Go Back   English Forum Switzerland > Living in Switzerland > Swiss politics/news  
Reply
 
Thread Tools Display Modes
  #601  
Old 22.10.2008, 00:24
magyir's Avatar
Forum Veteran
 
Join Date: Oct 2006
Location: Wallisellen
Posts: 1,627
Groaned at 7 Times in 7 Posts
Thanked 501 Times in 346 Posts
magyir has a reputation beyond reputemagyir has a reputation beyond reputemagyir has a reputation beyond reputemagyir has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
It all depends on what your agreements say, I have yet to see a Swiss mortgage agreement that did not exclude the right to off set balances in the client's favour.

When I took out a mortgage a few years ago I refused to sign the agreement until the clause was removed - after much 'discussions' they eventually agreed to it and gave me a 'special' contract. But I expect that few people do this....


Jim
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.
Reply With Quote
  #602  
Old 22.10.2008, 00:33
magyir's Avatar
Forum Veteran
 
Join Date: Oct 2006
Location: Wallisellen
Posts: 1,627
Groaned at 7 Times in 7 Posts
Thanked 501 Times in 346 Posts
magyir has a reputation beyond reputemagyir has a reputation beyond reputemagyir has a reputation beyond reputemagyir has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
Doubt that it is so simple! The mortgage collateral is an asset. The Liquidator may sell that to another Financial Institution, which then takes on the mortgage. The liquidated assets are then used to pay off the liabilities. Here there is a pecking order that puts employees (salaries, pension plans, etc.) first.
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).

Last edited by magyir; 22.10.2008 at 00:34. Reason: spelling
Reply With Quote
  #603  
Old 22.10.2008, 09:25
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 10,347
Groaned at 455 Times in 391 Posts
Thanked 19,059 Times in 10,065 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
You haven't quoted the full article. There are various conditions. Only the party/parties quoted in the mortgage can offset against their credits elsewhere. Therefore if only Daddy has the mortgage then Mommy and the kids can't benefit beyond the standard 30k per institution/group.

This was the scenario in the question answered in Blick where a one family member wrote in talking about their family having a mortgage and various family accounts in the same bank.

Care to rephrase your question?
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
Reply With Quote
  #604  
Old 22.10.2008, 12:40
Nathu's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: Zürich
Posts: 4,521
Groaned at 18 Times in 16 Posts
Thanked 2,208 Times in 1,248 Posts
Nathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

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.
Reply With Quote
  #605  
Old 22.10.2008, 12:52
Nev
 
Posts: n/a
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
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.
Reply With Quote
  #606  
Old 22.10.2008, 13:01
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 10,347
Groaned at 455 Times in 391 Posts
Thanked 19,059 Times in 10,065 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
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.
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
Reply With Quote
  #607  
Old 22.10.2008, 14:13
JVC
 
Posts: n/a
Re: Financial Crisis Bank News [was: How Safe is UBS?]

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

Quote:
It is highly unusual for central bank chiefs to make even veiled predictions of currency movements, but Mr King said that the UK is likely to face a painful adjustment of the value of its currency and current account deficit in the coming months and years thanks to the financial crisis.
Reply With Quote
  #608  
Old 22.10.2008, 14:16
Uncle GroOve's Avatar
Forum Veteran
 
Join Date: Feb 2008
Location: Mendrisio
Posts: 1,082
Groaned at 7 Times in 5 Posts
Thanked 733 Times in 382 Posts
Uncle GroOve has a reputation beyond reputeUncle GroOve has a reputation beyond reputeUncle GroOve has a reputation beyond reputeUncle GroOve has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

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
Reply With Quote
  #609  
Old 22.10.2008, 14:38
irinastaxen's Avatar
Senior Member
 
Join Date: Jun 2008
Location: Vevey
Posts: 299
Groaned at 6 Times in 2 Posts
Thanked 166 Times in 92 Posts
irinastaxen is considered knowledgeableirinastaxen is considered knowledgeableirinastaxen is considered knowledgeable
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
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.
Reply With Quote
  #610  
Old 22.10.2008, 15:42
Nev
 
