Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 11.07.2011, 15:59
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,434
Groaned at 269 Times in 175 Posts
Thanked 15,905 Times in 6,746 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Postfinance guarantee

I heard a few different things about postfinance and couldn't confirm them.

I'm opening a bank account with them and considering putting savings with them too. But before doing so, wanted to check I'm not putting it into the Swiss equivalent of Icesave.

Does anyone know how much, and how much of deposits are guaranteed?

From the website, it has this snippet, which seems to suggest that they aren't currently regulated by FINMA. Who are the currently regulated by, if anyone?

Quote:
Course set for becoming a public limited company Parliament passed a new Postal Organization Act on 17 December 2010. This stipulates among other things that PostFinance will be transformed into a public limited company subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA). The Federal Council will decide on exactly when the transition will take place. Preparatory work for creating the new legal form is currently underway. PostFinance will have a Board of Directors and its own internal auditors. PostFinance AG will be provided with equity in line with the requirements of financial market law. FINMA will decide how much equity is to be provided, and when. In accordance with banking law, PostFinance requires approval for FINMA supervision. This will be sought from FINMA during the current year. Even when this approval has been granted, PostFinance will not be allowed to grant loans or mortgages under its own name.
Lastly, on their e-deposito account, they offer 1% interest. that's just 0.06% less than what I pay on my LIBOR mortgage! how do they manage this?
__________________
By replying to this post, you hereby grant Phil_MCR a royalty-free license to use, in any way, anything posted by you on the internet. If you do not accept, stop using EF and delete your account.
Reply With Quote
  #2  
Old 11.07.2011, 23:37
Forum Veteran
 
Join Date: Feb 2008
Location: Zurich
Posts: 1,016
Groaned at 6 Times in 6 Posts
Thanked 343 Times in 260 Posts
bill_door has an excellent reputationbill_door has an excellent reputationbill_door has an excellent reputationbill_door has an excellent reputation
Re: Postfinance guarantee

http://www.postfinance.ch/en/bcase/govguar.html
Reply With Quote
The following 2 users would like to thank bill_door for this useful post:
  #3  
Old 11.07.2011, 23:47
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,434
Groaned at 269 Times in 175 Posts
Thanked 15,905 Times in 6,746 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Postfinance guarantee

thanks. so in summary, there is no guarantee, just an assumption that the swiss state will step in if the SHTF.

also don't worry, because they have capital equivalent to 5% of deposits, so if they lose only 5% then depositors will be ok. just hope they don't lose more than that.

lastly, they are 'conservative' so don't expect to make losses. which makes me wonder how they manage to offer a full 1% on e-deposito accounts. surely they must lend to someone, which implies credit risk and therefore some chance of loss.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Medallion Signature Guarantee fredchroy Finance/banking/taxation 9 07.05.2019 22:35
Guarantee on electrical gadgets hopp_hopp Daily life 17 10.03.2011 16:20
Declaration of Guarantee - where can I get it from? kavitam Permits/visas/government 8 06.08.2010 13:20
Rental guarantee insurance 360Rob430 Housing in general 5 13.07.2010 13:42
plant guarantee konijn Daily life 3 15.10.2007 10:28


All times are GMT +2. The time now is 00:16.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0