It would appear the fears of a global bank run are spreading. From HSBC's limiting large cash withdrawals (for your own good) to Lloyds ATMs going down, Bloomberg reports that 'My Bank' - one of Russia's top 200 lenders by assets - has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakned to 4-month wides at 192bps.
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4 comments:
"without good reason"
How about it's my money and I want it back? I didn't need to give "good reason" when I deposited it, did I?
When you opened your account you signed a piece of paper with very small print that said the bank reserves the right to make you give XXX days of notice BEFORE you withdraw any funds. It's rarely enforced but it's there, just in case they run out of cash.
I don't think most of the readers of this blog understand what a "bank run" would look like because they're too young.
Rest assured, it's not pretty and you will not get your money out when you want it. I hope you understand this. Warning signs have been coming for several years now. We have been told over and over to watch for this to happen.
You've been forewarned...
Martial law is soon to follow.
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