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Deutsche Bank: Germany's Financial Colossus Stumbles

theguardian.com

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Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#91

Post by Atropos »

Kristine1975 wrote: post #47
wobbleblob wrote: post #36

Earlier quoted context omitted.

Put yourself in their shoes for a moment. For the past 8 years, day in day out you have to hear jokes about how dishonest and unreliable Greeks are, that they caused these problems for us with their cheating, how they should be strictly honest and reliable like Germans, how they shouldn't spend money they don't have and get their finances in order like Germans, and then the Volkswagen scandal happened, and now this.…

The anti-Greek propaganda in German mainstream media was disgusting.

But quite tame in comparison to Greek media the picturing Merkel with a swastika or the Schäuble cartoon where it was implied he wanted to make soap out of Greek citizens in new concentration camps...

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#92

Post by vegabook »

Havoc wrote: post #89
vegabook wrote: post #16

Deutsche Bank is counterparty to 55 trillion euros of derivatives contracts (about 65 trillion USD). I worked for 3 years on its trading floor. It was Sales-a-gogo. "Print as much as you can". It's one of the very biggest counterparties to derivatives. Imagine if there was basis risk of only one tenth of one percent on those books (ie hedge imperfection usually due to a third factor such as credit quality or geograph…

So what exactly happens if they go under? All the counterparties are just sht out of luck?

Yes, you're left high-and-dry if your counterparty goes bust, and since this would be such a cataclysmic event in the case of Deutsche Bank, the authorities would be forced to step in (at ginormous cost) to prevent it.

It's worth noting that on derivatives, your loss if your counterparty goes bust is not the notional. It's a fraction of the notional. But even a small fraction of 65 trillion is a very, very large number.

In fact the number in DBK's case is so large that it might endanger the credibility of the authorities themselves.

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#93

Post by Atropos »

TurboHaskal wrote: post #53
Sidon wrote: post #29

Earlier quoted context omitted.

Maybe your colleague from Greece should realize that when DB 'falls' tons of people will take the fall for it, regular people like you and me, people who are just trying to make a living, like all those poor fucks in Greece. The group of people taking the fall for it won't be limited to Germany, you can be sure Greeks will feel it as well. Tell him to just stfu and get back to work.

Yeah, tell that dirty lazy Greek to get back to work. They deserve every bit of what happened to them and the debt won't pay by itself. Such a banking fiasco would never happen in a country filled with precise, punctual, hard-working and responsible light beings such as Germany.

Fact is, it hasn't happened in Germany so far, even in the big financial crisis 2008, all the banks could easily be bailed out by Germany's own public funds. In addition, Deutsche Bank hasn't failed yet, so save your gloating until something actually happeny...

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#94

Post by pawelkomarnicki »

simi_ wrote: post #64

Moving from the UK to Germany, I chose Deutsche Bank based on its reputation. Pros: * English! There is always someone on the phone who can speak English, and they can even send their letters in English. (for Germany, this is very rare) * More "high touch" - there is a person assigned to your account * I can't remember if this was the case in UK, but I noticed that transfers to some Western EU countries have no fees…

I have ING DiBa and it is the cheapest account ever here in Germany — they even give you a free VISA card, and free withdrawals in Germany and rest of the world. The only difference is that there's no physical office, so you have to use their website, which is good, and never had problems with it.

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#95

Post by imarg »

kuschku wrote: post #23
wobbleblob wrote: post #17

Earlier quoted context omitted.

Maybe he can propose to sell some of the German islands to cover the bailout.

And then let Greece pay for the bailout! Good idea. We get rid of Sylt, and Greece has to pay.

Actually Greece has in a way already paid for a bailout of DB (+ other German & French banks). Just before the (famous?) PSI[1], the Greek state (through retirement funds, universities & other public and semi-public institutions) bought off a lot of (Greek) government bonds from these banks. Then the haircut happened. So instead for these banks to suffer the losses, they were moved to the taxpayer.

