Fixed Deposit Promotion

[zakashi]

lee_yl:

Ponsoby:

[quote=\"lee_yl\"]
Worst case scenario, the deposit insurance gets activated and you will be able to recover your first $50K only.

SCB shares in UK plunged from £10 to £3.85 within the last year. Hoping that Temasek Holdings with 19% of SCB will not let it fail :xedfingers:

Where is the source of information that yr DH get from?

From Bloomberg.
http://www.bloomberg.com/news/articles/2016-02-10/standard-chartered-leads-credit-swap-surge-for-u-k-banks-chart[/quote]Valuable information. Thanks Lee-yi. I forwarded this news to my DH. Really need to work out our funds in SCB and consider transferring some into another bank.

[MyPillow]

zakashi:

lee_yl:

[quote=\"lee_yl\"]
Worst case scenario, the deposit insurance gets activated and you will be able to recover your first $50K only.

SCB shares in UK plunged from £10 to £3.85 within the last year. Hoping that Temasek Holdings with 19% of SCB will not let it fail :xedfingers:

Valuable information. Thanks Lee-yi. I forwarded this news to my DH. Really need to work out our funds in SCB and consider transferring some into another bank.

[/quote]imo, Retail banking business here /in this region is still ok. unless one holds an international banking acct with UK,US Europe , then maybe \"cold sweating\". The most hit arms may be those who are solely in investment banking businesses only

[alng]

https://sg.finance.yahoo.com/news/massi ... d=21174577


Which three Singapore largest banks is this article referring to? So money in the banks is no longer safe?

[GiftedGem]

alng:

https://sg.finance.yahoo.com/news/massi ... d=21174577


Which three Singapore largest banks is this article referring to? So money in the banks is no longer safe?

The 3 banks are DBS, UOB and OCBC

[lalaland]

I hope SCB will hold out for at least a while. Or else many aunties (and their coffin money) will be burnt.

[Jennifer]

lalaland:

I hope SCB will hold out for at least a while. Or else many aunties (and their coffin money) will be burnt.

I have not been following the SCB news.

What do you mean by \"will be burnt\"?

[lalaland]

Jennifer:

I have not been following the SCB news.

What do you mean by \"will be burnt\"?

Refer to the few posts below:

MyPillow:

zakashi:

[quote=\"lee_yl\"]Worst case scenario, the deposit insurance gets activated and you will be able to recover your first $50K only.

SCB shares in UK plunged from £10 to £3.85 within the last year. Hoping that Temasek Holdings with 19% of SCB will not let it fail :xedfingers:

Valuable information. Thanks Lee-yi. I forwarded this news to my DH. Really need to work out our funds in SCB and consider transferring some into another bank.

imo, Retail banking business here /in this region is still ok. unless one holds an international banking acct with UK,US Europe , then maybe \"cold sweating\". The most hit arms may be those who are solely in investment banking businesses only[/quote]Many common folks like us bank in during the promotion period, and their rates are pretty good. But like MyPillow said, the risks in FDs should be lowest.

[Jennifer]

Thank you for the highlight.

[zbear]

lee_yl:

zbear:

[quote=\"lee_yl\"]
Btw, my DH told me last night that financial analysts have raised the spectre of 3 banks defaulting as a result of their exposure to commodities, oil and gas and China. The credit default swaps (basically insurance premiums against default) for the bonds issued by these 3 banks have also spiked in the last 2 days.

The 3 banks? State Bank of India, Deutsche Bank and Standard Chartered. Keeping my fingers crossed that nothing untoward will happen.

Oh dear, this sounds worrisome! What will be the worst case scenario?

Worst case scenario, the deposit insurance gets activated and you will be able to recover your first $50K only.

SCB shares in UK plunged from £10 to £3.85 within the last year. Hoping that Temasek Holdings with 19% of SCB will not let it fail :xedfingers:[/quote]
Does anyone plan to pull out your funds from SCB or just wait n see????????

[GiftedGem]

MyPillow:

zakashi:

[quote=\"lee_yl\"]
Worst case scenario, the deposit insurance gets activated and you will be able to recover your first $50K only.
SCB shares in UK plunged from £10 to £3.85 within the last year. Hoping that Temasek Holdings with 19% of SCB will not let it fail :xedfingers:

Valuable information. Thanks Lee-yi. I forwarded this news to my DH. Really need to work out our funds in SCB and consider transferring some into another bank.

imo, Retail banking business here /in this region is still ok. unless one holds an international banking acct with UK,US Europe , then maybe \"cold sweating\". The most hit arms may be those who are solely in investment banking businesses only[/quote]
Inevitably, it can be worrisome for many as share prices for global banking have dived due to fears mounting whether global banking can withstand continued low interest rates and fears of a re-run of the 2008 financial crisis continued to stalk markets.

Take Citigroup as a good example :-
I recalled for Citigroup, 2009 was a watershed year, financially, strategically and operationally.
Shares of Citigroup, once the nation's most powerful bank, hit an all time low of 97 cents. It was a 95.56% drop from fiscal yr 2008. But it still pulled thru and current stock price at $34.96.

Right now, with weak sentiment on China market, oil slump, commodity-related debt are taking a bash on global banking and bringing fear to investors. This not applies to SCB, Deutsche, or Statebank of India but the unsettling trend is taking a toil on other big banks too which includes our local big banks who have strong presence in China.

One thing I do agree with My Pillow is that consumer banking in Asia is still on the robust side.