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NZ could 'pull a Cyprus' some day

NZ could 'pull a Cyprus' some day

Old Mar 19th 2013, 11:11 pm
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Default NZ could 'pull a Cyprus' some day

Apparently the Reserve Bank has been sorting out a 'haircut' bill for some time, since 2011, which means that - if enacted - NZ depositors could lose part of their deposits, like the people in Cyprus just did:

http://www.stuff.co.nz/business/mone...rus-style-trim

More silver bullion, please!!
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Old Mar 19th 2013, 11:12 pm
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Default Re: NZ could 'pull a Cyprus' some day

I did refer someone back to your silver pipe safes yesterday.

As husband is a plumber with plenty of pipes am seriously thinking it could be a way to go.
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Old Mar 19th 2013, 11:13 pm
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by BEVS View Post
I did refer someone back to your silver pipe safes yesterday.

As husband is a plumber with plenty of pipes am seriously thinking it could be a way to go.
Did you say hubbie's been out laying pipe?! REALLY, BEVS!!
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Old Mar 19th 2013, 11:16 pm
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by downunderpom View Post
Did you say hubbie's been out laying pipe?! REALLY, BEVS!!
There is life in the old boy yet. However, I do have him sunstantially insured against death or injury whilst on the job.
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Old Mar 19th 2013, 11:17 pm
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by BEVS View Post
There is life in the old boy yet. However, I do have him sunstantially insured against death or injury whilst on the job.
What a way to go - on the job! My dream....
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Old Mar 20th 2013, 12:17 am
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by downunderpom View Post
Apparently the Reserve Bank has been sorting out a 'haircut' bill for some time, since 2011, which means that - if enacted - NZ depositors could lose part of their deposits, like the people in Cyprus just did:

http://www.stuff.co.nz/business/mone...rus-style-trim

More silver bullion, please!!
Yet another rip off we may have to endure. Many 100s of 1000s took a 'haircut' when the finance companies fell over. Why not the same for a bank? They are not charities, they have shareholders, why not skim the money off them rather than the customers??? They make profit they take a risk, and when you engage in the latter you can lose money. It is time Joe public stopped paying for other twats foul ups.
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Old Mar 20th 2013, 12:26 am
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by Genesis View Post
It is time Joe public stopped paying for other twats foul ups.
Totally agree! They're paid to do due dilligence, so get on with it!! If you screw up, pay for it yourselves. I don't expect ANYONE to bail me out if I screw up a deal.
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Old Mar 20th 2013, 12:28 am
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Default Re: NZ could 'pull a Cyprus' some day

BTW, those 'pipe safes' I was talking about on the Currency thread - they're really good for stashing your wedge, too, not just your bullion.

Speaking of bullion, I feel another purchase coming on!!
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Old Mar 20th 2013, 12:39 am
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by downunderpom View Post
Apparently the Reserve Bank has been sorting out a 'haircut' bill for some time, since 2011, which means that - if enacted - NZ depositors could lose part of their deposits, like the people in Cyprus just did:

http://www.stuff.co.nz/business/mone...rus-style-trim

More silver bullion, please!!
No going to happen.

If the economy was FUBAR'ed enough for them to even consider it, then it would still be political suicide.

Everyone would leave.
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Old Mar 20th 2013, 12:45 am
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by Catchafire View Post
Not going to happen.
That's JUST what they said about the Eurozone! Once one bank finds out they can screw up and just drain their depositors accounts to replace what they've blown away, they will all (banksters) want in on the gravy train.
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Old Mar 20th 2013, 1:00 am
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Default Re: NZ could 'pull a Cyprus' some day

If anything it just renforces my belief that once you give someone else control of your money, then it no longer remains your money. Banks, finance houses, pension funds blah blah.

Better to invest your money in some more tangible and sustainable.
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Old Mar 20th 2013, 1:25 am
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by Catchafire View Post
If anything it just renforces my belief that once you give someone else control of your money, then it no longer remains your money. Banks, finance houses, pension funds blah blah.

Better to invest your money in some more tangible and sustainable.
MOAR silver!!
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Old Mar 20th 2013, 1:36 am
  #13  
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Default Re: NZ could 'pull a Cyprus' some day

Originally Posted by Catchafire View Post
If anything it just renforces my belief that once you give someone else control of your money, then it no longer remains your money. Banks, finance houses, pension funds blah blah.

Better to invest your money in some more tangible and sustainable.
I feel the same way. At least with a house, while it may go down in value, it's still a house (except perhaps in ChCh).
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Old Mar 20th 2013, 3:41 am
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Default Re: NZ could 'pull a Cyprus' some day

Anyway, the daft idea has been cancelled. It was stupid and would have scared everyone. A very bad precedent I think as it could have given other banks in the EU the same idea.
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Old Mar 20th 2013, 4:33 am
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Default Re: NZ could 'pull a Cyprus' some day

Depositors can never lose money in a bank or they'll pull the funds and deposit elsewhere causing a run on the bank. Any legislation that fails to take this into account is a waste of the paper it's written on, 100% guarantee is the only way to stabilize banks against a run.

Finance company deposits, shareholders and bondholder can lose but bank depositors cannot.
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