[1] https://en.wikipedia.org/wiki/Private_sector_involvement

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#96

Post by StudyAnimal »

Udo wrote: post #84
simi_ wrote: post #64

Moving from the UK to Germany, I chose Deutsche Bank based on its reputation. Pros: * English! There is always someone on the phone who can speak English, and they can even send their letters in English. (for Germany, this is very rare) * More "high touch" - there is a person assigned to your account * I can't remember if this was the case in UK, but I noticed that transfers to some Western EU countries have no fees…

I'm a (german) DB customer as well, and I can't say I share a lot of these experiences. > Buggy app and web interface, sometimes the login fails or hangs randomly This never happened to me, maybe I'm just lucky. There used to be a problem with the web interface when you entered the banking system's URL without " https://" but that's not really the same. > The way to authorise online transactions is with a piece of pa…

Actually most of the time German VISA and MasterCards work as a debit card. Payments are cleared from your checking account / Giro, instantly or nightly, so you are never really in debt, rather than being a second account that is always negative and partially or fully paid off each month. I am not sure which type is more common, but I usually ended up with the debit card style.

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#97

Post by StudyAnimal »

elcapitan wrote: post #82
simi_ wrote: post #64

Moving from the UK to Germany, I chose Deutsche Bank based on its reputation. Pros: * English! There is always someone on the phone who can speak English, and they can even send their letters in English. (for Germany, this is very rare) * More "high touch" - there is a person assigned to your account * I can't remember if this was the case in UK, but I noticed that transfers to some Western EU countries have no fees…

Different countries, different markets, right? Most Germans don't have a CC (if so, then often only for vacation). Inside Germany, the preferred payment version is direct debit. For ecommerce usually paypal as well. Everybody has an EC card (=debit card) issued by their bank and uses that for paying without cash in shops. Even with a CC you wouldn't be able to pay in many of them.

I don't know many Germans that do not have a credit card these days. You are right that the EC card gets used day-to-day (but maybe less than cash) but most Germans have a credit card for online shopping.

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#98

Post by pvaldes »

Oletros wrote: post #55
Sidon wrote: post #29

Earlier quoted context omitted.

Maybe your colleague from Greece should realize that when DB 'falls' tons of people will take the fall for it, regular people like you and me, people who are just trying to make a living, like all those poor fucks in Greece. The group of people taking the fall for it won't be limited to Germany, you can be sure Greeks will feel it as well. Tell him to just stfu and get back to work.

The only difference is that right now the bank is German. When the banks were Greek, Spanish, Portuguese or Irish, the German government didn't give a fuck about the people. Don't tell us about regular people, we have suffered it since years ago and Merkel just said STFU and fuck off And don't talking about the moral lessons they gave us. But ohh, the German banks are exactly the same as the other ones

I could not upvote you more. Eight years of economic war and now that their popularity sinked, politics are afraid that the people could suffer. Seriously?

Portuguese, Spaniards, Greeks... were sold in the slave market for the dirty tricks of banks like this. We'll never know how many Europeans will not born or how many suicides or premature deaths are directly caused by the big scam. So please, politicians, don't illustrate us about suffering when the people don't want to vote you anymore. We'll survive with or without you.

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#99

Post by distances »

simi_ wrote: post #64

Moving from the UK to Germany, I chose Deutsche Bank based on its reputation. Pros: * English! There is always someone on the phone who can speak English, and they can even send their letters in English. (for Germany, this is very rare) * More "high touch" - there is a person assigned to your account * I can't remember if this was the case in UK, but I noticed that transfers to some Western EU countries have no fees…

> The way to authorise online transactions is with a piece of paper with 100 codes printed on it (TAN list). This was a shock, but it's apparently common here.

This is what I've had with all European banks. It's simple, secure and always in your wallet. What's the method you are accustomed to in the UK?

Some banks do an extra validation step in case of unexpected transfers (such as a large sum, or a new foreign destination account) by sending the required TAN index by SMS. You'll then look up the matching TAN from your list an put that in.

Re: Deutsche Bank: Germany's Financial Colossus Stumbles

#100

Post by distances »

Udo wrote: post #84
simi_ wrote: post #64

Moving from the UK to Germany, I chose Deutsche Bank based on its reputation. Pros: * English! There is always someone on the phone who can speak English, and they can even send their letters in English. (for Germany, this is very rare) * More "high touch" - there is a person assigned to your account * I can't remember if this was the case in UK, but I noticed that transfers to some Western EU countries have no fees…

I'm a (german) DB customer as well, and I can't say I share a lot of these experiences. > Buggy app and web interface, sometimes the login fails or hangs randomly This never happened to me, maybe I'm just lucky. There used to be a problem with the web interface when you entered the banking system's URL without " https://" but that's not really the same. > The way to authorise online transactions is with a piece of pa…

> Don't use the TAN list!

What's behind this recommendation?

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