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  #361  
Old 08.10.2008, 13:29
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Re: How Safe is UBS

ecb and boe cut rates.

the world is saved.
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  #362  
Old 08.10.2008, 13:30
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Re: How Safe is UBS

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Makes sense.
I guess the ECB won't cut or they would also have coordinated?
Marton
Oh ECB did cut....
I suppose that ECB activities do not interest Swiss newspapers

Marton
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  #363  
Old 08.10.2008, 13:59
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Re: How Safe is UBS

This is an original excerpt from an e-mail circulated in a large CEE bank today....

"Valid from Monday, the 13th of October, please cancel all your business trips and trainings you have planned until the year end.
The reason for this step is the actual situation, which leads to the necessary cost cutting. The cost reduction initiative was discussed in the Holding Board Meetings.
In case your business trips or trainings have to take place necessarily, please discuss the matter with XXXX and we will consider it individually.

Thank you for your understanding!"

This reminds me very much of 2001....
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  #364  
Old 08.10.2008, 14:07
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Re: How Safe is UBS

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This is an original excerpt from an e-mail circulated in a large CEE bank today....

"Valid from Monday, the 13th of October, please cancel all your business trips and trainings you have planned until the year end.
The reason for this step is the actual situation, which leads to the necessary cost cutting. The cost reduction initiative was discussed in the Holding Board Meetings.
In case your business trips or trainings have to take place necessarily, please discuss the matter with XXXX and we will consider it individually.

Thank you for your understanding!"

This reminds me very much of 2001....
Someone on this thread said that the aliens are landing on 14th. Was that some kind of cryptic clue about something major going down on 13-14th?
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  #365  
Old 08.10.2008, 14:15
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Re: How Safe is UBS

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This is an original excerpt from an e-mail circulated in a large CEE bank today....
About time Erste sees the writing on the wall.
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  #366  
Old 08.10.2008, 15:08
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Re: How Safe is UBS

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Interesting that existing shareholders apparently will not get a vote on the banks issuing new preference shares; or, I assume, the opportunity to participate - other than as tax payers.

BTW, the Russian stock markets are closed again till Friday - I suppose they assume it is part of the new cold war - American banks commit kamikaze to destroy russian shareholder value.

Marton
Russian mkts are closed until friday 'cos it takes some time to digest the takeover of a whole country (Ice-land)

I wonder if they get the right to keep a base there - IIRC USAF has a permanenet base on the island... are they going to be good neighbours??

Paul
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  #367  
Old 08.10.2008, 16:02
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Re: How Safe is UBS

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Indeed it clearly states "taxed on the profits of the branch" bit. What wikipedia does not tell you is what the profits of the branch actually were.

I suppose you're conversant with international corporate tax optimisation schemes, else it's pretty pointless to even start this discussion. If all you're going to do is serve up Wikipedia snippets, I believe Mr. Texaner is your man.
If UBS did not itself correctly pay US taxes, as you seem to suggest, then UBS could be in even more trouble. UBS is already accused of helping its clientele defraud US taxes. Now UBS is itself a tax defrauder?
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  #368  
Old 08.10.2008, 16:09
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Re: How Safe is UBS

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If UBS did not itself correctly pay US taxes, as you seem to suggest, then UBS could be in even more trouble. UBS is already accused of helping its clientele defraud US taxes. Now UBS is itself a tax defrauder?
You do not get this. There are certain measures permitted under both IFRS and US-GAAP that allow for manipulation of subsidiaries' EBIT. It's done legally - just as Merrill Lynch inflated the losses of its London subsidiary for the same tax optimisation purposes.
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  #369  
Old 08.10.2008, 16:10
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Re: How Safe is UBS

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About time Erste sees the writing on the wall.
Well, so far both Raiffeisen and Erste have been doing fairly ok during the whole crisis due to their focus on CEE retail banking. Guess for them its now more about sustaining reasonable levels of profitability but not yet a fight for survival. Or what do you think?
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  #370  
Old 08.10.2008, 16:14
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Re: How Safe is UBS

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The lawyers were there because UBS offers free legal services to some customers and because we are here under the lump sum taxation agreement they can help us with the paperwork for free - as oppose to the fortune we already paid our lawyer.
All I got for free from UBS was a plastic card without ATM or any other functionality. This is an unfair world - maybe the collapse of the financial system will have a good side in the end - everyone will be equally poor.
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  #371  
Old 08.10.2008, 16:23
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Re: How Safe is UBS

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Well, so far both Raiffeisen and Erste have been doing fairly ok during the whole crisis due to their focus on CEE retail banking. Guess for them its now more about sustaining reasonable levels of profitability but not yet a fight for survival. Or what do you think?
CEE retail banking has a number of interesting characteristics:

- high financing costs
- operation on markets with lax consumption-credit frameworks
- economic inflation and local expansion put pressure on the C part of the C/I ratio.

