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French Banking & Finance

Discussions about the economic and financial ramifications of PEAK OIL

French Website Calls For Run On The Banks

Unread postby mattduke » Mon 08 Nov 2010, 18:19:25

One of the most important national policies a country administrates is the protection of its currency and monetary system. To undermine a currency is tantamount to treason by more than a few governments.

This is why calling for a bank run will most probably bring you a visit from the FBI, Secret Service, or other government agency.

This tactic however, is being looked at very strongly in France, and it may be gaining steam in other European countries as well. In a French Blog that is pro-protests at the moment, they are working on a bank run set for December 7th, and it is quickly going viral.

I'm not sure what all this treason talk is. I mean, of course you have the legal right to withdraw your money from the bank. But if all they do is store their ECB-printed banksternotes, they will have done nothing as the ECB can simply refill the banks "vaults". They must sell them for gold. I'll tell you this, if enough people actually believe the run will happen on December 7, then an actual run will take place well before then.
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Re: French Website Calls For Run On The Banks

Unread postby Mesuge » Mon 08 Nov 2010, 19:21:13

In fact it's quite similar to a general strike. If shortlived and/or supported by
limited % of population then presents no shock to the system..
So far it seems as very marginal activity (french example).

I'd venture to say, that this "starve ATM plan" is very against the deep "instincts" of maninstream "fiat brainwashed" population as of now, which otherwise goes happily demonstrate on streets, for a while.

Can't be discounted in the long run, obviously :twisted:
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Re: French Website Calls For Run On The Banks

Unread postby americandream » Mon 08 Nov 2010, 21:33:42

Sheep are too busy grazing to be distracted by the runs.
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Re: French Website Calls For Run On The Banks

Unread postby Rod_Cloutier » Mon 08 Nov 2010, 23:07:59

I think of all the millions like myself that live from paycheque to paycheque and 'HAVE NO MONEY' to withdraw from banks on Dec.7th!

I've heard currency in circulation only accounts for 5% of the money supply anyways, I doubt this will lead to anything other than another bank holiday.
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Re: Viral Bank Run, France

Unread postby Rod_Cloutier » Mon 06 Dec 2010, 21:37:10

This is tomorrow: (today is Dec.6th)

Vote on what will happen:

A) The banks will continue to operate as normal having stocked up on cash a month in advance for this event. (nothing will change)

B) The banks will close all over Europe setting off a loss of confidence in the banking system, escalating already serious problems, but BAU will continue.

C) The people will withdraw their cash and use it to 'buy silver to crash J.P. Morgan as suggested by Max Keiser. Exit one 'too big to fail' bank in the US. BAU otherwise continues as normal.

D) People all over Europe go to work as usual and generally ignore the protest. Nothing changes.

E) Day 1 of the collapse of global civilization.

F) Something else; unexpected occurs??

Vote now
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Re: Viral Bank Run, France

Unread postby eastbay » Mon 06 Dec 2010, 21:46:01

I can see it all now.

Dateline, Paris:

"25,000 bank protesters and assorted riff raff descended upon a number of French banking institutions at 10 am today and en masse suddenly emptied their checking accounts and withdrew all their life savings. A total of 250,000 Euro's were suddenly pulled from the banking system. French banks are expected to recover soon with limited government assistance. Interest rates remain unchanged."
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Re: Viral Bank Run, France

Unread postby Sixstrings » Tue 07 Dec 2010, 00:24:55

eastbay wrote:A total of 250,000 Euro's were suddenly pulled from the banking system.


I applaud their effort, but in today's world 250,000 euros is NOTHING. This is a world where Farmville on Facebook is worth five billion. The little people are becoming irrelevant.. go ahead an take your money out of the bank, the bank can just get unlimited funds sent overnight.

EDIT: wait a sec.. if 25,000 people participated but only 250k was withdrawn, was the average balance on ten euros? 8O
Last edited by Sixstrings on Tue 07 Dec 2010, 00:28:03, edited 3 times in total.
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Re: Viral Bank Run, France

Unread postby DomusAlbion » Tue 07 Dec 2010, 00:27:14

:-D Ha, ha, Eastbay! You made a funny. Thanks. :)
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Re: Viral Bank Run, France

Unread postby eastbay » Tue 07 Dec 2010, 01:07:14

DomusAlbion wrote::-D Ha, ha, Eastbay! You made a funny. Thanks. :)


Coolness! After six years someone appreciates my humor. :)
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Re: Viral Bank Run, France

Unread postby Sixstrings » Tue 07 Dec 2010, 02:21:33

eastbay wrote:
DomusAlbion wrote::-D Ha, ha, Eastbay! You made a funny. Thanks. :)


Coolness! After six years someone appreciates my humor. :)


Lol, guess I get caught only half-reading posts. You got me eastbay. :lol:
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Re: Viral Bank Run, France

Unread postby americandream » Tue 07 Dec 2010, 02:56:14

eastbay wrote:I can see it all now.

Dateline, Paris:

"25,000 bank protesters and assorted riff raff descended upon a number of French banking institutions at 10 am today and en masse suddenly emptied their checking accounts and withdrew all their life savings. A total of 250,000 Euro's were suddenly pulled from the banking system. French banks are expected to recover soon with limited government assistance. Interest rates remain unchanged."


:lol:
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Re: Viral Bank Run, France

Unread postby dolanbaker » Tue 07 Dec 2010, 16:49:40

I haven't heard anything about the French banks, but, the BOI in Ireland has had some technical difficulties today.

http://www.rte.ie/news/2010/1207/bankofireland.html

Bank of Ireland customers are experiencing problems withdrawing cash because the bank's computer system has crashed.

