Pan-European Bank Run Day Starts With A Bang: Bank Of Ireland ATM Systems Fail

Tyler Durden's picture

As a reminder today is the day when Europeans are supposed to withdraw money from their bank, not necessarily in a beneficial manner. And maybe the action is already having an impact with the Bank of Ireland apparently the first casualty. BBC reports: "Customers of one of Ireland's largest banks have been unable to access their cash accounts through ATMs or online. The Bank of Ireland said it became aware at 1000 GMT on
Tuesday that ATMs were not working and customers were unable to make
online transactions. A spokesperson said the fault lay with the bank's internal system and engineers were working to restore normal services." And by bank's internal system presumably one meant lack of money...Perhaps Eric Cantona will have the last laugh after all.

We ask our European readers to advise us if they see comparable "internal system" failures at their bank ATMs

h/t Will

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e_u_r_o's picture

this will only make ppl more angry

cossack55's picture

Oh yeah, but losing your country to the Bankstas, thats OK.

4xaddict's picture

The logic behind this idea appears ridiculous to me.

Most of the working classes hold what little debased currency they have left in traditional savings banks and small banks/credit unions. So we all go marching in a Simpsons-esque mob with burning sticks and pitchforks in hand to the bank and one of two things happen:

1. They say there is a problem and we will let you know when it is fixed sorry for the inconvenience - a move to protect the angry mob from their own stupidity. We shout "rabble rabble", "rabble rabble rabble rabble rabble rabble rabble rabble rabble RABBLE" and then go home to watch XFactor or some other mind rotting snot.

or

2. A bank run ensues, innocent people caught up in this flawed groupthink (probably developed by a couple of french people out on the piss but no one asks do they).  They then become victims of crime as their money is stolen and they are potentially bashed for it, alcoholic beggars who are the plague of ATMs across the UK and Ireland get a salary increase, and what are they actually removing their money from? Either, small credit houses and local banks that provide that very mob's relatives and friends with employment OR from a government owned bank that they have already had their tax payer dollars used in to bail it out thereby reducing the efficiency and return on their own taxes. They are cost further in their taxes with the added police presence required to managed this mess.

Nett result - the mob loses time, money, possibly all of it if they are robbed and no one else pays any attention or gives a fuck.

If they all just did as they are told here at ZH and bought a couple of silver coins each they are probably up a couple of percent today and able to buy lunch and beer and talk about the wankers walking around with pockets full of cash ranting about vampire squids and other such things they know nothing about before a white van comes and takes them to a place where they can be "helped" and they even get a free jacket.

This whole thing only makes sense if it is being organised by a pan european mafia group who plan to rob people all afternoon. 

Fuck me people are stupid!

goldsaver's picture

We shout "rabble rabble", "rabble rabble rabble rabble rabble rabble rabble rabble rabble RABBLE" and then go home to watch XFactor or some other mind rotting snot

or, we can sit at home shouting rabble rabble at the telly and no one sees anything wrong. Bankers continue to legally rob people and the system continues draining the last bit of remaining blood from the peasants.

They then become victims of crime as their money is stolen and they are potentially bashed for it, alcoholic beggars who are the plague of ATMs across the UK and Ireland get a salary increase, and what are they actually removing their money from

Hmmm, so your options are, get robbed by your banker or take the risk of getting robbed by the local drunkard. 

Fuck me people are stupid

yes, and you prove it. Thank you.

ajax's picture

 

Thank you Goldsaver. All it would have taken to put Rubin's dreadful brainchild "Citibank" (The Citi Never Sleeps) OUT OF BUSINESS as in 6 FEET UNDER was a good old fashioned run on the bank on Dec. 7, 2008. 

4xaddict's picture

I have proved it by drawing this response from you. The local bums beg at the ATMs not rob people you genius, it's purely a numbers game - the more is withdrawn in a day the more likely they are to get given some change, I cannot believe you needed that explained.

Don't trip over the other automatons on the way to the cash machine.

People need to start actually taking an interest in their own futures, reading and educating themselves on what they can do. Not blindly following other idiots.

What you are saying is that it's either sit at home ranting at the TV or go to the bank, withdraw all your money and then start ranting alongside some ex-soccer star and undoubted economic and governmental visionary.

I am in neither camp as I have taken responsibility for my own life, I am not in debt, I don't derive my news from standard sources and I don't sit around feeling sorry for myself with my head in a bucket of sand.

The banks and banksters are only in this situation of power because voter apathy allowed the political system to become as corrupt as it has. You have to change the rules  before the game can change. Otherwise you are just kicking cans.

