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Russian Bank Halts All Cash Withdrawals

Tyler Durden's picture




 

It would appear the fears of a global bank run are spreading. From HSBC's limiting large cash withdrawals (for your own good) to Lloyds ATMs going down, Bloomberg reports that 'My Bank' - one of Russia's top 200 lenders by assets - has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakned to 4-month wides at 192bps.

 

Via Bloomberg,

Lender has introduced complete ban on cash withdrawals until end of week, news agency reports, citing unidentified person in call center.

 

Bank spokeswoman declined to comment by phone

 

My Bank is top 200 lender by assets: Prime

 

NOTE: Central bank has revoked about 30 banking licenses since July 1 when Elvira Nabiullina succeeded Sergei Ignatiev as governor, compared with three in the firt half of the year

Interestingly, Russia's biggest lender Sberbank has seen a 8.7% rise in deposits in December... it seems the Russian's are realizing that bank deposits are nothing more than risky loans to highly levered entities...

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Tue, 01/28/2014 - 10:54 | 4374960 youngman
youngman's picture

Oh Oh..I hope Snowdon got paid in Bitcoin

Tue, 01/28/2014 - 10:58 | 4374978 camaro68ss
camaro68ss's picture

top 200 banks?? Meh

Tue, 01/28/2014 - 11:05 | 4375020 TeamDepends
TeamDepends's picture

Commence PM smackdown in 3 2 1....

Tue, 01/28/2014 - 11:27 | 4375136 Dark_Horse
Dark_Horse's picture

More reason to diversify holdings with off-book assets.

Dark_Horse

Tue, 01/28/2014 - 11:30 | 4375150 krispkritter
krispkritter's picture

Perspiring Russian minds want to know; is the Ruble rubble? This could be trouble.

Tue, 01/28/2014 - 11:34 | 4375172 Gankfest
Gankfest's picture

It's going down... Everywhere!

Tue, 01/28/2014 - 11:37 | 4375192 fonestar
fonestar's picture

Get down...

fonestar get on up!

Tue, 01/28/2014 - 11:45 | 4375209 gmrpeabody
gmrpeabody's picture

I can only assume, Tyler, that you verified this story...

EDIT:  A thousand pardons..., you are merely reporting what Bloomberg is reporting.

Tue, 01/28/2014 - 12:06 | 4375325 Deo vindice
Deo vindice's picture

Could it be that they are wanting to keep extra cash in reserve for the tourists at the Olympics?

They certainly wouldn't want people from all over the world having problem getting local currency.

Tue, 01/28/2014 - 12:24 | 4375413 Atlasshruggedme
Atlasshruggedme's picture

Google translate and google maps does show a "??? ????" (My Bank) in Sochi. I am sure they will make allot of money via conversion fees.

Tue, 01/28/2014 - 12:27 | 4375424 kliguy38
kliguy38's picture

It seems they can't trot out the "hack attack" again.......;-)

Tue, 01/28/2014 - 13:52 | 4375830 HoofHearted
HoofHearted's picture

Is it a stock problem or a flow problem with them?

I would vote for the solvency issue...

Tue, 01/28/2014 - 13:35 | 4375760 Tim_
Tim_'s picture

My Bank News 22.12.2013

Can anyone here read Russian?

Starting last month, it looks like the daily ATM withdrawal limit was 20,000 rubles ($574), and there was a waiting period of one week for a cash withdrawal over 100,000 rubles ($2,870). It looks like the $3,000 limit came right out of a playbook.

My Bank's site states that the restrictions should have been lifted by now.

Tue, 01/28/2014 - 12:36 | 4375461 tocointhephrase
tocointhephrase's picture

Get down....as we run the race...darkside undergound n its bass..I'm gonna rock, im gonna rave...move to the beat n feel no way...

 

MC DET 

LMFAO what an MC...good times...remember those?

http://www.youtube.com/watch?v=JVd_JERA9ck

 

Wed, 01/29/2014 - 07:28 | 4379049 limit_less
limit_less's picture

You have to wonder what the plan is.

In Greece you have the government telling people have faith in the banks, put your money in and yet the same government is saying they will start taking money out of bank accounts to pay alleged tax arrears.

You have the same in the UK. Banks need recapitalisation, they need to clean their balance sheets, and yet you see stories which only make people wary of putting money in the bank.

