how safe are banks in trnc

daver


Joined: 28/08/2007
Posts: 36

Message Posted:
11/08/2008 14:37

Does any one know how safe your money is with the banks in TRNC and have any banks collasped in the last 5 years . Also how much of your money is insured if it should go bust , thanks

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
11/08/2008 15:35

To my knowledge, no bank has gone bust since 2001 following the crisis in Turkey & here.



Apparently 20,000 euros or equivalent.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
11/08/2008 15:43

Turk Bank (UK) adheres to the Banking Code. Therefore you would be covered up to £35k in the event the bank defaulted.



Not sure about the other banks though.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
11/08/2008 15:57

Don't think that would apply to a Turkbank account in the TRNC though.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
11/08/2008 16:05

I use Garanti and Iktisat both of which are Turkish and not Cypriot. I have examined Garanti's balance sheet and was happy with what I saw.

Funny thing was when I asked my account manager about the indemnity limit she said the indemnity was with TRNC government who have no money to pay it out and Garanti and its owners have far more money than TRNC government anyway. Thought it was a good answer!

daver


Joined: 28/08/2007
Posts: 36

Message Posted:
11/08/2008 17:41

what about the local banks ie - Universal , western union ?

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
11/08/2008 17:45

breezyboy. didn't Northern Rocks balance sheet look good a couple of years ago?

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
12/08/2008 21:12

don't even bring your cash here. keep it safe off shore.

simma



Joined: 03/02/2008
Posts: 346

Message Posted:
12/08/2008 21:57

Hi Scruff, do you know what caused the crisis?

john.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
12/08/2008 22:02

Spread your money around. There are Turkish, TRNC and HSBC banks here.



Yes there is risk but all local banks are bonded to 20k euro. Yes the government is bankrupt but depends on your view of risk.



To not have cash here is crazy with rates at about 20%. The previous post says leave offshore where you will get about 6% max. Certainly the most negative comment I have read in a long time regarding savings.



WE have combination of all options and are earning very nicely thank you.

simma



Joined: 03/02/2008
Posts: 346

Message Posted:
12/08/2008 22:04

CIH, which one offers the best rate, i've just opened a hsbc prem account.

john.

phylray



Joined: 21/09/2007
Posts: 1727

Message Posted:
12/08/2008 22:25

Having worked 3 years in Turkey & 7 months in TRNC I have found

the banks to be as good as any. Turkbank, Isbank, they are o.k. & I did

have a dollar a/c at the Uni. bank in Famagusta/Gazimagusa.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
12/08/2008 23:00

simma - re message 9



http://news.bbc.co.uk/1/hi/business/1184117.stm



Plenty of other articles out there. Just google Turkish Banking crisis 2000 or 2001.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
12/08/2008 23:18

HSBC does not offer the best rates but they, IMHO are the safest.



Forget the past scruffy, most have learnt their lessons.



As Northern Rock plus this week RBS have indicated worldwide banking difficulties. So, if you have an element of risk in your portfollio then spread it around to maximise your potential.



5% in UK, 20% in TRNC!!!!!!!!!!

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
13/08/2008 01:05

CIH. I was simply responding to & answering the questions that had been put by the thread originator & then message 9.



IMO one should never forget the lessons of the past. As one poster has said who would have imagined 2 yrs ago that Northern Rock would have to be nationalised.

petsitter61


Joined: 19/06/2008
Posts: 180

Message Posted:
13/08/2008 08:11

ıf anyone would lıke to call ın for a chat about there bankıng needs please contact us ın TURKBANK the Englısh Reps are



Gemma Carter at Alsancak Branch g.carter@turkishbank.net



Justına Lındley at Karakum Branch j.lindley@turkishbank.net



Lında Roy at Karaoglanoglu l.roy@turkishbank.net



please remember the hıgher the ıntrest the hıgher the rısk

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
13/08/2008 14:17

this is cyprus, if you haven't worked it out yet nothing here is guarrented. remember the old saying "if it sounds to good to be true it probably is" i bank off shore but then i'm not stupid. well matter of oppinion but at least i'm sure my cash will still be there when i need it. also you keep forgetting the part where the goverment takes tax from your savings interest.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
13/08/2008 14:23

Offshore savings about 6%



On £1000 interest approx - £60



TRNC 20% less 8% tax



On YTL equivalent of £1000 interest approx - £180.



We are living off our interest here could not from offshore savings alone.



Gamble it may be but a very calculated one.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
13/08/2008 15:12

i doubt it, every gamble you make in the trnc is in someone elses favor not yours. come here and invest they said, no chance is possible unless you have a cousin. buy a house here they said, the goverment will guarrenty it. (tell that to the orams. ) when every day, you here of more and more people getting done over by this goverment. can you trust or believe anything they say? why do you think soo many turkish cypriots keep there money in sterling in the uk? wake up and smell that turkish coffee! what interest will you live on when they have robbed you of your money?

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
13/08/2008 15:38

Me thinks you are more of a cynic than I!!!!!!!

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
13/08/2008 15:41

i have embraced my local comunity but i never ever under estimate them. i thought i knew every trick in the book until moving here.

brains


Joined: 21/07/2008
Posts: 37

Message Posted:
14/08/2008 08:13

Hello everyone,



For those of you that don't know me, my name is Francoise and I work for Universal bank in Çatalköy as their customer representative. I would like to clarify that all of the banks that are 'under guarantee' by the central bank of TRNC are currently covered for 20,000 EURO per account. If you have a large amount of money in savings here, you can spread this over a few accounts to cover yourself, however, this will mean that you will be receiving a lower interest rate, as the amounts invested into the accounts will also be lower. If you would like to see the banks that are listed with the central bank and the rules and regulations that we have to adhere to, please see their website: http://www.kktcmb.trnc.net . This site can be changed into English.



It is worth remembering that this is your money, and you need to invest it how YOU want to.



If you would like to discuss any banking matter with me then please feel free to call into our branch at Çatalköy. (Mon and Fri 8 - 5 and Tues, Wed & Thurs 8 - 1, normal working hours to resume in Sept.) or contact me via email customer.representative@universalbank.com.tr.



Thank you.

Francoise Aktash

Customer Representative

Universal Bank.

petsitter61


Joined: 19/06/2008
Posts: 180

Message Posted:
14/08/2008 08:29

thank you francoıse for the ınfo about the central bank web sıte

and can ı add that ıf a customer spreads there ınvestment over several accounts ın thıs bank the amount ıs classed as one amount and ıntrest gıven on the whole amount



thank You

Lında Roy

Customer Rep

Turkbank Karaoglanoglu

l.roy@turkishbank.net

jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
14/08/2008 12:53

Hi linda, i have emailed you off line, can you advice.

kind regards G&C

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
14/08/2008 15:01

No1Doyen.

It looks even better now the major shareholder is UK Plc with chief cashier Brown ladling money in to it.

I think you have to take a view on most things especially in TRNC. The Turkish banks have no sub prime debt and have a very good ratio of loan : collateral.

There ain't nothing certain in this life!