The system for all online and telephone banking is down, while some Bank of Ireland customers are also having difficulty withdrawing cash from ATMs.
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Re: Viral Bank Run, France

Unread postby eXpat » Tue 07 Dec 2010, 18:09:32

pffffff...
Cantona's bank run set to flop in France
...date was set for Tuesday 7 December, but the plan looks to have fizzled out with just a handful of activists turning out across France.

The campaign – and Cantona's controversial video - went 'viral' online, with some 40,000 people signing up to the French event on the Facebook social network.

Similar events across the rest of the world, from Albania to the USA, had been planned on Facebook.

The story drew a flurry of responses from This is Money readers in November, too, making it one of the month's hottest topics.

Bankrun 2010 had claimed 16,000 customers were genuinely committed to the plan. And a French bankers union had expressed concern over the huge potential damage to the French economy.

But news sources in France today reported just a thin trickle of withdrawals.

AFP journalists in Paris, Lille and Marseille reported that bank managers have experienced 'no unusual activity' today.

'We have noticed no change. We have not even received money in cash orders from customers,' Didier Borriello, director of the Central Agency at LCL bank, told AFP.

In Paris, a modestly-sized group of activists called Save the Rich 'hijacked' the campaign and marched in costumes to a branch of Societe Generale to withdraw their cash.

They then opened accounts with a nearby branch of Credit Cooperatif bank, according to Sky News.

http://www.thisismoney.co.uk/savings-and-banking
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Re: Viral Bank Run, France

Unread postby Rod_Cloutier » Tue 07 Dec 2010, 23:34:24

The 'D' option won.

D) People all over Europe go to work as usual and generally ignore the protest. Nothing changes.


People won't collectively riot until food and fuel are unavailable.
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Re: Viral Bank Run, France

Unread postby steam_cannon » Tue 07 Dec 2010, 23:52:23

eXpat wrote:pffffff...
LOL :-D Yep, that's what happened...
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Fiat Money Inflation In France

Unread postby mattduke » Thu 16 Jun 2011, 21:29:40

With Max Keiser and James Turk (an odd combo).

http://www.youtube.com/watch?v=7zvNV-vkEzc

Anyway once you've seen the video, read the real thing:

http://mises.org/books/inflationinfrance.pdf

Or listen here:

http://www.youtube.com/watch?v=y2BR9Z6U4Ds
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French Banking & Finance

Unread postby Tanada » Thu 29 Dec 2016, 08:07:46

France's top lenders are suing the European Central Bank to get an exemption from holding capital against deposits parked with a state-owned fund, the most high-profile challenge to supervision from Frankfurt to date.

As well as providing euro zone banks with funding, the ECB has been their main regulator for the past two years, tasked with ending cozy relationships between the industry and national authorities that contributed to the financial crisis.


The lawsuits have been brought by BNP Paribas, Societe Generale, Credit Agricole, Credit Mutuel, Groupe BPCE and La Banque Postale over the past few weeks. Photo: Bloomberg

The Frankfurt-based institution has been sued repeatedly over its bond-buying programmes and by smaller banks seeking to escape its supervision.

But this is the first case brought by major banks in the euro zone and is a rare confrontation between France's financial elite and the ECB's supervisory board, led by the former head of France's own banking regulator, Daniele Nouy.

The lawsuits have been brought by BNP Paribas, Societe Generale, Credit Agricole, Credit Mutuel, Groupe BPCE and La Banque Postale over the past few weeks, filings with the European Court of Justice show.

Sources with direct knowledge of the cases told Reuters the banks are protesting the ECB's demand that they set aside capital against special deposits they have with state investment institution Caisse des Dépôts et Consignations (CDC).

The legal action comes amid heightened tension between banks and the ECB, which is inundating the financial sector with excess cash to try to stimulate growth while charging banks for depositing it with the central bank overnight.

"You are seeing banks more and more go to court to challenge the supervisor," a senior legal source said. "Years ago that was unthinkable."

The ECB and the banks declined to comment.

Tax-free savings accounts in France, such as the Livret A, are widely used by smaller retail savers and they were worth some €400 billion at the end of last year.

Slightly more than half that money was then placed by the banks with the Caisse des Dépôts et Consignation, which uses the funds to invest in public housing and other projects.

Decision may take two years

Banks argue that this exposure to the CDC should not count towards the calculation of their leverage ratio, which is a measure of a lender's capital as a proportion of total assets.

They cite a European Commission act saying regulators may grant an exemption for, "deposits that the institution is legally obliged to transfer to (a) public sector entity ... for the purposes of funding general interest investments".

Under EU rules due to come into full force in 2018, banks must hold capital worth at least 3 per cent of their total assets. By stripping out the deposits with the CDC, banks would get a higher leverage ratio for a given amount of capital.

For example, La Banque Postale said its capital was worth 5 per cent of assets at the end of June but if its deposits with the CDC were included in the calculation, its leverage ratio would fall to 3.4 per cent.

A source close to the ECJ said a decision on the suits may take about two years, meaning it was unlikely to come before the leverage ratio rule is phased in.

La Banque Postale and BPCE, which long had a monopoly on French regulated savings accounts, would be worst hit.

"It's obviously important for Banque Postale," Olivia Perney Guillot, who rates the bank for Fitch said. "The ratings already take into account the potential lifting of the national exemption."

BPCE and Credit Agricole knocked 30 and 15 basis points respectively off their leverage ratios earlier this year to take account of their deposits with the CDC.

Their complaints should be familiar to Nouy, who worked at the French central bank before becoming the head of France's prudential authority in 2010.

In 2013, before moving to the ECB, she warned that French banks would be "strongly impacted" by new liquidity rules due to their exposure to regulated savings accounts, among other reasons.


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