And now Russia

So the central banks and the money centre banks want/need money just not from depositers.

It is almost as if they like being in a hole because they can demand money from government rather than having to make all those pesky loans which leads to all that extra paperwork and risk. 

Much easier and more profitable to buy polticians and blackmail governments.

Tue, 01/28/2014 - 12:06 | 4375334 fonestar
fonestar's picture

Perspiring minds?

Have you tried my new high-cryptose bitsyrup?

Tue, 01/28/2014 - 11:34 | 4375168 fonestar
fonestar's picture

...such as Bitcoin.

Tue, 01/28/2014 - 11:48 | 4375230 swmnguy
swmnguy's picture

Slowly I turned...

Tue, 01/28/2014 - 13:29 | 4375717 cougar_w
cougar_w's picture

Niagara Falls!

Tue, 01/28/2014 - 14:11 | 4375907 Keyser
Keyser's picture

Step by step...

 

Tue, 01/28/2014 - 12:14 | 4375373 geminiRX
geminiRX's picture

Yah, how long will the Internet be turned on for in a global bank run? So much for bit coins.

Tue, 01/28/2014 - 12:26 | 4375430 fonestar
fonestar's picture

Good luck with your global power outage and end of the internet bullshit moron.

 

BREAKING UPDATE:

 

fonestar has just registered the fonestar.bit domain so all of his fans here can stay updated with all of the most current bitshitshow information you probably do not need to know in these virtual troubled times.

Tue, 01/28/2014 - 12:36 | 4375451 geminiRX
geminiRX's picture

Capital controls douche.... They can do to bit coin what was historically done to gold

Tue, 01/28/2014 - 12:49 | 4375516 fonestar
fonestar's picture

The whole point of Bitcoin is to avoid capital controls dumbass.

Tue, 01/28/2014 - 13:06 | 4375617 gmrpeabody
gmrpeabody's picture

That is correct..., computers and e-commerce are very secure.

Oh, wait...

Tue, 01/28/2014 - 13:09 | 4375635 fonestar
fonestar's picture

Correct.  Probably the strongest, most critical and redundant structure ever created by mankind on Earth.

Tue, 01/28/2014 - 13:23 | 4375684 geminiRX
geminiRX's picture

Digital currency is coming - it just won't be yours, sorry. In Canada, if you asked the average consumer if they wanted a Federal Mintchip - or volatile bit coin, they would likely choose the Mintchip.

Tue, 01/28/2014 - 13:25 | 4375703 fonestar
fonestar's picture

Mintchip is a stillborn.  Bitcoin is already here you pathetic .gov fanboy.

Tue, 01/28/2014 - 14:13 | 4375914 Keyser
Tue, 01/28/2014 - 14:23 | 4375974 fonestar
fonestar's picture

I'm not going to give Joe Weisenthal any page count by clicking on that.

Tue, 01/28/2014 - 15:51 | 4376480 Lore
Lore's picture

...But you'll happily troll here.

Wed, 01/29/2014 - 07:31 | 4379052 limit_less
limit_less's picture

The UK already uses a virutal currency. No one carries cash.

Tue, 01/28/2014 - 15:25 | 4376362 KnightTakesKing
KnightTakesKing's picture

So you have no worries that Obama and the NSA won't activate the Internet "kill switch" when it suits them?

Tue, 01/28/2014 - 15:31 | 4376399 fonestar
fonestar's picture

No in fact, fonestar does not believe in an internet "kill switch".  

Maybe Obama's "kill switch" looks like this.....

 

http://www.youtube.com/watch?v=ckIMuvumYrg

Tue, 01/28/2014 - 15:59 | 4376511 Spanky
Spanky's picture

Oh massah. May I pleeease post something on ZH? You've been here for yeeears. And oh, your powerful virtual presence... I prostrate myself in the glare of your virtual awesomeness.

Prove the bitcoin crypto unbreakable, fonestar.

Bitcoin: NSA technology wrapped in a USN onion. Fingerprints at the scene of the crime.

Tue, 01/28/2014 - 12:42 | 4375483 Spanky
Spanky's picture

Well, why don't you just mosey on over to your new fonestar.bit domain and leave the rest of us alone. If telling everyone bitcoin exists is your appointed task, you've accomplished that here. We know about bitcoin's existence. You'll stay only if your task is to continuously push the bitcoin meme, 'cause that's one of the ways propaganda works -- continuous repetition of a meme (or lie). But then I figure you know that fonestar. What's your NSA sub-contract worth?

