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Fortis Concerns. 100k Deposit Guarantee about to be tested?


Anorakphobia

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Joined
Apr 13, 2007
Messages
911
Reuters reporting now that Fortis is about to be Nationalised by Belgian Government.

With huge deposits in Ireland via their links in Postbank, will Lenihan have to stump up just a week after playing Mister Money Bags with our Cash?

Fortis is an absolutely huge bank.
The bail out is now irrelevant, we are in turmoil Worldwide.
 

expat girl

Active member
Joined
May 26, 2007
Messages
141
Re: 100k Deposit Guarantee about to be tested?

Anorakphobia said:
Reuters reporting now that Fortis is about to be Nationalised by Belgian Government.

With huge deposits in Ireland via their links in Postbank, will Lenihan have to stump up just a week after playing Mister Money Bags with our Cash?

Fortis is an absolutely huge bank.
The bail out is now irrelevant, we are in turmoil Worldwide.

Lawd love a duck, does that mean everyone moving into the post bank last week did the wrong thing??? Although, presumably if nationalised, savers are ok?? I think all the foreign banks still operate under their own country's guarantee, although I had seen that Danske Bank wants Irish coverage for NIB. Not sure they've got that through yet though?? So how large is the Belgian savings guarantee??
 
Joined
Feb 26, 2008
Messages
12
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Anorakphobia said:
Reuters reporting now that Fortis is about to be Nationalised by Belgian Government.

With huge deposits in Ireland via their links in Postbank, will Lenihan have to stump up just a week after playing Mister Money Bags with our Cash?

Fortis is an absolutely huge bank.
The bail out is now irrelevant, we are in turmoil Worldwide.
I thought they said last Friday they were safe and there was nothing to worry about! I guess they were telling pork pies! :shock:

What happens next? Has Lenihan just cost us a couple of billion?? I have the An Post literature where they claim Fortis were the safest bank in the world! I must frame it for posterity! ;)
 

Helium Three

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Joined
May 3, 2007
Messages
186
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Unfortunate graphic of a tenner going up in flames appears at the foot of the Postbank page -here
 

Anorakphobia

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Joined
Apr 13, 2007
Messages
911
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Nothing to worry about.
They only have about 500 billion of client cash.
 

CookieMonster

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Joined
Feb 19, 2005
Messages
34,801
Re: 100k Deposit Guarantee about to be tested?

expat girl said:
Anorakphobia said:
Reuters reporting now that Fortis is about to be Nationalised by Belgian Government.

With huge deposits in Ireland via their links in Postbank, will Lenihan have to stump up just a week after playing Mister Money Bags with our Cash?

Fortis is an absolutely huge bank.
The bail out is now irrelevant, we are in turmoil Worldwide.

Lawd love a duck, does that mean everyone moving into the post bank last week did the wrong thing??? Although, presumably if nationalised, savers are ok?? I think all the foreign banks still operate under their own country's guarantee, although I had seen that Danske Bank wants Irish coverage for NIB. Not sure they've got that through yet though?? So how large is the Belgian savings guarantee??
Savings with An Post differ from savings with Post Bank.
 

expat girl

Active member
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May 26, 2007
Messages
141
Re: 100k Deposit Guarantee about to be tested?

CookieMonster said:
Savings with An Post differ from savings with Post Bank.

OK, so do we know who guarantees Post Bank?? I know An Post is directly linked to the Irish Govt, but is therefore NOT dependant on Fortis.

My bet is that it is the Belgian government.
 

Anorakphobia

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Joined
Apr 13, 2007
Messages
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Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Cookie

My understanding tonight is that Postbank deposits will have to be covered by us.
 

Catalpa

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Joined
Jun 10, 2004
Messages
10,301
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Bizarre - I was just about to open an Account with them -

went in an all but said naw do it another day....


Glad I did now! :cool:

According to the blurb in the info pack I got:

Fortis Bank:

With a market capitalisation of €39 Billion, Fortis ranks among the twenty largest financial institutions in Europe. Its sound solvency position, its presence in 50 countries...enable it to combine global strength with local flexibility and provide its clients with optimum support.

Also emphasised is:

50:50

Fortis Bank and An Post


I think the Little Old Ladies will be out in force tomorrow in Local Post Offices from Killybegs to Kenmare! ;)
 

Helium Three

Active member
Joined
May 3, 2007
Messages
186
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Fortis was around a long time. Some Latin scholar will have to come up with a more suitable name now.

Fortis' precursors traded with Catherine the Great and financed the U.S. purchase of Louisiana from Napoleon.

Link
 

codology

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Joined
Oct 27, 2006
Messages
388
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Just for the slow amongst you,the people who paniced last week after the Joe Duffy show and ran from the bank to the post office would have put their money into post office bonds or instalment schemes which have F all connection to Postbank.
 

kerrynorth

Well-known member
Joined
Oct 5, 2005
Messages
1,525
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Anorakphobia said:
Reuters reporting now that Fortis is about to be Nationalised by Belgian Government.

With huge deposits in Ireland via their links in Postbank, will Lenihan have to stump up just a week after playing Mister Money Bags with our Cash?

Fortis is an absolutely huge bank.
The bail out is now irrelevant, we are in turmoil Worldwide.
Postbank comes under our financial regulator so no direct impact although 50% of Postbank will undoubtably be going for sale cheap soon.
 

Anorakphobia

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Joined
Apr 13, 2007
Messages
911
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

codology said:
Just for the slow amongst you,the people who paniced last week after the Joe Duffy show and ran from the bank to the post office would have put their money into post office bonds or instalment schemes which have F all connection to Postbank.
You met them all did you?
 

droghedasouth

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Joined
May 10, 2007
Messages
1,092
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Irresponsible Thread Title.
Fortis is not Gone.

