What to do when the Banks run out of cash


#1

OK, so imagine the nightmare scenario has happened. There has been a run on the banks, and consequently there is no longer any cash left in the ATMs, and the banks ain’t opening their branches either.

So how do you get access to your money in such a situation? And more importantly, how do you prepare?

It’s possible that you could still use your Laser or Credit card to make purchases from shops. But what would you buy? Ideally high value goods that would retain their value - and that you could use as barter if things really turn ugly. Thinking whisky, or gold coins or baked beans. Or else non-perishables that will keep you going for a few weeks. Online payments could still work, so maybe you buy your necessities online. You could transfer cash to Paypal or Moneybookers from your Laser card or Credit card - because even though your credit cards work they may not work shortly.

If your money is in Rabodirect for example, how do you get access to it? It’s fine that they are a safe and secure bank, but currently you can only withdraw into your bust Irish bank, and that doesn’t exactly help you.

The only real thing I can think of is to have hard currency under your mattress. :blush: Looking for some good suggestions for what to do now to prevent the situation of having money but not being able to get it.

Ideas/suggestions?


#2

gold and silver, especially silver for day to day transactions

chances of that happening are pretty slim in the short term,


#3

Not to be too blunt about it but complete bollocks. Gold or silver wont get you very far in such a crisis. How many shop keepers can assay a maple leaf, sovereign or krugerrand?

You keep a store of cash to ride out the crisis and any likely transition period. Enough for a few weeks living expenses in local currency. Small notes. Twenties and lower. And keep a separate cache of foreign currency, again for a few weeks. Dollars and sterling would work in Ireland. Again nothing over a twenty. If you want to be fancy you can also have Swiss Francs.

All cash above that out of state. Bunds or Gilts for large amounts (depending on your preference), foreign domiciled bank a/c’s for the rest.

That’s the South American way in situations such as this.


#4

Agreed. I am a huge gold and silver bull, but there’s no way I would accept a gold coin instead of a thousand euro. I just don’t have the ability to “assay”/recognise a gold coin.


#5

Jesus lads - maybe you should be writing film scripts…


#6

But how can we complete with every last dentist and waiter in LA. Every one of which seems to have written at least one screenplay.


#7

I’m not so sure the shops will be open if the banks run out of cash folks :slight_smile:

If you fear a scenario such as this then stock up the larder … ensure you have enough cash on hand to head to the north (presuming they will not fall with us) and have enough petrol/diesel to get you there.

No point in worrying about it though…
Should a situation such as this come about then you are as likely to have the neighbour come in and rob you to feed their own family anyway :slight_smile:

Yes, Mr Higgins… that means you… I’ve seen you eye balling my stockpile of beans :slight_smile:


#8

Thats why its the phrase “shotgun and beans”. No point having beans if you dont have the shotgun to defend them.

Although every time I hear the phrase I always think of the the scene from Blazing Saddles, the cowboys around the camp fire, just having enjoyed their evening meal…


#9

Ah Blazing Saddles… perhaps we can stockpile candygrams :slight_smile:


#10

In the event of a hyperventilating scrip being introduced as a local currency, small coins and notes of foreign currency, as jmc points out, are of great use. Remember though, that the euro is also likely to be a foreign currency at that point.

Basically, the state will issue only scrip as change at the official rate and it will hoover up any euro in circulation as a result.

This is what was done in Yugoslavia in the 'nineties. Pfennigs and half deutschmark coins were in big demand.


#11

No problem there. Just open an account with a non bust Irish bank (e.g. Ulster Bank) and drip feed funds from Rabo into there.