Posts: n/a
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
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 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=
Reply With Quote
  #611  
Old 22.10.2008, 18:01
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,847
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
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.
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%
Reply With Quote
This user would like to thank Goldtop for this useful post:
  #612  
Old 22.10.2008, 18:08
Texaner's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Zentralschweiz
Posts: 2,047
Groaned at 99 Times in 89 Posts
Thanked 2,984 Times in 1,429 Posts
Texaner has a reputation beyond reputeTexaner has a reputation beyond reputeTexaner has a reputation beyond reputeTexaner has a reputation beyond reputeTexaner has a reputation beyond reputeTexaner has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
Cash newspaper of Wednesday 22nd October reports that ZKB is not accepting new private customers, either.
Meaning individuals?
Reply With Quote
  #613  
Old 22.10.2008, 18:16
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,847
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
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"
Reply With Quote
  #614  
Old 22.10.2008, 18:18
Nathu's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: Zürich
Posts: 4,521
Groaned at 18 Times in 16 Posts
Thanked 2,208 Times in 1,248 Posts
Nathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond reputeNathu has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

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...
Reply With Quote
  #615  
Old 22.10.2008, 18:24
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,847
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Picture in Cash newspaper. Prospective customers being turned away?
Attached Thumbnails
financial-crisis-bank-news-how-safe-ubs-untitled-truecolor-01.jpg  
Reply With Quote
  #616  
Old 22.10.2008, 18:35
irinastaxen's Avatar
Senior Member
 
Join Date: Jun 2008
Location: Vevey
Posts: 299
Groaned at 6 Times in 2 Posts
Thanked 166 Times in 92 Posts
irinastaxen is considered knowledgeableirinastaxen is considered knowledgeableirinastaxen is considered knowledgeable
Re: Financial Crisis Bank News [was: How Safe is UBS?]

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?
Reply With Quote
  #617  
Old 22.10.2008, 18:36
Forum Legend
 
Join Date: Jan 2007
Location: Geneva
Posts: 5,522
Groaned at 123 Times in 108 Posts
Thanked 3,297 Times in 1,737 Posts
Shorrick Mk2 has a reputation beyond reputeShorrick Mk2 has a reputation beyond reputeShorrick Mk2 has a reputation beyond reputeShorrick Mk2 has a reputation beyond reputeShorrick Mk2 has a reputation beyond reputeShorrick Mk2 has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
Apparently, ZKB is not willing to lend to UBS not even at 12.5%
Makes you wonder why they want to keept the stash for themselves so badly.
Reply With Quote
  #618  
Old 22.10.2008, 18:38
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,847
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
Makes you wonder why they want to keept the stash for themselves so badly.
They are parking it at the SNB for 0%.
Reply With Quote
  #619  
Old 22.10.2008, 18:40
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,847
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
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?
The EU would feel obliged to support its Baltic member states. Ukraine has no allies.
Reply With Quote
  #620  
Old 22.10.2008, 19:53
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 4,437
Groaned at 207 Times in 164 Posts
Thanked 7,211 Times in 3,218 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Financial Crisis Bank News [was: How Safe is UBS?]

Quote:
View Post
I hope UBS will regain their position; the fact is that at the moment they report net outflows.

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

Jim
Reply With Quote
Reply

Tags
bank, banking crisis, economy, financial crisis, switzerland, ubs, usa




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
Dude, where's the lawsuits? [Financial crisis] dino International affairs/politics 43 26.11.2008 09:37
Shall I tansfer GBP to canton bank for safe keeping swinburne Finance/banking/taxation 1 17.10.2008 13:50
Bank Crisis in Japan nickatbasel Jokes/funnies 1 08.10.2008 23:08
Sub-prime crisis discussion (UBS, CS et al) hugh_abu Finance/banking/taxation 244 09.05.2008 01:33
Need a safe bank Lechuga Finance/banking/taxation 11 13.04.2007 12:40


All times are GMT +2. The time now is 03:57.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0