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Which idiot...........???

Which idiot...........???

Old Jan 14th 2008, 2:16 pm
  #1  
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Default Which idiot...........???

..... decided that today should be a BANK Holiday in Dubai? Do what the Magic Kingdom have done for tomorrow (schools and government offices to close for one day, everything else business as usual), fine - but a BANK Holiday?

Let me abbreviate a long story - back in the mid-70s, a German bank (Herstatt) went bust. The German central bank didn't tell anyone - they just closed the bank down.

All money owed to Herstatt was paid as usual (billions of dollars, pounds, yen, etc), but none of Herstatt's outgoing payments were made - by order.

Result - everyone went overdrawn with everyone else..... near-collapse of the global financial system. Bollocking for German central bank. Even today, bankers still refer to "Herstatt Risk" (the risk that money doesn't arrive on the due date for what ever reason).

Now nobody is suggesting Dubai is as important as a financial centre as Germany but banks in Dubai were given no warning about delaying payments, rescheduling debt, etc - and Dubai banks have obligations in dollars, pounds, yen, etc...... Dubai banks may well be hugely overdrawn in other centres tonight.

This will be a serious dent in Dubai's credibility as a major financial hub for the region - fallout will escalate in the coming days, I predict.

It could have been sorted out, but staff trying to get to work today to do just that were blocked by police etc (you know about that better than I do, I'm sure). I just spoke to one guy who was prevented from CYCLING to his bank. (Indie Girl may know the story....).

Anyway, as I was saying....... WHICH IDIOT..........etc etc....

Last edited by The Dean; Jan 14th 2008 at 2:18 pm. Reason: wisdom
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Old Jan 14th 2008, 2:32 pm
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Default Re: Which idiot...........???

Originally Posted by The Dean View Post
..... decided that today should be a BANK Holiday in Dubai? Do what the Magic Kingdom have done for tomorrow (schools and government offices to close for one day, everything else business as usual), fine - but a BANK Holiday?

Let me abbreviate a long story - back in the mid-70s, a German bank (Herstatt) went bust. The German central bank didn't tell anyone - they just closed the bank down.

All money owed to Herstatt was paid as usual (billions of dollars, pounds, yen, etc), but none of Herstatt's outgoing payments were made - by order.

Result - everyone went overdrawn with everyone else..... near-collapse of the global financial system. Bollocking for German central bank. Even today, bankers still refer to "Herstatt Risk" (the risk that money doesn't arrive on the due date for what ever reason).

Now nobody is suggesting Dubai is as important as a financial centre as Germany but banks in Dubai were given no warning about delaying payments, rescheduling debt, etc - and Dubai banks have obligations in dollars, pounds, yen, etc...... Dubai banks may well be hugely overdrawn in other centres tonight.

This will be a serious dent in Dubai's credibility as a major financial hub for the region - fallout will escalate in the coming days, I predict.

It could have been sorted out, but staff trying to get to work today to do just that were blocked by police etc (you know about that better than I do, I'm sure). I just spoke to one guy who was prevented from CYCLING to his bank. (Indie Girl may know the story....).

Anyway, as I was saying....... WHICH IDIOT..........etc etc....
Doesn't the same thing happen when a Khaleeji ruler dies, and they declare impromptu national holidays???

Presumably the rest of the banking world just rolls their eyes to the heavens and gets on with sorting out the mess????
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Old Jan 14th 2008, 3:53 pm
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Default Re: Which idiot...........???

Originally Posted by The Dean View Post
..... decided that today should be a BANK Holiday in Dubai? Do what the Magic Kingdom have done for tomorrow (schools and government offices to close for one day, everything else business as usual), fine - but a BANK Holiday?

Let me abbreviate a long story - back in the mid-70s, a German bank (Herstatt) went bust. The German central bank didn't tell anyone - they just closed the bank down.

All money owed to Herstatt was paid as usual (billions of dollars, pounds, yen, etc), but none of Herstatt's outgoing payments were made - by order.

Result - everyone went overdrawn with everyone else..... near-collapse of the global financial system. Bollocking for German central bank. Even today, bankers still refer to "Herstatt Risk" (the risk that money doesn't arrive on the due date for what ever reason).

Now nobody is suggesting Dubai is as important as a financial centre as Germany but banks in Dubai were given no warning about delaying payments, rescheduling debt, etc - and Dubai banks have obligations in dollars, pounds, yen, etc...... Dubai banks may well be hugely overdrawn in other centres tonight.

This will be a serious dent in Dubai's credibility as a major financial hub for the region - fallout will escalate in the coming days, I predict.

It could have been sorted out, but staff trying to get to work today to do just that were blocked by police etc (you know about that better than I do, I'm sure). I just spoke to one guy who was prevented from CYCLING to his bank. (Indie Girl may know the story....).
Anyway, as I was saying....... WHICH IDIOT..........etc etc....
I was told that if i tried to walk home (after 3 hours of trying to drive there) I would be shot by roadside police
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Old Jan 14th 2008, 4:03 pm
  #4  
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Default Re: Which idiot...........???

Have been working non-stop since morning (staff appraisals)

It happens more often than you think - thank god am no longer in Ops.

Every time we had a moon-sighting dependent holiday, we waited with baited breath because the CB procrastinated (not sure now) until late in the evening to issue a holiday notice Imagine changing the value-dates on thousands of clearing cheques in the system when they decided that the next day was/wasn't a holiday...:curse:
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Old Jan 14th 2008, 4:29 pm
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Default Re: Which idiot...........???

Originally Posted by IndieGirl View Post
Have been working non-stop since morning (staff appraisals)

It happens more often than you think - thank god am no longer in Ops.

Every time we had a moon-sighting dependent holiday, we waited with baited breath because the CB procrastinated (not sure now) until late in the evening to issue a holiday notice Imagine changing the value-dates on thousands of clearing cheques in the system when they decided that the next day was/wasn't a holiday...:curse:
Yea.......... but there was no real reason for it - Dubya came in and out by helicopter I'm told.......... he went to the Burj Al Arab ("Do you have a reservation, Mr President? No? Sorry - you can't come in.....")... to see what Dubai life is "really like", of course.......
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