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You resent paying banks for your mortgages? Wait until you have to start paying them for the privelege of having your money :)


ChickenBiryani

Well-known member
Joined
Jul 2, 2010
Messages
686
You resent paying banks for your mortgages? Wait until you have to start paying them for the privelege of having your money :)

Draghi just said it. The ECB is technically prepared for negative interest rates.

Now granted, we have had negative real rates of interest for some time, but if we move into negative nominal rates........thats another story entirely.

These guys will stop at nothing to get the inflation train rolling.

I wonder do the banks have to pay some sort of inverted DIRT tax to the state if the people start paying interest to banks on both loans and deposits. I suspect the Irish tax code is silent on this and it was never envisaged it could occur.

Knowing Ireland, they will invent a new tax on depositors so you still have to pay DIRT.
 

Ribeye

Well-known member
Joined
Jul 12, 2011
Messages
26,306
I'm hearing that Weidman just kicked over a water cooler,

Lol:)
 

99nsr125

Member
Joined
Aug 1, 2012
Messages
44
Draghi just said it. The ECB is technically prepared for negative interest rates.

Now granted, we have had negative real rates of interest for some time, but if we move into negative nominal rates........thats another story entirely.

These guys will stop at nothing to get the inflation train rolling.

I wonder do the banks have to pay some sort of inverted DIRT tax to the state if the people start paying interest to banks on both loans and deposits. I suspect the Irish tax code is silent on this and it was never envisaged it could occur.

Knowing Ireland, they will invent a new tax on depositors so you still have to pay DIRT.


We already do, there called 'Fees'
 

Outlander

Well-known member
Joined
May 31, 2007
Messages
606
Shyte - I just signed up for interest on my current account with PTSB
 

Ribeye

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Joined
Jul 12, 2011
Messages
26,306

Howya

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Joined
Feb 29, 2012
Messages
1,690
Draghi just said it. The ECB is technically prepared for negative interest rates.

Now granted, we have had negative real rates of interest for some time, but if we move into negative nominal rates........thats another story entirely.

These guys will stop at nothing to get the inflation train rolling.

I wonder do the banks have to pay some sort of inverted DIRT tax to the state if the people start paying interest to banks on both loans and deposits. I suspect the Irish tax code is silent on this and it was never envisaged it could occur.

Knowing Ireland, they will invent a new tax on depositors so you still have to pay DIRT.
They'll stop at nothing provided the tax payer is picking up the bill but they won't get the printing presses rolling along the lines of the Fed.
 

IbrahaimMohamad

Well-known member
Joined
Feb 5, 2013
Messages
4,226
Draghi just said it. The ECB is technically prepared for negative interest rates.

Now granted, we have had negative real rates of interest for some time, but if we move into negative nominal rates........thats another story entirely.

These guys will stop at nothing to get the inflation train rolling.

I wonder do the banks have to pay some sort of inverted DIRT tax to the state if the people start paying interest to banks on both loans and deposits. I suspect the Irish tax code is silent on this and it was never envisaged it could occur.

Knowing Ireland, they will invent a new tax on depositors so you still have to pay DIRT.
If I ask some one to store my furniture or my valuables and I expect them to be responsible for loss or damage to them I expect them to charge me for the service!
 

gerhard dengler

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Joined
Feb 3, 2011
Messages
47,554
If I ask some one to store my furniture or my valuables and I expect them to be responsible for loss or damage to them I expect them to charge me for the service!
So we should remove all deposits from the banks?

if so, how do you think this will go down with the banks?

Banks that can't afford to lend while not being able to afford to store deposits. You couldn't make this up until now apparently.
 

Normal Lord

Well-known member
Joined
Aug 3, 2011
Messages
499
Yes Ulster Bank now expect you to pay a Euro a week for having a bank account. (unless you have 3000 euro in it)
Next week I shall close my account with them

In the UK banking is free bar normal stuff and fees like unauthorised overdraft etc, don't pay a levy on cheques or debit cards either.

In Eire we're getting "RIPPED OFF" big time. My take is start charging me and I walk away quite happy to use cash for most transactions. We save the banks and they screw us over.

ECB cuts main interest rate to 0.5% - RTÉ News

And guess what don't expect the mortgage rates to go down either, rip off Ireland and the Government does nothing to stop it. It's Banking "Dick Turpin" and pure highway robbery.

