Is it a good idea holding large amounts of cash in Spanish banks?

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18 Jul 2011 00:00 by Sanchez1 Star rating. 853 posts Send private message

I don't think so personally, especially after seeing this chart.  I've moved almost all of my euros into Sterling over the last year or so. 

I know there are state guarantees that cover you for up to 100,000 euros per account, but would the Spanish state be able to afford to pay out in the worst case scenario?  I doubt it somehow...



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18 Jul 2011 14:47 by ads Star rating. 4025 posts Send private message

Might be worth asking TJ222?





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18 Jul 2011 17:42 by Sanchez1 Star rating. 853 posts Send private message

18 Jul 2011 17:51 by Kenny Ackers Star rating. 42 posts Send private message

Kenny Ackers´s avatar

Of course - As long as it is Pesetas

( Think i will root through the drawers see if I can find any)

Hee Hee





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18 Jul 2011 19:04 by Costachris Star rating in Yorkshire and Arroyo.... 38 posts Send private message

I wouldn't trust any state guarantees in Spain whatsoever and I base this on the collapse of the Icelandic banks. I opened accounts with Kaupthing Edge and Icesave as they were recommended by Martin Lewis the guy that's often on TV and on http://www.moneysavingexpert.com/. I was re-assured by the fact that the banks were backed with a guarantee from the Icelandic Government so in the case of problems I had a cast iron guarantee to get my money back. Well, they did go bust and the Icelandic Government honoured their guarantee but only to Icelandic citizens - not a penny for foreign investors until Brown threatened and seized their assets and compensated British investors.

Lesson learned. I don't trust our own politicians let alone foreign ones. I don't need to re-iterate the way that people, who regularly contribute on here, have been treated so outrageously by the Spanish Government and the Spanish banks in relation to guarantees. I know Spain and Iceland are different in that Spain is fully in the EU but I don't play Russian Roulette with my hard earned cash.

I maintain only sufficient funds in my Spanish accounts to meet the bills I have to pay on our place. I know the banks are offering some good savings deals in Spain in order to recapitilise. TJ222's threads are a good read on this as are the articles online in the Telegraph and Guardian all of whom seem to be stating that things are far to volatile to take any risks at the moment, particularly this week following the bank stress tests and the crucial EU Leaders meetings later in the week.

 



This message was last edited by Costachris on 18/07/2011.



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