I get upset that people are willing to just follow this dross without knowing the first thing about it or the true impact they will have. So yes, people are stupid and if you subscribe to this kind of bullshit then you're in the "people" category.

Junk me all you want but you can't escape reality.

Eternal Student's picture

There's a simple way to get these ATM's fixed real fast. Start an effort to deposit money into the Irish Banks via ATM's.

Now that ought to leave the Bank management in a fine state of wondering WTF they should do.

unnormal's picture

In Poland recently failures with online accounts were quite common but they were mainly caused by preparation of IT systems for new functions to be run since 2011. maybe that's the case in ireland

MarketTruth's picture

This 'computer down' saga will simply extend the days of the bank run as it will last for days, not just a single one.

Oh regional Indian's picture

And so it begins.
They test-ran it on the Ozzie population a couple of weeks ago and saw no pitch-forks on the streets.
But simulated vs. real?
I'll bet on real and pitch-forks.

ORI

http://aadivaahan.wordpress.com/2010/11/18/enchanted-mesmerized-en-chained/

Henry Chinaski's picture

Note to self: Get cash on Bank Run Day -1.

unum mountaineer's picture

-5, nah skip that..form the moment a bailout package is announced

A_MacLaren's picture

Panic early and beat the rush.

littlebuddy's picture

better: buy so much silver that you're overdrawn.

RichyRoo's picture

One of our biggest banks here in Aus had a multi-day glitch....It was apparently caused by an offshored processing person running the same corrupted file 6 times (thats just a rumor, no info in the media). It took about a week to fix, and prevented people from accessing their accounts. Also NAB do settlement for HSBC and others in Australia and it screwed them too! And in a beautiful piece of banking arrogance, the media contact person whose job it was to explain it all, couldnt, and had no technical experience, just a PR hack!

 

So forgive me if I seem .. cynical .. anti-cynical ... cyincal^2 ... umm 1/cynical? What do you call it when you resist the instruction of you tin foil hat and suspect that bankers ARENT conspiring? Anyway ... choosing between conspiracy and stuff up, when it comes to banksters, I call stuff up.

 

http://www.heraldsun.com.au/business/nab-glitch-will-bite/story-e6frfh4f...

http://www.theaustralian.com.au/business/news/nab-computer-debacle-final...

http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/12/78/1

Advoc8tr's picture

OR... NAB was temporarily insolvent because it was having trouble rolling over short term debt and it couldn't snivel back to the US fed for more secret help (4.5 billion @ 0.6%) due to the fact that the FED was forced to publish the list of bail out recepients ... and what do you know, 2 of the 4 pillars of AUS banking sector had secretly been bailed out by the US FED.

Took several days to sort out quietly with RBA under the cover of 'technical glitch'

Sorry mate but I have to disagree. I call conspiracy to cover up AUS banking sector weakness and its very real exposure to the mess elsewhere ...

all in the "national interest" of course ;-)

Oh regional Indian's picture

Hey, slightly off topic here Advoc, but from Balioutgate news, this ought to make one sick to the stomach... if you're ready...

>>>>>>>>>>><<<<<<<<<<<<<<<<<<<<

As the financial crisis hit full-tilt in October 2008, the Federal Reserve was not only furiously propping up banks, but it also repeatedly came to the aid of such companies as Verizon Communications, McDonald's and Harley-Davidson.

The Fed bought nearly $800 million worth of short-term debt known as commercial paper from Verizon on Oct. 27, 2008, and bought about another $700 million the next day, according to data released by the central bank on Wednesday that details some 21,000 Fed transactions worth $3.3 trillion over the past two years.

The Fed bought about $350 million worth of commercial paper in late October and early November 2008 from Harley-Davidson. The Fed bought commercial paper from McDonald's seven times through the spring of 2009, acquiring about $175 million worth over that time.

Commercial paper is the lifeblood for many businesses which rely on it to help meet near-term obligations, such as making payroll or paying suppliers. The commercial paper market, however, froze solid as the financial crisis escalated, forcing the Fed to step in and buy the paper not just from issuers such as Citigroup and Goldman Sachs, but also from Verizon, General Electric, McDonald's, Caterpillar and the National Rural Utilities Cooperative, among many others.

>>>>>>>><<<<<<<<<

Look at some of those names...McDonalds (yes, no douglass, just the fatty making burger chain)...

Strange.

ORI

http://aadivaahan.wordpress.com

Dapper Dan's picture

If the fed is a private co. than all this would be OK?