The Euro and banking zone is in a right mess and nothing is changing at all
 

Dan_Murphy

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Joined
Feb 22, 2010
Messages
3,811
Ok, I'm going to admit I know nothing about ECB bonds, but if the interests rates are negative, even -0.1%, what stops someone borrowing a billion, sit on it and do nothing else, and then pay back 99.99% balance owed?

Easy 10 million for doing no work. :confused:

Maybe I should set up a bank myself... just borrow money and pay back a fraction of it later. :D
 

ChickenBiryani

Well-known member
Joined
Jul 2, 2010
Messages
686
I know,

How about credit card goverment fee
or ATM card goverment fee
or quarterly maintenence fee

oh wait they're already doing that
I was talking about people who actually have money, for whom these fees are an irrelevance. Not people who have zero and just pay fees for having a current account or whatever.
 

Ribeye

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Joined
Jul 12, 2011
Messages
26,306
If I ask some one to store my furniture or my valuables and I expect them to be responsible for loss or damage to them I expect them to charge me for the service!
Sufferin cats,

If you put your stuff in storage, are you ok with the owner of the warehouse bringing your couch home and sitting on it with his girlfriend who's also wearing your wife's jewellery?

Coz that's what the banks do with your money,

Ye twit,
 

ChickenBiryani

Well-known member
Joined
Jul 2, 2010
Messages
686
Ok, I'm going to admit I know nothing about ECB bonds, but if the interests rates are negative, even -0.1%, what stops someone borrowing a billion, sit on it and do nothing else, and then pay back 99.99% balance owed?

Easy 10 million for doing no work. :confused:

Maybe I should set up a bank myself... just borrow money and pay back a fraction of it later. :D
They will still charge you for borrowing. You should have stopped after the 2nd comma.
 

WTTR

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Joined
Sep 25, 2009
Messages
5,304
Website
www.johnfhiggins.eu
We already do, there called 'Fees'
The Finance Genie was let out of the bottle at the turn of the millennium. The International Financial Buccaneers had a whale of a time playing with their new currency chips.

• Financial Companies are no longer stand alone Merchant Banking Lending Companies, but are in the main International Conglomerates encompassing Merchant Bank arm, Commercial Bank arm, Life Assurance arm, Credit Card arm etc. Rates have falling drastically since the late 1970’s, 80’s. Big Conglomerates have insulated themselves against movement in Interest rates. How? They just piled on charges onto their customers who use their Commercial Bank arm or direct lending to their high interest Credit Card arm. When interest rates fall, bank charges go up. Would somebody tell Alan Greenspan of the United States Federal Reserve and all the other Central Bank governors worldwide, who after all must have sanctioned each charge along the way? A change in interest rates does not matter a whit to the ordinary consumer anymore! So this method of encouraging the consumer to up his spending is out, dead, gone! Some small Internet businesses can now pay up to 10% of their turnover in bank charges. Taken from the Editorial Mayo Association Yearbook 2002
Is it any surprise that the Genie is now proving ungovernable and playing Ducks and Drakes with our so called sophisticated financial and political controllers?
 
Last edited:

sauntersplash

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Joined
Feb 3, 2009
Messages
3,466
If I ask some one to store my furniture or my valuables and I expect them to be responsible for loss or damage to them I expect them to charge me for the service!
What if the person looking after them also leases your chairs to other people to sit on while you're not around?
 

ChickenBiryani

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Joined
Jul 2, 2010
Messages
686
So Instead I should set up 100 banks borrowing a small amount each? Hmmm...
Ok Dan, lets say you borrow your billion and your plan is just to sit on it. How do you do that? I mean, it won't be in cash since the actual cash doesn't physically exist. Follow this thought process to its conclusion and you'll understand why you should have stopped after the 2nd comma ;)
 

Dan_Murphy

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Joined
Feb 22, 2010
Messages
3,811
Ok Dan, lets say you borrow your billion and your plan is just to sit on it. How do you do that? I mean, it won't be in cash since the actual cash doesn't physically exist. Follow this thought process to its conclusion and you'll understand why you should have stopped after the 2nd comma ;)
:oops: And the penny drops.

Right, I understand now, thank CB! :D
 

Clanrickard

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Joined
Apr 25, 2008
Messages
33,041
Chicken is referring to deposit accounts,

Europe is so fckd,

Hahahahaaaa:)
Why is this funny? People get screwed is funny?
 
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