Tag Archives: Poland

List Of Offshore Private Vaults Updated Again

The list of private, non-bank vaults outside the United States (offering safe deposit boxes/lockers at a minimum) located on this blog’s sister site- Offshore Private Vaults- has been updated again.

Safe deposit facilities have been added under the following countries:

• Australia (Australasian Vaulting Industries (AVI), Bella Vista (Sydney suburb) and Kuber Vaults, Castle Hill (Sydney suburb))
• Poland (Slaskie Sejfy, Katowice)
• United Kingdom (The Royal Mint Secure Storage, Llantrisant, Wales)

Any facilities I missed? I’d be grateful if you let me know about them. In the meantime, readers can view the updated list of offshore private vaults here.

Christopher E. Hill
Editor

(Editor’s note: The mention of a particular business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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EU Countries Given 2 Months To Have ‘Bail-In’ Process In Place

European Union countries have been “encouraged” to have their ‘bail-in’ process in place by the end of July. Foo Yun Chee reported on the Reuters Canada website on May 28:

The European Commission on Thursday gave France, Italy and nine other EU countries two months to adopt new EU rules on propping up failed banks or face legal action.

The rules, known as the bank recovery and resolution directive (BRRD), seek to shield taxpayers from having to bail out troubled lenders, forcing creditors and shareholders to contribute to the rescue in a process known as “bail-in”

(Editor’s note: Bold added for emphasis)

Bulgaria, the Czech Republic, France, Holland, Italy, Lithuania, Luxembourg, Malta, Poland, Romania, and Sweden are the EU member states that were given notice.

Note the use of the word “creditors” in the piece. Back on July 17, 2014, I blogged:

Elsewhere in Europe, a system for additional wealth confiscation via financial accounts- more “bail-ins”- is being put in place in the event of a banking crisis. Andrea Thomas reported on the MarketWatch website on July 9:Germany’s cabinet Wednesday approved plans to force creditors into propping up struggling banks beginning in 2015, one year earlier than required under European-wide plans that set rules for failing financial institutions.

The new bail-in rules are part of a package of German legislation on the European banking union–an ambitious project to centralize bank supervision in the euro zone and, when banks fail, to organize their rescue or winding-up at a European level.

Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk,” the country’s finance ministry said in its draft bill seen by The Wall Street Journal.

“This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.”

European finance ministers agreed earlier this year on Europe-wide legislation on bank recovery and resolution, which sets a cascading hierarchy of investors who would be hit when a bank fails. These rules will come into force in 2016…

(Editor’s note: Bold added for emphasis)

From my research on the subject, it is argued that the terms “creditors” and “depositors” are interchangeable. Therefore owners, creditors, and depositors may be “tapped up” to “solve” a future banking crisis.

“It is argued that the terms ‘creditors’ and ‘depositors’ are interchangeable.”

Should that turn out to be the case in a “bail-in,” what will be the fate of contents stored in safe deposit boxes attached to depositor accounts?

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

Source:

Chee, Foo Yun. “EU regulators tell 11 countries to adopt bank bail-in rules.” Reuters Canada. 28 May 2015. (http://ca.reuters.com/article/businessNews/idCAKBN0OD14Z20150528). 18 June 2015.

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