If the fed were a government agency than this would be bad?

 

goldsaver's picture

The Fed is a private banking cartel. This would be perfectly reasonable and legal if it was not outside of their charter. Their purpose is to provide currency and liquidity to member banks. They are supposed to do so while controlling the amount of currency available without causing inflation. For that, they get legal license to create counterfeit money and charge the rest of us interest on money they create out of thin air. Nice business if you can get it. But now they crossed the Rubicon. They are using their power to "create" money to prop up individual businesses (not member banks), artificially drive prices of commodities and equities for personal gain and pay themselves handsome bonuses at the expense of a hidden tax on the rest of the world's population.

An analogy, if I may. You give your doctor permission to see your wife nude and touch her most private areas in order to insure her wellbeing. For that you pay him handsomely. He then begins taking nude pictures of your wife or daughter, selling them on the internet and charging admission to any Joe from the street to do the pelvic exam along with him.

Do you see where they crossed the line?

faustian bargain's picture

Even further, though: the Fed's very existence is already across the line. There is nothing in the Constitution, nor especially in the very-well-reasoned intentions of the founding fathers, to allow for a central bank with an enforced monopoly on printing money. The Federal Reserve Act was unconstitutional.

Oh regional Indian's picture

Disturbing but excellent analogy goldsaver.

The fact that they did this with full knowledge that this disclosure will follow makes their hubris at being illegal even more galling.

 

ORI

Silverhog's picture

Internal System Failure <wink wink>

Moonrajah's picture

More like Internal Money Failure, or IMF for short.

IMF? Hey, wait a minute...

jmc8888's picture

C'mon this is easy

International Mother Fuckers

antisoshal's picture

I dunno... If I knew a bunch of smart asses were gonna fuck with me by taking all their money out at once, the first thing that came to my mind was pulling the plug and smirking. If people wanna crash the system, they are gonna end up without ATM's anyway. Why not show them what it will be like WITHOUT the luxury of giving them a pocketfull of cash to last a couple of days on. If you know its gonna go down, you might as well cover your ass. No big stretch here.

RichyRoo's picture

Cant people just use a different banks ATM?

antisoshal's picture

Depending on the point of failure (or plug pulling) there are common components of that system. As of right now, I believe if you have a Bank of Ireland account, you have no remote access to cash at all. Other ATM's simply tell you they cannot process the transacion at this time and to please try again later.

unum mountaineer's picture

won't that make people even more angry? That's a short sided counter there because you're only inciting a downward spiraling psyche; dragged out bank runs, hoarding effect, public anger, possible rioting and more violence...these crazy fuckers drove a cement truck with the intent to bust open the gates of parliament..and didn't one of there pols have the most unparliamentary language on the floor in the not-too-distant past..and these were the clear headed thinkers...channel establishment for a sec...you really want to have done that? 

LiquidBrick's picture

WTF do you need ATMs for?

 

Snidley Whipsnae's picture

Question; why did people wait until today to get cash from an ATM?

An Irish person would have to be living in a cave and totally out of communication to not know that a big problem exists in Irish banks.

Could those needing cash not look a few days into the future and get the cash out early?

TLT's picture

That`s the key.

People could have cashed before, but is fear that can move the bank run. If people start speaking of the bank run and actually believe that they can lost their money, the movement suceeds.

The only way to know if it is a system failure or not, is simply going to an agency and ask for cash. Then: or they have or they don`t. Or it is complete and epic fail or simply a problem with the ATMs.

MachoMan's picture

Snidley, you've missed the point of the exercise.  It isn't to protect yourself, per se, with what little cash you have.  Rather, the point is to make an honest effort at killing the banks and, if not, at least let them know your sentiment given your elected representatives only give them handjobs.  In other words, everyone needs to act in unison to be the most effective.  Although, on a long enough timeline, the withdrawal of enough deposits will work the same...  but, will not show quite the burning desire for systemic change.

The other issue is, the process of bank runs only affects smaller banks.  Any bank that is systemically important will not be allowed to fail, hence the term "too big to fail".  As a result, bank runs anywhere will have the same effect as did our bank runs in 2008, all of the money flows upward until the federal government comes in to cool the waters and make additional guarantees on the non-systemic bank deposits.  In short, the concept of a bank run on banks that are backed by a printing press is patently impossible.

Further, if the "bank runners" are successful in causing a systemic failure, it's akin to a dog catching that car he's been so diligently chasing... 

