Saturday, 16 March 2013

Largest Cash Robbery in European history

...but first let's examine one the biggest robbery which happen to occur in great Britain :
"The Securitas depot robbery was the largest cash robbery in British history. It took place on the evening of 21 February 2006 from 18:30 GMT until the early hours of 22 February 2006. Several men abducted and threatened the family of the manager, tied up fourteen staff members and stole £53,116,760[1][2] in bank notes from a Securitas Cash Management Ltd depot in Vale Road, TonbridgeKent. 
The Bank of England, to whom the money belonged, was reimbursed £25 million by Securitas AB the same day, and assured the public that Securitas would make up any additional loss
On 23 February 2006 at around 19:00 police confirmed the arrest in Forest HillSouth London of a man aged 29 and a woman aged 31, on suspicion of conspiracy to commit robbery.  
On 28 January 2008, the jury returned guilty verdicts on Stuart Royle, Jetmir Bucpapa, Roger Coutts, Lea Rusha and Emir Hysenaj. John Fowler and Keith Borer were cleared of all charges.[21] The next day Emir Hysenaj was sentenced to 20 years in prison with an order that he serve a minimum of 10 years. Stuart Royle, Lea Rusha, Jetmir Bucpapa and Roger Coutts were given life sentences with an order that they serve a minimum of 15 years." Source: Wikipedia
... coming back to todays story, we have just witnessed one of the biggest robbery in the history on Europe. Apparently, my sources told me that the cypriot people were robbed during the week end in broad daylight by a well organised team. 

Apparently it was prepared well in advance and seem to be premeditated. a total of 6 billions euro were taken from poor depositors (some keen accountants, through  a process called reverse engineering, calculated that each depositor were robbed the equivalent of 6.5% and the less poor of 9.9%).

The only video footage shows that the master mind was seen waving the european flag... 
"Euro-area finance ministers agreed to an unprecedented tax on Cypriot bank deposits as officials unveiled a 10 billion-euro ($13 billion) rescue plan for the country, the fifth sinceEurope’s debt crisis broke out in 2009. 
Cyprus will impose a levy of 6.75 percent on deposits of less than 100,000 euros -- the ceiling for European Union account insurance -- and 9.9 percent above that. 
The measures will raise 5.8 billion euros, in addition to the emergency loans, Dutch Finance Minister Jeroen Dijsselbloem, who leads the group of euro-area ministers, told reporters early today after 10 hours of talks in Brussels." source: Bloomberg 


Anonymous said...

I am not sure what lessons this has for us. I am glad that the terms were revised so than the EU specified guarantee was respected, although it shocks me a little the the EU representatives agreed the first bailout where they did not respect the bank guarantees of amounts up to 100 000 euros.

Some time back I persuaded my employeer to diversify bank accounts, although they rarely have a high bank balance. In the years that I have worked in Finland I have noticed a trend of companies using fewer banks, and even consolidating everything into just one account. This might make sense for large business, but I think medium sided ones should spread the risk around a bit more.

I guess one lesson is to 'keep the money moving' - if we have bills to pay, then pay them sooner than later as we may be 'taxed' on the money we hold in our accounts. In the same way if we have the money for something we need/want then go ahead and get it, as the spare cash might disapear.

"Island Crow"

Anonymous said...

Well the Icelandic state took 6.7 billion from foreign bank depositors. Of course they pay it back little by little, so it's more of a forced loan than a tax.

Andrew said...

Finnish House prices must still be rising?

I have no idea but Housing Finland has not deleted spam since 12th April.

And now to add insult to injury the ECB has lowered interest rates and is talking about negative rates.

House prices are not really going up of course, money is just going down in value. Looking at it that way, who in their right mind is going to hold onto Euros??

If the ECB can somehow engineer it that the Euro is worth a hundredth of what it is now, it will do it, and the whole lot of them will be partying and dining out on it for years to come.

For sure they do not care for anybody who holds Euros, all they care for is those who have debts and who hold assets denominated in Euros. Its a screw you and save us policy unless you can found a way not to be screwed.

HousingFinland said...

Dear Andrew,

I have been quite busy - looks like productivity is increasing alas - unfortunately :-/

Well, I have the feeling that all central banks are acting in total agreement and in sync they all have lowered interest rates to record low level.

Yet, the economical performance is poor compared to all the stimulus thrown...

Now they are maybe just following the natural forces...the deflation forces: ageing population, shrinking in some cases, less consumption etc... not sure how long they can hold...

The ecb and all others are buying time...if the situation does not get better and inflation plunges i.e. deflations kicks in then they will become just useless... same apply to the fed.

regarding housing price, they reach their peak to my opinion, the question for how long and how much they will fall...

HousingFinland said...

..and regarding the spam...well that add more comments in the count :-), always reassuring that the invisible hand is acting

Andrew said...

Interestingly although the volume of new home sales is still very near the low of the GFC, US new home sale median prices are now at a record high while household income as a percent of debt servicing is at a 30 year low.

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