This possibility was also mentioned in the Q&A in Blick. Apparently the writer asked for this and was assured it was possible. The final piece of advice by the Blick columnist was to ask for a written confirmation of the changed arrangement.

Of course the practice of banks is to force you to post your income in their bank, then a quick transfer to your favourite savings bank is but a click/standing order away.

The title to the mortgage collateral is not transferred thus transferring ownership, but a CLAIM in the collateral. That is the structure of the legal instrument you sign as part of the loan/advance.

Of course the claim can be assigned elsewhere but not the underlying asset without involvement of the courts and due process.

Comparison to foreclosure in the US and here is another story especially given conventions in some US states (30 days in AL, 1 yr in NY following delinquency notification).

No I do not care to rephrase my question.
In my question I clearly stated " If you have a bank account with over 30K CHF & a mortgage in your name with the same bank"

Anyway I do not believe you can offset, whatever Blick said.

Marton

I've just heard on the radio that the Zurich cantonal bank reserves the right to not accept new institutional customers without a long investment horizon for savings accounts. The bank states that it would have to place the capital at the national bank interest-free because of a lack of alternatives, and it would end up with losing deals.

I'm sure UBS would pay ZKB for depositing some of that "excess" capital with them.

As I wrote in post 573, the downside of the Kantonal banks getting this surge of money "that is the catch 22; how do Kantonal banks earn the money to pay their admittedly poor returns"

Other alternatives are
UBS as suggested
Lowering their credit standards
Or buying those toxic derivatives

Marton

The Pound is under pressure this morning after the Governor of the Bank of England warned that Britain is entering a recession and that sterling was likely to be one of its biggest casualties.

Telegraph article

Just rec'd Nouriel Roubini's latest newsletter, but it's too long to post here.
If you wish, drop me a line and I'll email it to the interested parties.

Ciao

Paul

Hi, thanks for offering. I'm interested.

I came across this article in Le Temps which comments on how close UBS came to disaster at the beginning of this month and how cantonal banks et al had to shut their doors to new depositors. If you don't speak French you could cut and paste the url into google translate and I'm sure you'd get the gist. Have no idea how much is truth and how much is speculation but if you're interested it's worth a read.

http://www.letemps.ch/template/temps...2034&quickbar=

Cash newspaper of Wednesday 22nd October reports that ZKB is not accepting new private customers, either.

Apparently, ZKB is not willing to lend to UBS not even at 12.5%

Meaning individuals?

Exact wording ist "Die ZKB behält sich drum jetzt vor, bei
Kunden, zu denen keine Beziehung bestand, Gelder abzulehnen." Translation: ZKB reserves the rights to refuse deposits from those who are not already customers"

Cash article in German.

Interesting that, on the radio the ZKB spokesperson emphasised their openness for private customers because they are usually long term oriented, this gave it a more positive spin...

Picture in Cash newspaper. Prospective customers being turned away?

It seems that the Balitc States of Estonia, Latvia and Lithuania are one dollar away from the IMF … to follow in the footsteps of Iceland. And possibly Ukraine as well!
If it happens, it would be very bad news indeed for the Nordic banks/counties (there is no difference between the two these days), Swedish in particular.


I wonder whether betting offices in England accepts bets on <<who next>> and if yes, does anyone know which country is the favorite?

Makes you wonder why they want to keept the stash for themselves so badly.

They are parking it at the SNB for 0%.

The EU would feel obliged to support its Baltic member states. Ukraine has no allies.

I'm always amazed at how short the public's memory is....

Jim