In the end, I believe the concept is mostly some type of incredibly inefficient coping mechanism...  more or less a cry for help than anything...  as it can be of no fruitful effect.  Pretty sad when society is trying to kill itself, but can't even be sincere enough at it to adequately do the job.  Of course, the participants probably don't see it this way...

skipjack's picture

So who cares if the ATMs failed ?  Go stand in line for a teller and have an old-fashioned bank run instead.  It'd be MUCH more effective to strike fear into the hearts of TPTB to have a few thousand people lined up outside each bank branch, even if each only withdraws 400 or so.

Peace is the x-axis's picture

That was my first thought as well. I fail to see why the banks would deliberately pull the plug on ATM's in expectation of mass withdrawals. Such action would only risk inciting people to line up down the street ... a far more newsworthy and contagion-spreading sight, I'd have thought.

Unless of course, that's exactly what you / TPTB wanted to happen...

 

 

MachoMan's picture

Because they can?  They have your money and they can trickle it to you as they please.  Since literally every bank would do the same, the concept of removing your money and placing it in a safer/more convenient vault is of no avail, save the mattress, which carries its own risks.

My guess is that, eventually, the "full reserve" banking system will begin, born from private market forces...  once this happens, and said bank is free from a large amount of insurance premium payments (extortion), etc., it's on like donkey kong...  people will have a viable alternative to the present banking system.  Now, while there is still money to be made in the present system, the profits made from a full reserve bank will pale in comparison, but as we all know, those days are numbered and, eventually, even the smallest gain will be material.

williambanzai7's picture

How convenient and predictable

ReeferMac's picture

Bank failure my ass. Think you can outsmart these guys? Plan whatever you want, go ahead. Whoops, Server needed a reboot, I'm sorry you couldn't access your accounts today. It'll be right as rain tomorrow.

 

Hope you enjoyed the hope! 'Cuz that's all you got w/ these people.

 

What we need are pitchforks, torches, and pike's for their heads..... Planning a protestation day? That's so futilely American.

alpha60's picture

44 branches *throughout* N ireland. massive bank.

Zeroexperience2010's picture

From the bankrun2010 website, quickly translated:

We want banks that only lend money they have...banks that lend without interests, banks that support projects that help citizens and not 'markets', banks where you can deposit your money having peace of mind.

There seems to me there is an inherent contradiction: no interest lending for project without commercial interest and having the peace of mind to get you money back when you need it. In that case, I rather dig a hole in my garden...

papaswamp's picture

that is one way to prevent the run....'I'm sorry but our computers are down...just for today'. 

Article on BI about a guy that tried to pull his gold and the banks said no...until he broke out his lawyers. Jim Rickards on King News relays the story.

http://www.businessinsider.com/jim-rickards-take-gold-out-of-the-bank-20...

cossack55's picture

Loved the part where "the bank had to scramble to find the gold", I thought it was deposited there.  Man, can't even trust the Swiss.  I guess you need the "Wehrmacht over the mountains" to guarantee delivery.  However, lawyers are more ruthless than the SS.

jbc77's picture

Whats more important is that these citizens are trying to accomplish something by speaking with their wallets. Hats off to an European who goes to the bank today and withdrawls funds. It's the symbolism thats important. The we've had enough of you idea is on the right track. Would it be nice to see them crash a bank or two? Sure. Whats important is their doing something in protest and that deserves respect al on it's own.

Peace is the x-axis's picture

Hear hear.

"Symbols are given power by people. A symbol, in and of itself is powerless, but with enough people..."

http://www.youtube.com/watch?v=MniNLSAdnrs&feature=related

forexskin's picture

best point i've seen on this notion since its inception. J6P has apparently no interest in the workings of the 'system', but if he or enough of his friends engage in what may be no more than a symbolic act, they have the beginnings of skin in the game. whether it accomplishes anything useful in actuality or not, someone getting aware of how little power they have in the game will be like a small sliver that won't come out - constant irritation, no relief, pi**ed off patient.

lather, rinse, repeat

BearishFeijoadaSushi's picture

Just because ONE of the big banks (which doesn't mean ALL the big banks) has a problem with its ATMs, it doesn't mean the world is gonna end. Do you wanna spark a crash for nothing or what?

RockyRacoon's picture

Do you wanna spark a crash for nothing or what?

Yes.  Next question?

Temporalist's picture

In better news...I just remembered one of my bank account passwords.  I hope it's not too late.

prophet's picture

Cash out is too simplistic and common robbers will flourish.  Need a narrow bank for people to move to.