Could there be a "European Bear Stearns"

According the CNBC Europe this evening, the answer is “Probably” … they singled out two countries; Span and Ireland (I’m sure that analysis kept them up all night!)… according to Louis Gargour, LNG Capital, the market expects at lest one Irish bank to become distressed.

The next question was, are there enough “JP Morgans” to save the banks in trouble … seems not.

Blue Horseshoe

The question is not are there enough JPMs, the question is can the central banks manage it. The Fed will probably need recapitalising from the US taxpayer - it has tied up another 3% of its available liquidity in the BS rescue. Add to 43% in the TAF and the TSLF and enhanced repos and it is almost half-done with what it currently has (I believe it has about a trillion dollars to play with, but I may be wrong on this. Anyone know the figures?).

:open_mouth:

You got a link for this?

Half an hour on the propertypin and they’d get all the information they need.

Message to the financially literate: you have been warned

I’m betting an English bank will step in in this scenario.

Unlikely to have a link since it was a round table talk, but I heard it too.

I am sorry but the answer is GERMANY !

How many Landesbanks have gone already 2 , 3 ??

Its not that we won’t lose an institution I agree but it could be a credit union or three not a bank or building society …and we only have 2 building societies

It sounds like a reversal of a “Carry Trade” then , search the Pin for " Carry Trade " as there have been plenty of discussions on it !!!

We have generally been discussing credit crunchies around here for the past year…since about when HSBC announced a €1bn writedown on subprime in February 2007 I should think.

2pack was replying to a post from simplesam that had been posted twice - the original post is on this thread
thepropertypin.com/viewtopic … &start=300

Heh, eh no I’m not a currency trader, I’m an actual trader. The credit crunch is getting crunchier daily and hourly at this point, which is having tremendous knock on effects on European and Asian markets, driving people away from emerging economy investment opportunities, which is having a direct impact on the exchange rates.

I was fairly happy about this at first glance, but now I’m very very worried, tbh, since the ripples are going to directly hit international trade.

Yup thanks still getting the hang of this new forum. :smiley:

UBS?

Bloomberg

In the last couple of days quite a few England-based friends and family have started asking me which UK banks are a safe haven for their savings. So I’m asking you lot: which of the UK high-street banks d’ye think should probably survive? Or which banks would you all avoid right now?

Personally I would avoid Alliance & Leicester, Bradford & Bingley, possibly HBOS and I would not hold large cash balances in any one single bank. In saying that I have money in a Halifax Ireland account.

I would echo the above. For the moment Lloyds and Barclays look ok. HSBC has a lot of US (subprime) exposure too so probably best avoided.

ARRGGHH buy gold and Jewels hide em under the bed buy cans of beans and shotguns…

I thought Northern Rock was supposed to be pretty safe as it has been nationaliesd to the disdain I note of a few European Banks who are crying “foul play” and “unfair advantage” am I right or wrong?

IKB Seeks Fourth Bailout After Subprime Loss Widens

Bloomberg