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- 18 August 2008
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Whats the credit rating of ING. I'm under the impression that they are one of the largest banks in the world
The Sydney Morning Herald - Weekend edition Sep 27 - 28 2008 Pg 28
"...Indeed, of 250,000 banks in the world, only 18 are rated a AA investments, and Australia's Big Four are amoung them."
On the basis of the previous performance of the ratings agencies, I have to say I find that less than reassuring.
Dont know if it means anything but last Friday I was at the local Westpac bank early afternoon and the teller told me that they was running out of money because they have had a large mount of withdrawals I did not have any problems but the guy next to me did not look too happy.
Did not mean it as spreading a rumour just what was happening thought I would give my experience to fellow members here, further more I was not withdrawing money just exchange for coins as I need them for my business.pffft thats rumour mongering if ive ever seen it
I'm putting my trust in the below information provided by IB (for now at least)Yeah
Fortis Receives EU11.2 Billion Rescue From Benelux Governments
This makes me a bit wobbly, Fortis is IBs clearing and custodial bank in Oz.
Not saying run just getting a little close to home.
How Much Exposure Does IB Have to a Single Bank?
IB spreads its assets in segregated accounts for the benefit of customers across at least six of the largest banks (as of September 2008). IB’s customer segregation account at Citibank is used as the “conduit” account for deposits and withdrawals but funds are then spread across these federally-approved depositories.
It is our belief that the U.S. government would do everything in its power to prevent the failure of any of the major money-center banks with whom IB maintains deposits. In the event that such a bank did fail, and in the further event that the federal government did not arrange assistance for the bank, then IB’s own, significant, proprietary capital would be required to be used to guarantee IB’s obligations to our customers.
Did not mean it as spreading a rumour just what was happening thought I would give my experience to fellow members here, further more I was not withdrawing money just exchange for coins as I need them for my business.
As for my money in the banks I am getting a little nervous in case of a bank run ect.
How secure is our money in the Australian bank system?
I know I would not be too happy, if I was going to lose my money I want to do it my own way, not the banks waycould you imagine the turmoil if people actually lost their savings..
Anyone who starts rumours about bank runs needs to be dealt with by the courts much like bomb scare pranks etc.
It is ****ing with peoples' savings.
And telling everyone that you withdrew funds is uncool too. Just because someone is worried does not mean the rest of the world needs to know and prompt others to do the same on a healthy bank, whatever bank that may be.
yeah you're right, people shouldn't be responsible for their own destiny, they should just leave the fruits of their lifes work in a bank that doesn't really give a rats ass about depositors and we'll all just take the word of a bunch of multimillionaire bank board fatcat pricks that everything is alright.
form a queue, join the line, your time to get fleeced will come.
Davros that was not my point.
Rumours can cause a run on a healthy bank. In the current environment a little common sense is useful.
Yeah
Fortis Receives EU11.2 Billion Rescue From Benelux Governments
This makes me a bit wobbly, Fortis is IBs clearing and custodial bank in Oz.
Not saying run just getting a little close to home.
In light of the above discussion. How much money is guaranteed by the federal govt. (or RBA) in case a bank does go under? 20,000?
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