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Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender
Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender As discussed first thing this morning, the fate of Canada’s largest alternative mortgage lender, Home Capital Group, appears to have been decided over the weekend, when in the span of just one week, over 70% of the company’s deposit base had been withdrawn, effectively […]
This Is What A Bank Run Looks Like: Home Capital Loses 70% Of Deposits In One Week
This Is What A Bank Run Looks Like: Home Capital Loses 70% Of Deposits In One Week In the beginning it was a slow pace, then it became a casual jog. Then, starting early last week, the jog morphed into a full-blown run, and – as of the past 3 days – the withdrawal of […]
Panic Bank Run Leaves Canada’s Largest Alternative Mortgage Lender On Edge Of Collapse
Panic Bank Run Leaves Canada’s Largest Alternative Mortgage Lender On Edge Of Collapse After two years of recurring warnings (both on this website and elsewhere) that Canada’s largest alternative (i.e., non-bank) mortgage lender is fundamentally insolvent, kept alive only courtesy of the Canadian housing bubble which until last week had managed to lift all boats, […]
Monte Paschi Rescue On The Rocks: Regulators Now “Expect Bank To Ask Italy For Bailout”
Monte Paschi Rescue On The Rocks: Regulators Now “Expect Bank To Ask Italy For Bailout” Ever since two months ago, when Italy’s third largest bank – and the world’s oldest – Sienna’s Monte dei Paschi, failed Europe’s latest stress test, it had scrambled, and assured markets, that it would obtain a private sector cash injection, […]
A Look Inside Europe’s Next Crisis: Why Everyone Is Finally Panicking About Italian Banks
A Look Inside Europe’s Next Crisis: Why Everyone Is Finally Panicking About Italian Banks Back in May 2013, we wrote an article titled “Europe’s EUR 500 Billion Ticking NPL Time Bomb” in which we laid out very simply what the biggest danger facing European banks was: non-performing, or bad, loans. We further said, that “Europe’s non-performing […]
Italy Granted “Extraordinary ” €150BN Bank Bailout Program To Prevent “Panic, Run On Deposits”
Italy Granted “Extraordinary ” €150BN Bank Bailout Program To Prevent “Panic, Run On Deposits” As we noted today, the rumors of an Italian bank bailout, which started on Monday morning, and were promptly shot down by Merkel the next day, got louder after a Reuters report that the Italian government is considering more creative ways to inject liquidity […]
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals Under the auspices of “protecting clients from criminal activity,” JPMorgan Chase has decided to impose capital controls on . As WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some customers started pulling out tens of thousands of dollars at […]
The Global Run On Physical Cash Has Begun: Why It Pays To Panic First
The Global Run On Physical Cash Has Begun: Why It Pays To Panic First Back in August 2012, when negative interest rates were still merely viewed as sheer monetary lunacy instead of pervasive global monetary reality that has pushed over $6 trillion in global bonds into negative yield territory, the NY Fed mused hypothetically about […]
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior In many ways, 2016 has been the year that the world woke up to how far down Krugman’s rabbit hole (trademark) DM central bankers have plunged in a largely futile effort to resuscitate global growth. For whatever reason, Haruhiko Kuroda’s move […]
Citi On Why Negative Rates Are Like Potato Chips: “No One Can Have Just One”
Citi On Why Negative Rates Are Like Potato Chips: “No One Can Have Just One” Now that Japan has let the negative rates genie out of the bottle, or as DB put it, ‘opened the Pandora’s Box‘ and in the process unleashed the latest global “silent bank run” and capital flight, prepare to hear a […]
“Pandora’s Box Is Open”: Why Japan May Have Started A ‘Silent Bank Run’
“Pandora’s Box Is Open”: Why Japan May Have Started A ‘Silent Bank Run’ As extensively discussed yesterday in the aftermath of the BOJ’s stunning decision to cut rates to negative for the first time in history (a decision which it appears was taken due to Davos peer pressure, a desire to prop up stock markets and to […]
If You Cannot Tell the Truth, Hide the Truth
If You Cannot Tell the Truth, Hide the Truth The motto of the ECB is plain and simple: why reform when we still have some power? Governments will fight until the last drop of blood is spilled; they assume it will be your blood, not theirs. We will see the opposite of transparency unfold along […]
Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors
Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: […]
Did The IMF Just Open Pandora’s Box?
Did The IMF Just Open Pandora’s Box? By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by […]
