Beachcomber

The Spanish government has announced that it will guarantee saving up to €100.000 which all very well but where would the money come from?

jurdyr

think off this please . you can walk in two bank ZZZZ and ask for you 10,000 euros , ha many take 5 - 10 day for you to get it in cash

now Bank zzzz gose bursted you have to ajuntament and do all the paper work Q up for days to told you dont have the right paper work , you need NIE numbers tax certs (sayying you payyed up ) to told it will take 10 weeks for you clamp to be done and you need new bank account so that can put in two

Money make the world go around ............... are that banks go around

Fuzzlepop

Buy bullion bars and a floor safe, think that's the safest way tbh.

sensationalfrog

put your money in beer,i do

scampicat

Our savings are in the UK as we get better interest there (that really means we get interest as opposed to no interest and a set of saucepans).

We only ever have a few months worth of my husband's Teachers' Pension in the Spanish bank at any one time; this is what we live on, we just transfer it across every few months.

My husband yesterday converted some of his savings into Premium Bonds. OK, so you lose the interest, but your money is as safe as it is ever going to be and you might win a lot of money. We've had several small wins on only a modest holding. Premium Bonds can be cashed in at any time if you need the money).

I might do the same today.

http://www.nsandi.com/products/pb/applynow.jsp

for those who are interested!

Jules Europe

Somebody asked me today if this guarantee for 100.000 euros was for building societies as well (Cajas) or is it just for the banks here?

jurdyr

Spanish Government support fund for banks and savings banks

Jules Europe

Thanks for the info Seems like if anybody has got sizeable funds in a Spanish bank, the best bet is to have a maximum of 100.000 euros in each bank and no more. If anything did happen though, I don`t know how long it would take for investors to be paid out by the Spanish government? Thing that puzzles me though, is that I am reading how safe Spanish banks are in comparison to US or northern European banks but over the years Spanish banks have been giving mortgages out to anybody with a pulse and surely they are just as at risk as the rest of the banks in trouble around the world at the moment.

snikpoh

Even this is not guaranteed! Take note of the Icelandic situation where the government is not going to honour their promises! I have (potentially) lost a lot of money which I thought was safe in a 'double A' rated bank!!!!!!

Jules Europe

Genuinely I am very sorry to hear this and hope you get something back. Seems like the best solution is not to keep large amounts in the bank and invest in property or likewise assets.

jurdyr

was account in spain ? and it was spanish bank please explan more if you could
and sorry to hear that

Jules Europe

Just been looking at various articles and apparently 300.000 UK investors had invested billions in Iceland...........Now the Icelandic government has blocked the accounts due to the severe economic banking crisis there. The UK government is now putting pressure on the Icelandics and this is the situation at the moment.

Dick Dasterdly

The Icelanders walked into Browns door and demanded that the UK bail them out or else,(blackmail,not the first time for those who remember the cod war).

Brown told them where to go,so they froze UK and other assets,illegally.
Only managed to shoot themselves in the foot because the UK govt immediately froze Iceland assets legally(on a technicality)which brought the roof in on top of their heads.

Iceland was a quite a rich country with all mod cons and many people driving around in Porches etc.
Because of the greed and undue risks taken by their now nationalised banks every family of 4 in Iceland is now in debt to the tune of 100,000 US dollars,if estimated in relation to population size.
The banks had offered very high interest rates,up to 15% I believe, and in turn invested a lot into UK high streets.
The collapse has effected many peoples life savings(not only in the UK)and also many local UK councils who were advised to use the high interest rates in order to stretch their resources and meet their obligations,so they also are in trouble.

The arrogance and over-confidence of the Icelanders has not helped the situation and now they have left their world of fantasy behind and landed back on earth with a big bump.
A UK delegation is in Iceland now to try and make some progress.
A bit ironic really,accounts FROZEN in ICEBANK in ICELAND.
Question now is will they default and continue with their good living or will they try to do the honourable thing and live in poverty for many years to come?
In any event some of the shops are already running low on imported supplies due to the loss in value of their kronor.

Jules Europe

A very insightful piece you have written there Certainly helps to explain how things are in Iceland and how the UK is affected.

Dick Dasterdly

Apparently UK Police,Fire,and Transport services in addition to Councils, Private Companies and Charities all have millions tied up and possibly lost in the Icelandic fiasco.

However the UK govt.has made a pledge that it will ensure that private investors will all be re-embursed-----somehow.

Awaiting further developments with much interest.(or maybe no interest at all).