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"Insurance takes time to claim" It's less than 20 days by law in my country and almost everything is done without depositor's input -- money are transferred to

by kbart 10y ago

"Insurance takes time to claim" It's less than 20 days by law in my country and almost everything is done without depositor's input -- money are transferred to another bank and you simply come there with your ID to take your money in cash or open an account in another bank. I really wouldn't mind to wait a week or two as opposed to billions paid of tax money.

blahi 10y ago
As someone living in a country where one of the biggest banks was robbed to fund hostile takeovers and media propaganda for many years (€3Bn spent on that), I can assure you that the law means jack shit.
- kbart 10y ago
  During last 5 years 2 banks have went bankrupt in my country (Lithuania), so I can assure that this insurance works really well here, everything went orderly and individual depositors received their money promptly (in about a week if I remember correctly).
  - dogma1138 10y ago
    Lithuania nationalized the shares of it's failing banks, which was in effect a bailout. When Snoras failed your government bought out 100% of it's shares and facilitate the recovery of the deposits. http://www.baltictimes.com/news/articles/30019/ http://www.baltictimes.com/news/articles/30019/ So this isn't a case where a government let a bank fail, this is the traditional bailout mechanism for failed banks - the government buys them out. This is what Latvia did with Parex, what the Netherlands did with SNS and Fortis, what portugal did with BPN and the list goes on and on and on. For the most part no one let a bank fail the same way that the US did with LB, and no one would really want to try that with a commercial high street bank.
    - kbart 10y ago
      Ah, my bad then, I wasn't much into details, the titles on most media was literary "Bank X went bankrupt".
dogma1138 10y ago
I had 3 greek colleagues that would disagree.
tcoppi 10y ago
You might not really mind for a week or two. Businesses and people relying on payroll being hit on time certainly do mind, and the longer it gets backed up the greater systemic effects it can have.

by kbart 10y ago

blahi 10y ago

As someone living in a country where one of the biggest banks was robbed to fund hostile takeovers and media propaganda for many years (€3Bn spent on that), I can assure you that the law means jack shit.

kbart 10y ago
During last 5 years 2 banks have went bankrupt in my country (Lithuania), so I can assure that this insurance works really well here, everything went orderly and individual depositors received their money promptly (in about a week if I remember correctly).
- dogma1138 10y ago
  Lithuania nationalized the shares of it's failing banks, which was in effect a bailout. When Snoras failed your government bought out 100% of it's shares and facilitate the recovery of the deposits. http://www.baltictimes.com/news/articles/30019/ http://www.baltictimes.com/news/articles/30019/ So this isn't a case where a government let a bank fail, this is the traditional bailout mechanism for failed banks - the government buys them out. This is what Latvia did with Parex, what the Netherlands did with SNS and Fortis, what portugal did with BPN and the list goes on and on and on. For the most part no one let a bank fail the same way that the US did with LB, and no one would really want to try that with a commercial high street bank.
  - kbart 10y ago
    Ah, my bad then, I wasn't much into details, the titles on most media was literary "Bank X went bankrupt".

dogma1138 10y ago

I had 3 greek colleagues that would disagree.

tcoppi 10y ago

You might not really mind for a week or two. Businesses and people relying on payroll being hit on time certainly do mind, and the longer it gets backed up the greater systemic effects it can have.