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Old 19th May 2018, 20:31   #1179 (permalink)
Kanga
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Re: Watch The Lira Now

All accounts were hit, as I said, there was a one-off take across all accounts, apologies if that was not made clear. Repayment was made in bank shares.

Depositors with under 100,000 euros deposited must pay 6.75%
Those with more than 100,000 in their accounts must pay 9.9%
Depositors will be compensated with the equivalent amount in shares in their banks
The levy is a one-off measure


One reason the banks were badly hit was because of the overheated property market financed through foreign currency loans, mainly Swiss francs. When the crash happened the Swiss franc rose against other currencies and borrowers were unable to continue financing their loans. This led to banks repossessing properties and losing out in many cases as they had to sell at a loss.
I was working in finance at the time, it was an awful couple of years even though my work was only on the periphery.
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