I think that I don't have a stick long enough to poke it from a distance.
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  #372  
Old 08.10.2008, 16:30
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Re: How Safe is UBS

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Russian mkts are closed until friday 'cos it takes some time to digest the takeover of a whole country (Ice-land)

I wonder if they get the right to keep a base there - IIRC USAF has a permanenet base on the island... are they going to be good neighbours??

Paul
The US left the base a few years ago. There was a certain amount of unhappiness in Iceland about the whole affair. The PM had visited the US to negotiate with Bush that it would stay open. Came back with reassurances only for a low ranking US official to announce the closure a short time later. (Maybe the Russian deal is a way of sticking two fingers up.) In the end the US only had a couple of P3 Orions and about three F15s there.

Now all the accommodation blocks have been taken over for student residences. I feel sorry them. The surrounding area must rate as one of the most miserable places on the planet. "Bleak" is a wholly inadequate word.
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  #373  
Old 08.10.2008, 16:43
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Re: How Safe is UBS

Understand that CHF 30k deposits are somewhat guaranteed...

But what happens when a person holds CHF 30k each in more than one bank deposit? All of the deposits are guaranteed? Or is it only CHF 30k per person?
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  #374  
Old 08.10.2008, 16:55
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Re: How Safe is UBS

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The US left the base a few years ago. There was a certain amount of unhappiness in Iceland about the whole affair. The PM had visited the US to negotiate with Bush that it would stay open. Came back with reassurances only for a low ranking US official to announce the closure a short time later. (Maybe the Russian deal is a way of sticking two fingers up.) In the end the US only had a couple of P3 Orions and about three F15s there.

Now all the accommodation blocks have been taken over for student residences. I feel sorry them. The surrounding area must rate as one of the most miserable places on the planet. "Bleak" is a wholly inadequate word.
& are the US authorities going to help support the "mischling" children, there are a huge amount of single mothers in & around Rekyavik.
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  #375  
Old 08.10.2008, 17:05
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Re: How Safe is UBS

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Russian mkts ....I wonder if they get the right to keep a base there
I was wondering about that too; why not, I believe Iceland is not in NATO.
Not sure if it gives them much of a strategic advantage; Greenland would be better.

Marton
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  #376  
Old 08.10.2008, 20:23
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Re: How Safe is UBS

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ecb and boe cut rates. the world is saved.
Never really understood how these small rate changes can effect anything. Always seemed to me akin to a witch doctor throwing chicken bones over their shoulder. More of a religion based belief than actually measurably impacting real life
The "man in the street" seems to be happy to pay 15/20% interest on credit card debts & these rate changes never seem to have a leverage effect on the credit card interest rates; I mean a 0.5% rate cut should translate into a 4 or 5% cut in credit card interest rates.

For example SNB cut their rate today but nobody else (like mortgage or credit card companies or loan companies) has announced any cuts; they just put the difference in their pockets. How does this help?

Marton
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  #377  
Old 08.10.2008, 20:37
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Re: How Safe is UBS

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I wonder if they get the right to keep a base there - IIRC USAF has a permanenet base on the island... are they going to be good neighbours??

Paul
Me, I wonder whether it is really military bases the Russians gov is interested in. Or whether it's Vladivostok connections with grey money interested in keeping the channels open .... which might explain why the gov went out and denied the loan of 4 bn
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  #378  
Old 09.10.2008, 00:11
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Re: How Safe is UBS

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I was wondering about that too; why not, I believe Iceland is not in NATO.


Marton
Oh yes it is. It might not have any armed forces, but it is a member.
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  #379  
Old 09.10.2008, 08:05
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Re: How Safe is UBS

What's all the thread derailment about russian military bases on Iceland? Anyone care to provide info on a new thread? Thx.
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  #380  
Old 09.10.2008, 08:51
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Re: How Safe is UBS

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Understand that CHF 30k deposits are somewhat guaranteed...

But what happens when a person holds CHF 30k each in more than one bank deposit? All of the deposits are guaranteed? Or is it only CHF 30k per person?
Maximum CHF 30k per depositor (can be single person or several, e.g. husband nd wife) per Bank. But note that the pool only has 4B. That is insufficient if several smaller banks or a big bank collapse. Hence, worried persons should deposit in the state guaranteed institutions.
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