continental bank get the real facts

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
14/12/2009 13:46

Having read the forum all weekend and had numerous phone calls from customers regarding their concern, l can confirm that the Continental Bank is now a goverment run bank. We are merging with Yeşilada Bank and all Yeşilada customers who have deposit accounts, will be transfered to Continental Bank. (the stronger bank). All accounts are still guranteed for 20.,000 euros or the equivalent.

Rates are at present monthly tl 10% and monthly stg 5%.

If any one has any queries please contact me on 822 4359 and get the correct imformation not just the rumour!

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
14/12/2009 19:50

Can you explain why the Continental Bank is now run by the government? What expertise does the government have in running a bank? How can the Continental bank be any stronger than Yesilada Bank? Is Yesilada also in trouble?

newscoop


Joined: 23/12/2007
Posts: 2197

Message Posted:
14/12/2009 20:23

Hector;



It's self explanatory



Yesilada has been merged with continental under the supervision of the central bank!



As to the expertise, if you had been here in 1999/2000 you would know that they learned a lot back then.

jacko99


Joined: 26/06/2009
Posts: 52

Message Posted:
14/12/2009 20:26

yes how to cover up a banking crisis

Sideways



Joined: 21/01/2009
Posts: 529

Message Posted:
14/12/2009 21:06

Thanks Girne,

I gather customers can still withdraw and deposit as normal ?

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
14/12/2009 21:19

newscoop

Doesn't appear self explanatory to me or I wouldn't have asked the questions. girne who works for the bank (and yet wasn't it appears privy to what was happening) says that the Continental Bank is now government run & merged with Yesilada. Whilst I can understand your viewpoint I don't share your confidence as to expertise gained 10 years ago.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
14/12/2009 22:12

According to the Chairman of the Central bank as partly translated in msg. 29 there is no mention of the merger http://www.cyprus44.com/forums/27688.asp

Indeed a meger can happen only if the general assemblies of the shareholders approve such a move. There is no evidence of such a move. Yeşilada bank functioned normally today. Where are the facts about this merger? No rumours, no gossip, just facts please.

ismet

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
15/12/2009 18:48

Still waiting for a response..

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
15/12/2009 19:01

Ironically, it looks like the Cyprus Mail has a most concise report on the matter



http://www.cyprus-mail.com/cyprus/bailout-two-banks-north

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
15/12/2009 19:18

msg. 9

Concise but wrong on the most vital point. The two banks were not sequestrated by the Central bank, they took over only the administration of the two banks. A fine difference. My feeling is that after a little while some National Banks from Turkey will bid for them and it will be the best way out for the current owners i.e. the shareholders and not the government. It will make it easier for some National Banks from .turkey to establish themselves here in Cyprus with ready offices and staff. HSBC came to TRNC through Demirbank which was taken over by the government in Turkey.

ismet

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
15/12/2009 19:43

Look what happened to UK banks that took over ailing ones i.e. Lloyds. Bad news. Does the TRNC really need 22 banks?

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
16/12/2009 12:55

Speaking to Bank managers who where there when the banks went down they have seen a big change in the system. The guarantee system does work for if you remember not too long ago when a bank went under all customers collected their monies from the Vakiflar Bank with in days of this.

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
16/12/2009 12:57

THe goverment seems to be running the Vakiflar and iş bank ok!!

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
16/12/2009 13:01

sideways Business is as usual and deposits and withdrawls are of cousre part of our working day.

ricky


Joined: 26/01/2009
Posts: 294

Message Posted:
16/12/2009 14:04

Be carefull, Madoff and Co!

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
18/12/2009 16:40

Girne (msg.13),

Iş bank is one of the most prestigious banks of Turkey and it was here well before 1974. To say that it is run by the government here is beyond belief. You must have had a blonde moment

ismet

andrew4232



Joined: 04/07/2009
Posts: 1543

Message Posted:
18/12/2009 19:42

elko2 i agree Is bank is one of the better ones, having used them i have only one problem which is the same here as it is in Turkey where i used to live there there service is really really bad you need to spend all day in there, its worse than trying to do your resi