Tortosa Area Forum | |
General >> News >> Bank problem
http://www.tortosaforum.com/cgi-bin/yabb2/YaBB.pl?num=1323268535 Message started by avalidopinion on Dec 7th, 2011 at 3:35pm |
Title: Re: Bank problem Post by merriman on Dec 8th, 2011 at 8:19am
The co-op was operating as a small bank, and had about 3000 clients most of whom were local.
Last year, in order to maximise profits, the co-op made several purchases of arable land - sound investments at the time. However the interest rate offered on the savings accounts was about 3%, and when Catalunya started offering 4-5% on it's own 1 and 2 year bonds, a lot of their savers withdrew their cash and invested it elsewhere. Not quite a bank-run, but effectively made them illiquid and they did not have the funds tot pay out anymore. Banks eh! This week 3000 in L'Aldea, next week France... |
Tortosa Area Forum » Powered by YaBB 2.6.0! YaBB Forum Software © 2000-2024. All Rights Reserved. |