Eur Wedge On De Edge


I did a bit of a Russian Granny today and took what was in my current account, less pending direct debits, out :slight_smile:


I got an ominous looking letter from the German Finance Agency today; look like they finally want to send me back my money as they close out the deposits. Did anyone else get it and translate it?


I got the letter, let me know what it says once you translate it.


I saw some reference about Peter Schiff’s Euro Pacific Bank. (100% deposit ratio - no fractional lending) is anyone involved?


That is odd! Isn’t it? Did you have an account in a German bank and they want to close it on you or did you have bonds?


Bonds. They announced last year that they were exiting the retail bond market and accounts would have to be closed or moved to a retail bank, but then I didn’t hear anything for ages.


Actually putting bits in Google Translate it looks like it’s the 2012 statement of interest and capital gains, as well as a request to update my registered withdrawal account number.

German person in work will be back next week and I’ll ask.


Ahh phew, I was about to go all tin foily Russian Granny on my bank accounts


If you had €250k in one year fixed accounts due to expire next month in Investec, KBC, Rabo and Keytrade Belgium, what would you do? Lock it in again with these banks for another year, earn the interest and hope its ok? Send most of it to Keytrade in Belgium? Go to Germany and open an account? Buy ETF’s? Gold? Silver? Shares? Spend it? Buy a house?


I’d have a look at HSBC Premier (Jersey) and put some of it there (some in USD too) just in case the Eurozone completely implodes.


Jersey is a good suggestion as it is not part of the Eurozone or the EU and are not subject to ECB control.
are also incorporated in Jersey. You should consider putting a percentage of your savings in precious metals. They will store your metals in vaults in Swizerland, London, Hong Kong or Singapore. If you wish to take physical delivery at a later date they will send you the metal.


Well, I’d be very careful with precious metals imo. They have around 300%-400% monetary inflation already priced in. If you think that kind of inflation will transpire in next few years, all very well. If not, it is a pure speculative play, and you need to watch over them very carefully. I’d also note the recent precedents with regards vaults. If the shit really hit the fan economy-wise, and they decided to confiscate gold as they did in the last major depression, you would be pretty exposed.


This is my thinking to. If the eurozone does go bust whats to stop the confiscation of precious metals? Or a large tax on selling it?

I’ve looked into HSBC Jersey and will consider putting some wedge in there. I think I’ll move more to Belgium to as I have an account there already and they are less in the shit than we are so less likely to tax deposits. And I’m aware of the potential for the country to split up but I don’t think this will affect deposits in banks.

I’m not to sure about opening a US$ as i would worry about the curency fluctuations. If I could get a Canadian bank account in Canada I would be flying.

I’ll also hold some in irish banks to take advantage of the better interest rates.


I see Canada mentioned a but. How is Canada any more acceptable than here, they now have bail-in in law, a popping bubble with your usual few exposed banks?


Has anyone considered buying property in Germany as a way of safeguarding their euro savings ? Property prices have risen by between 10-15% in the last 2 years. This is partly due to the movement of capital from Mediterranean countries into the perceived safer German economy. Wouldn’t count on further appreciation (although who knows either way ?) but, despite low yields, your euro should be safe.


What could go wrong?


I got this letter too. Just had a quick scan. The page in colour with MUSTER written on it is a sample statement with explanations.

Regarding the actual letter

Page 1: This is a statement of your account. At the bottom is an important notice saying that due to the changes in european payment system, they are using IBAN and BIC to identify all user’s bank accounts - i.e. the bank account into which they will transfer your funds. If your IBAN and BIC are unknown to the Finanzagentur, then you should inform them (see page 2)

Page 2: This contains details of your bank account as known to the Finanzagentur. Your IBAN/BIC should be there. If it says “Keine Eintragung, bitte um uebersenden”, then they don’t have your values and you should inform them.

Page 3: Tax statement for the year 2012


Thanks Persius.


A few Pinsters are speculating about a bail-in in recent weeks. I have my wedge split between an Irish bank and the Irish division of a UK building society. I’m getting a bit jittery and really don’t know the best way forward.

What are the chances of a re-entry tax on individual deposits if and when you move your money back into the country ?


Eurozone Complete Failure


Read more at globaleconomicanalysis.blogspot. … jZRi4UH.99