4 ms·

That's crazy how many options you have in the states. I wonder what are the options in Europe (but there is not that much money over here). Gov protection is

That's crazy how many options you have in the states. I wonder what are the options in Europe (but there is not that much money over here). Gov protection is 100k per person and all my friends who need it just open accounts in different banks. It would be great to have a managed solution to automatically shift money around.

justeleblanc 4y ago
I don't know how seriously to take that comment because of the username (which seems to fit, honestly). But in case you're serious, let me make a couple of points: 1. Europe is big. Dozens of countries with different legal systems. If we're only talking about the EU, we have the DGS, but there are still differences between national implementations. 2. There is a lot of money in Europe. I can't easily find data about the whole of Europe, but the EU alone has a GDP comparable to that of the USA. "Not that much money" is a ridiculous assessment.
rendx 4y ago
https://en.wikipedia.org/wiki/Deposit_insurance#European_Union https://en.wikipedia.org/wiki/Deposit_insurance#European_Uni... typically 100k€ per person _and bank_, but e.g. Germany has voluntary mechanisms that protect (cash) assets way beyond that limit: https://de.wikipedia.org/wiki/Bundesverband_deutscher_Banken https://de.wikipedia.org/wiki/Bundesverband_deutscher_Banken provide 5m€ per individual and 50m€ protection for commercial customers https://de.wikipedia.org/wiki/Sicherungseinrichtung_des_Bundesverbandes_der_Deutschen_Volksbanken_und_Raiffeisenbanken https://de.wikipedia.org/wiki/Sicherungseinrichtung_des_Bund... and https://de.wikipedia.org/wiki/Institutssicherung_der_Sparkassen,_Landesbanken_und_Landesbausparkassen https://de.wikipedia.org/wiki/Institutssicherung_der_Sparkas... provide unlimited insurance You do not need "many options" if the default is already safe. It also means the risk of bank runs is a lot smaller in the first place.

justeleblanc 4y ago

I don't know how seriously to take that comment because of the username (which seems to fit, honestly). But in case you're serious, let me make a couple of points: 1. Europe is big. Dozens of countries with different legal systems. If we're only talking about the EU, we have the DGS, but there are still differences between national implementations. 2. There is a lot of money in Europe. I can't easily find data about the whole of Europe, but the EU alone has a GDP comparable to that of the USA. "Not that much money" is a ridiculous assessment.

rendx 4y ago

https://en.wikipedia.org/wiki/Deposit_insurance#European_Union https://en.wikipedia.org/wiki/Deposit_insurance#European_Uni... typically 100k€ per person _and bank_, but e.g. Germany has voluntary mechanisms that protect (cash) assets way beyond that limit: https://de.wikipedia.org/wiki/Bundesverband_deutscher_Banken https://de.wikipedia.org/wiki/Bundesverband_deutscher_Banken provide 5m€ per individual and 50m€ protection for commercial customers https://de.wikipedia.org/wiki/Sicherungseinrichtung_des_Bundesverbandes_der_Deutschen_Volksbanken_und_Raiffeisenbanken https://de.wikipedia.org/wiki/Sicherungseinrichtung_des_Bund... and https://de.wikipedia.org/wiki/Institutssicherung_der_Sparkassen,_Landesbanken_und_Landesbausparkassen https://de.wikipedia.org/wiki/Institutssicherung_der_Sparkas... provide unlimited insurance You do not need "many options" if the default is already safe. It also means the risk of bank runs is a lot smaller in the first place.