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Anyone heard some VERY worrying rumours.........

Anyone heard some VERY worrying rumours.........

Old Jan 27th 2014, 9:43 am
  #31  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Millhouse View Post
spot on.
As you are probably aware there are actually decent AML rules in the UAE and the Central Bank and Dubai Securities & Commodities Authority are tightening up. No bad thing in my view, provided a bit of common sense is also used.
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Old Jan 27th 2014, 10:14 am
  #32  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by mentalist View Post
I just withdrew Dhs5,000 out of curiosity. No problems experienced. Mountain and molehill spring to mind.
I think that's totally irresponsible. Withdrawal of such a huge amount, purely out of curiosity, has the potential to totally destablisie markets in the ME and elsewhere. I'm watching the value of numerous of my shareholdings plummet as we speak, and I blame it on you.
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Old Jan 27th 2014, 11:21 am
  #33  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Meow View Post
As you are probably aware there are actually decent AML rules in the UAE and the Central Bank and Dubai Securities & Commodities Authority are tightening up. No bad thing in my view, provided a bit of common sense is also used.
Spot on Meow. My company is actually the Global #1 supplier of AML software and UAE banks are generally pretty compliant. All of the GCC central banks are currently tightening up further with some fairly harsh penalties if they fail.

Kuwait has recently upped the fines. 1st offense = KD5,000 fine, 2nd offense KD50k fine, 3rd offense is temporary suspension of the banking licence for the involved institution.
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Old Jan 27th 2014, 1:14 pm
  #34  
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Default Re: Anyone heard some VERY worrying rumours.........

FWIW - I bank with HSBC and over the last 2 weeks have withdrawn over $250,000 US from various accounts in UK, UAE and Singapore. I haven't had a single problem at all.
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Old Jan 27th 2014, 2:41 pm
  #35  
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Default Re: Anyone heard some VERY worrying rumours.........

A fairly off the wall/tangenital question - what happens if you have a mortgage with a bank which subsequently goes t1ts up? what happens to the 'loan'

I am asking because I have just purchased a house in UK (December) with a relatively small mortgage (£35k) with HSBC in UK.

Meow - I know you are the guru with these things.... are you there?
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Old Jan 27th 2014, 3:03 pm
  #36  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Victor Meldrew View Post
A fairly off the wall/tangenital question - what happens if you have a mortgage with a bank which subsequently goes t1ts up? what happens to the 'loan'

I am asking because I have just purchased a house in UK (December) with a relatively small mortgage (£35k) with HSBC in UK.

Meow - I know you are the guru with these things.... are you there?
You still have to pay the loan back. The bad bank's loan book is sold to another bank as an asset and that money is used to settle the bad bank's liabilities. Your loan from the bad bank (one of its banking assets) is simply managed by someone else.
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Old Jan 27th 2014, 6:33 pm
  #37  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Meow View Post
As you are probably aware there are actually decent AML rules in the UAE and the Central Bank and Dubai Securities & Commodities Authority are tightening up
So it's no longer possible to buy up whole floors of apartment buildings using suitcases full of cash?
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Old Jan 27th 2014, 8:22 pm
  #38  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Eeyore View Post
So it's no longer possible to buy up whole floors of apartment buildings using suitcases full of cash?
You just set up a company in a free zone bank the money and write a cheque now.
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Old Jan 28th 2014, 3:59 am
  #39  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Bahtatboy View Post
I'm watching the value of numerous of my shareholdings plummet as we speak, and I blame it on you.
You should be looking at David Moyes instead, trying to save his career by paying outrageous money for a Chelski reject, who will probably get a crocked knee as soon as he plays tough opposition.
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Old Jan 28th 2014, 5:09 am
  #40  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Millhouse View Post
You still have to pay the loan back. The bad bank's loan book is sold to another bank as an asset and that money is used to settle the bad bank's liabilities. Your loan from the bad bank (one of its banking assets) is simply managed by someone else.
Would there be an opportunity to offer to fully repay the mortgage at a discount to the original bank and perhaps save something on it?

The new bank might only buy over the loan book at a discounted rate anyhow, hardly at exact loan value.
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Old Jan 28th 2014, 5:26 am
  #41  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by weasel decentral View Post
Would there be an opportunity to offer to fully repay the mortgage at a discount to the original bank and perhaps save something on it?

The new bank might only buy over the loan book at a discounted rate anyhow, hardly at exact loan value.
I very much doubt it. That would be a technical default under your loan agreement - I can't see them bothering to deal with individual cases.

I once tried to pay back a mortgage early that they were clearly losing money on. I explain how they are losing the money and how they wouldn't need to unwind any hedging but they still wanted to charge me the early repayment fee (this was 2008 - right at the peak of the liquidity crisis). They were nuts to not take my offer.
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Old Jan 28th 2014, 5:39 am
  #42  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Millhouse View Post
I very much doubt it. That would be a technical default under your loan agreement - I can't see them bothering to deal with individual cases.

I once tried to pay back a mortgage early that they were clearly losing money on. I explain how they are losing the money and how they wouldn't need to unwind any hedging but they still wanted to charge me the early repayment fee (this was 2008 - right at the peak of the liquidity crisis). They were nuts to not take my offer.
I have maybe a similar sort of case with a mortgage on some where around 100,000 euro, the rate I have is I think 0.75% as it's tracking the ECB rate. The logical part of me says I shouldn't do anything with this as it is costing me nothing except the principal only realistically.
But the other side of me is thinking there must be an opportunity to pay it off early at a discount, the bank have to be losing on this.

I talked to them once before but the only offer they would give is a discount (in the form of cash back to me)but I would have to sign up a new mortgage for the remaining amount on non tracker rates which would cost me more over the course of the loan (even if I put the cash straight back in to reduce the amount).

Any suggestions?
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Old Jan 28th 2014, 5:43 am
  #43  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by weasel decentral View Post
I have maybe a similar sort of case with a mortgage on some where around 100,000 euro, the rate I have is I think 0.75% as it's tracking the ECB rate. The logical part of me says I shouldn't do anything with this as it is costing me nothing except the principal only realistically.
But the other side of me is thinking there must be an opportunity to pay it off early at a discount, the bank have to be losing on this.

I talked to them once before but the only offer they would give is a discount (in the form of cash back to me)but I would have to sign up a new mortgage for the remaining amount on non tracker rates which would cost me more over the course of the loan (even if I put the cash straight back in to reduce the amount).

Any suggestions?
borrow more from them on these terms and invest it somewhere.
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Old Jan 28th 2014, 5:57 am
  #44  
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Default Re: Anyone heard some VERY worrying rumours.........

Originally Posted by Millhouse View Post
borrow more from them on these terms and invest it somewhere.
PFO would be the expected answer to that.

It's illogical to look to pay off the loan I should just let it run, but I have always a slight unease with outstanding loans I guess that makes me look to try to close them.
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Old Jan 28th 2014, 3:14 pm
  #45  
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Default Re: Anyone heard some VERY worrying rumours.........

http://i.imgur.com/HKZptj9.jpg apples and oranges?
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