Sept. 28 (Bloomberg) -- Belgium, The Netherlands and Luxembourg invested 11.2 billion euros ($16.3 billion) in Fortis, Belgium's biggest financial-services firm, partially nationalizing the bank in a move to restore investor confidence.

Brussels and Amsterdam-based Fortis will also sell its stake in ABN Amro Holding NV's banking unit, Belgium's Prime Minister Yves Leterme said a press conference today.
 

Anorakphobia

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Joined
Apr 13, 2007
Messages
911
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

droghedasouth said:
Irresponsible Thread Title.
Fortis is not Gone.

Sept. 28 (Bloomberg) -- Belgium, The Netherlands and Luxembourg invested 11.2 billion euros ($16.3 billion) in Fortis, Belgium's biggest financial-services firm, partially nationalizing the bank in a move to restore investor confidence.

Brussels and Amsterdam-based Fortis will also sell its stake in ABN Amro Holding NV's banking unit, Belgium's Prime Minister Yves Leterme said a press conference today.
What's irresponsible about saying it's gone?
http://www.reuters.com/article/newsOne/ ... X320080928
if it's nationalised, it's gone as a plc, shareholders will get nothing, so less of your old guff.

Wachovia also up shite creek tonight and looks like Wells Fargo will get them for 2 bucks a share (Friday close 10 bucks)
 

Helium Three

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May 3, 2007
Messages
186
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

A document Dierckx carried into the meeting, photographed by Reuters, listed a range of options including "Fortis sells its stake in ABN AMRO for x billion euros to xx" and "governments of Belgium and Luxembourg to invest xx billion euros in Fortis."

Not with a bang but a whimper, and a pre-cooked press release.

Link
 

droghedasouth

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Joined
May 10, 2007
Messages
1,092
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Anorakphobia said:
droghedasouth said:
Irresponsible Thread Title.
Fortis is not Gone.

Sept. 28 (Bloomberg) -- Belgium, The Netherlands and Luxembourg invested 11.2 billion euros ($16.3 billion) in Fortis, Belgium's biggest financial-services firm, partially nationalizing the bank in a move to restore investor confidence.

Brussels and Amsterdam-based Fortis will also sell its stake in ABN Amro Holding NV's banking unit, Belgium's Prime Minister Yves Leterme said a press conference today.
What's irresponsible about saying it's gone?
http://www.reuters.com/article/newsOne/ ... X320080928
if it's nationalised, it's gone as a plc, shareholders will get nothing, so less of your old guff.

Wachovia also up shite creek tonight and looks like Wells Fargo will get them for 2 bucks a share (Friday close 10 bucks)
Sorry, but you seemed to be challenged to understand plain English.
The bank is not gone.
The depsit guarantee is not about to be tested.
it is partially nationalised by the three governments investing in the firm.
The shareholders will get something - all that has happened is that their interest has been diluted.

Your article was speculation and is timed over 12 hours before my article.
My article is news.

So less of your old speculative sh1te about Fortis.
 

west'sawake

Well-known member
Joined
Sep 15, 2008
Messages
3,650
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Anorakphobia said:
Reuters reporting now that Fortis is about to be Nationalised by Belgian Government.

With huge deposits in Ireland via their links in Postbank, will Lenihan have to stump up just a week after playing Mister Money Bags with our Cash?

Fortis is an absolutely huge bank.
The bail out is now irrelevant, we are in turmoil Worldwide.
Anorakphobia,

Well done on posting this. You are right, this is really really big, if its on Reuters, yet I haven't heard a dickey bird on RTE.
radio. Once nationalised, its gone.

Hopefully depositers do not have investment share accounts, but rather time deposit accounts. I am wrong in thinking they would lose the former and not the latter? Many cratures investment share accounts in building societies and don't realise there cash is now in shares. Does the Deposit account protection scheme protect them?
 

droghedasouth

Well-known member
Joined
May 10, 2007
Messages
1,092
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

west'sawake said:
Anorakphobia said:
Reuters reporting now that Fortis is about to be Nationalised by Belgian Government.

With huge deposits in Ireland via their links in Postbank, will Lenihan have to stump up just a week after playing Mister Money Bags with our Cash?

Fortis is an absolutely huge bank.
The bail out is now irrelevant, we are in turmoil Worldwide.
Anorakphobia,

Well done on posting this. You are right, this is really really big, if its on Reuters, yet I haven't heard a dickey bird on RTE.
radio. Once nationalised, its gone.

Hopefully depositers do not have investment share accounts, but rather time deposit accounts. I am wrong in thinking they would lose the former and not the latter? Many cratures investment share accounts in building societies and don't realise there cash is now in shares. Does the Deposit account protection scheme protect them?
Calm down.Yes the story is very, very big but Anorakphobia is wrong.
Fortis is partially nationalised by means of an injection of capital from the 3 Benelux governments.
It is not gone - even if fully nationalised it would not be gone.
There is no risk to depositors - with the backing of the three governments, Fortis is now about as safe as you can get.

Lehman Bros did go bust but then they were an investment bank subject to next to no regulation and hence on their own when the proverbial impacted the air movement device. The Fed/Treasury decided to let them go as they did not imperil the entire financial system.

Fortis is however a retail bank, with insurance interests, and is just too big to be let go.
 

Laoi

Member
Joined
Oct 3, 2007
Messages
10
Re: Fortis Gone. 100k Deposit Guarantee about to be tested?

Just reported from Australian TV that Santander is to take over Bradford and Bingley.
 
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