{"id":28136,"date":"2017-11-19T17:10:02","date_gmt":"2017-11-19T22:10:02","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28136"},"modified":"2017-11-19T17:10:02","modified_gmt":"2017-11-19T22:10:02","slug":"protect-your-savings-with-gold-ecb-propose-end-to-deposit-protection","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28136","title":{"rendered":"Protect Your Savings With Gold: ECB Propose End To Deposit Protection\u00a0"},"content":{"rendered":"
\n
\n
\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
\n
\n

Protect Your Savings With Gold: ECB Propose End To Deposit Protection\u00a0<\/a><\/h3>\n
\n

\u2013 Protect Your Savings With Gold: ECB Propose End To Deposit Protection
\n\u2013 New ECB paper proposes \u2018covered deposits\u2019 should be replaced to allow for more flexibility
\n\u2013 Fear covered deposits may lead to a run on the banks
\n\u2013 Savers should be reminded that a bank\u2019s word is never its bond and to reduce counterparty exposure
\n\u2013 Physical gold enable savers to stay out of banking system and reduce exposure to bail-ins<\/strong><\/p>\n

\"EU<\/a><\/p>\n

It is the \u2018opinion of the European Central Bank\u2019 that the deposit protection scheme is no longer necessary:<\/p>\n

\u2018covered deposits and claims under investor compensation schemes\u00a0should be replaced by limited discretionary exemptions<\/b>\u00a0to be granted by the competent authority\u00a0in order to retain a degree of flexibility<\/b>.\u2019<\/em><\/p>\n

To translate the legalese jargon of the ECB bureaucrats this could mean that the current \u20ac100,000 (\u00a385,000) deposit level currently protected in the event of a bail-in may soon be no more.<\/p>\n

But worry not fellow savers as the ECB is fully aware of the uproar this may cause so they have been kind enough to propose that:<\/p>\n

\u201c\u2026during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request.\u201d<\/em><\/p><\/blockquote>\n

So that\u2019s a relief, you\u2019ll only need to wait five days for some \u2018competent authority\u2019 to deem what is an \u2018appropriate amount\u2019 of your own money for you to have access to in order eat, pay bills and get to work.<\/p>\n

The above has been taken from an\u00a0ECB paper<\/a>\u00a0published on 8 November 2017 entitled \u2018on revisions to the Union crisis management framework\u2019.<\/p>\n

It\u2019s 58 pages long, the majority of which are proposed amendments to the Union crisis management framework and the current text of the Capital Requirements Directive (CRD).<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Protect Your Savings With Gold: ECB Propose End To Deposit Protection\u00a0 \u2013 Protect Your Savings With Gold: ECB Propose End To Deposit Protection \u2013 New ECB paper proposes \u2018covered deposits\u2019 should be replaced to allow for more flexibility \u2013 Fear covered deposits may lead to a run on the banks \u2013 Savers should be reminded […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[17112,233,282,5613,14499],"class_list":["post-28136","post","type-post","status-publish","format-standard","hentry","category-economics","tag-deposit-protection","tag-ecb","tag-european-central-bank","tag-goldcore","tag-jan-skoyles"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28136"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28136\/revisions"}],"predecessor-version":[{"id":28137,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28136\/revisions\/28137"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}