Bank Run

Bank Run Imminent: Catalan Separatists Urge Supporters To Pull Cash From Bank

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– Bank Run Imminent: Catalan Separatists Urge Supporters To Pull Cash From Bank:

As tensions escalate in Spain, Catalan Separatists are potentially about to do some real damage and hit Madrid where it really hurts.

In a tweeted message to their 270,000 followers, Assemblea Nacional urged supporters to pull cash from CaixaBank and Banco Sabadell branches between 8 am and 9am Friday to protest at their decision to shift their legal domiciles out of the region…

Read moreBank Run Imminent: Catalan Separatists Urge Supporters To Pull Cash From Bank

Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender

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– Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender:

Canada’s Equitable Group, another alternative mortgage lender, said it had started seeing “an elevated but manageable” decrease in deposit balances. The company said that customers had withdrawn an average C$75 million each day between Wednesday and Friday.

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ECB “Blesses” Greek Bank Runs, Says Unsure If Banks Will Reopen Monday

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Greece

– ECB “Blesses” Greek Bank Runs, Says Unsure If Banks Will Reopen Monday (ZeroHedge, June 18, 2015):

Update: what else – an official denial: EU OFFICIAL: ECB DIDN’T SAY GREEK BANKS MAY NOT OPEN MONDAY

So, Benoit did not say what he said?

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Just minutes after Greek FinMin Varoufakis warned people were trying to “incite capital flight” from Greece and Dijsselbloem stated that “capital outflows from Greece are worrying,” Reuters is reporting that The ECB dropped the bank run hammer:

ECB TOLD EURO ZONE FINANCE MINISTERS IT WAS NOT SURE IF GREEK BANKS WOULD BE ABLE TO OPEN ON MONDAY- OFFICIALS

Friday sees Russia-Greece meetings and Euro area leaders are supposedly meeting on Monday evening due to the seriousness of the situation so it appears the endgame is looming large one way or another.

The Greeks said this:

Read moreECB “Blesses” Greek Bank Runs, Says Unsure If Banks Will Reopen Monday

After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates

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Varoufakis-austerity-editionLagarde-Varoufakisscrewed

Related info:

– ECB Prepares For Grexit, Anticipates 95% Loss On Greek Debt

– After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates (ZeroHedge, March 19, 2015):

Following yesterday’s news that the ECB is now running simulations on what a Grexit would mean for Greek bond prices (spoiler alert:
“fundamentals” suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the Greek sovereign corpse, when Bloomberg reported that the ECB once again raised the maximum amount of emergency liquidity available to Greek lenders by €400 million, but less than the Greek central bank requested, people familiar with the decision said.

Read moreAfter Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates

Greek Deposit Flight Hits €1 BILLION PER DAY – Dijsselbloem Says ‘Very Pessimistic’ About A Deal On Monday

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From the article:

“In other words, the deposit outflows will continue until Greek government morale is crushed.”

varr8

– Dijsselbloem Says “Very Pessimistic” About A Deal On Monday As Greek Deposit Flight Hits €1 Billion Per Day (ZeroHedge, Feb 13, 2015):

The game of words continues, and following reports both yesterday and today that first Germany, and then Greece would compromise, and in the case of the latter even do “whatever it can” to reach a deal, it is time for Europe’s bad cop, Eurogroup President Jeroen Dijsselbloem, to pour cold water on the party and crush Greek enthusiasm even more when he said moments ago that he was “very pessimistic” about the chances that a meeting he will chair on Monday of euro zone finance ministers would reach a final debt deal with Greece.

Read moreGreek Deposit Flight Hits €1 BILLION PER DAY – Dijsselbloem Says ‘Very Pessimistic’ About A Deal On Monday

Stealth Greek Bank Run Continues: ECB Hikes Emergency Lending To EUR 65 Billion

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– Stealth Greek Bank Run Continues: ECB Hikes Emergency Lending To EUR 65 Billion (ZeroHedge, Feb 12, 2015):

It would appear the un-sourced rumors of Greek banks having used up their Emergency line of credit with the ECB are true. Following a hastily put together conference calls this morning:

  • *ECB RAISES GREECE ELA ALLOWANCE TO EU65BN: FAZ

Up from the previous EUR59.5 Billion. It appears the stealth bank run in Greece is showing no signs of slowing.

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How Fast Would Contagion Spread If Greece Exits The Eurozone

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bank run

– How Fast Would Contagion Spread If Greece Exits The Eurozone (ZeroHedge, Feb 10, 2015):

Perhaps the most curious aspect of this, third, Greece “”exit crisis, is just how completely unnoticed it has gone by the capital “markets”, or rather non-Greek capital markets. Which, considering the changed dynamics of the negotiations, was to be expected. As explained again earlier, this time around it is imperative on the central planning regime to keep stocks and bonds as stable as possible heading into tomorrow’s negotiations with Greece, because should global risk not bat an eyelid, it will mean that Greek leverage is non-existent as the “market” (which courtesy of central banks no longer really exists) does not anticipate any contagion, and is why the S&P has actually been surging in the past week.

Read moreHow Fast Would Contagion Spread If Greece Exits The Eurozone

Begun The Greek Bank Runs Have: Two Greek Banks Request Emergency Liquidity Assistance

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cash

– The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance (ZeroHedge, Jan 15, 2015):

The first time the phrase Emergency Liquidity Assistance, or ELA, was used in the context of Greece was in August 2011, when Greece was imploding, when its banking sector was on (and past) the verge of collapse, and just before the ECB had to unleash a global coordinated bailout with other central banks including global central bank liquidity swap and unleash the LTRO to preserve the Eurozone.

As a reminder, this is what happened back then: “In a move described as the “last stand for Greek banks”, the embattled country’s central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night.”

Read moreBegun The Greek Bank Runs Have: Two Greek Banks Request Emergency Liquidity Assistance

Hundreds Rush To Rural Chinese Banks After Solvency Rumors

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People gather in front of a branch of Jiangsu Sheyang Rural Commercial Bank, in Yancheng

– Hundreds rush to rural Chinese banks after solvency rumors (Reuters, March 25, 2014):

Hundreds of people rushed on Tuesday to withdraw money from branches of two small Chinese banks after rumors spread about solvency at one of them, reflecting growing anxiety among investors as regulators signal greater tolerance for credit defaults.

The case highlights the urgency of plans to put in place a deposit insurance system to protect investors against bank insolvency, as Chinese grow increasingly nervous about the impact of slowing economic growth on financial institutions.

Read moreHundreds Rush To Rural Chinese Banks After Solvency Rumors