Tue, 01/28/2014 - 12:49 | 4375512 fonestar
fonestar's picture

Haha... yeah the NSA is actively working to destabilize the US Dollar you fucking conspiratard simpleton.  It's dipshits like you that throw egg all over the face of valid, well founded research into conspiracies.

Tue, 01/28/2014 - 13:38 | 4375769 Spanky
Spanky's picture

Yeah, it's responses like this that tell us all we need to know about you, and by extension, bitcoin.

Answer the question fonestar: How long did it take the FBI to gain access to the Silk Road wallet? Unbreakable crypto you say?

Tue, 01/28/2014 - 13:41 | 4375790 fonestar
fonestar's picture

The cryptography is unbreakable, humans are breakable you frigging idiot.

Tue, 01/28/2014 - 14:12 | 4375911 Spanky
Spanky's picture

Keep telling yourself that fonestar: The cryptography is unbreakable... Care to prove it?

Tue, 01/28/2014 - 14:20 | 4375953 fonestar
fonestar's picture

Hey Spanky member for 33 weeks fonestar has been here for years now!  

So why don't you take your dog shit off my lawn and go somewhere else where you can spew pro-gov FUD???

Tue, 01/28/2014 - 14:41 | 4376025 Spanky
Spanky's picture

Gee fonestar, if longevity on ZH is the criteria, well.. perhaps I ought leave before I start raving like you.

[Edit]

Answer the question: Prove the bitcoin crypto is unbreakable...

Or will you just spew more bullshit?

Tue, 01/28/2014 - 14:41 | 4376094 dogbreath
dogbreath's picture

yeah, your one of the elder statesmen of fightclub, sure.   Douchebag

Tue, 01/28/2014 - 14:43 | 4376106 fonestar
fonestar's picture

You're damn right fonestar is.  

Zerohedge is a pro-Bitcoin website.

Tue, 01/28/2014 - 15:31 | 4376394 Miffed Microbio...
Miffed Microbiologist's picture

A lot of cackling, moaning, whinging, whining, foaming and wild gesticulations does not make a spokesman or statesman. It just makes you a noisy, persistent irritant.

Miffed;-)

Tue, 01/28/2014 - 16:43 | 4376706 dogbreath
dogbreath's picture

ZH is REDPILL.   I would doubt that the Tylers would support you in your assertion that fightclub is pro bitcoin.  If anthing ZH is place to inform yourself about BTC and in relation to money, currency and the financial markets generally.   Nobody has to shill for gold as it has a proven historical track record.   Fiat also has its proven historical track record.   BTC on the other hand does not but that doesn't mean we aren't paying attention.  

You Douchebag, I mean Dronestar come here and keep banging the tulip drum.   Your nonstop drivel is identical in style to notorious ZH trolls JonnyBravo and MasterBates and others.   You have likly recieved more cumulative junks than any other member.   I am now certain that you will dissapear just like BTC.  

Tue, 01/28/2014 - 17:15 | 4376838 fonestar
fonestar's picture

You think fonestar will disappear?   That is the funniest thing I have heard all year!

Tue, 01/28/2014 - 17:26 | 4376854 dogbreath
dogbreath's picture

Trolls come from nowhere and disappear to nowhere, some just hang in there a little longer but they  still leave.  I'm glad you  think I am funny because I think I speak for many that think you are a fool or idiot = not funny

Tue, 01/28/2014 - 17:47 | 4376943 Miffed Microbio...
Miffed Microbiologist's picture

Some here are but walking shadows, poor players
That strut and fret their hour upon the stage
And then are heard no more. It is a tale
Told by an idiot, full of sound and fury, signifying nothing.

And others are learned, experienced and intelligent and I am glad they are here to share their wisdom and perspective. I am grateful to them for the time they have given freely. Unfortunately to find a truffle,one must dig through mounds of dirt. ZH has been a lesson of patience for me for I tend to have little.

Miffed;-)

Tue, 01/28/2014 - 17:43 | 4376922 Spanky
Spanky's picture

I believe you fonestar. Gotta earn those NSA sub-contract payments.

Do NOT follow this link or you will be banned from the site!