13-05-2019, 20:30.
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I don't think things in safety deposit boxes are covered at all. If a bank went bust the administrators would have no rights to the items contained within as they're not deposits per se.
I would assume there is some insurance policy involved in case of flooding/fire etc.
In fact, here is some info...
from the Financial OmbudsmanLast edited by hobbes; 13-05-2019, 18:51.
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Yeah, I don't think cash is covered at all. They're not deposits, it's just custody. Any raiding/commingling by the bank would literally be theft.Last edited by Ginger Yellow; 13-05-2019, 20:25.
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Just an absolutely brutal story
[URL]https://twitter.com/jasondhorowitz/status/1130062843594911744?s=21[/URL]
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- Mar 2008
- 20914
- The House with the Golden Windows
- Fast falling out of love for football.
- WasPlain Hobnobs
Have we done Yorkshire / Clydesdale and The Beard yet?
It's times like these I'm glad I bank with one of the standard bastions of capitalism, rather than with someone I regard as a worthless piece of shit.
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