En France, EGP avait confié à un établissement financier tiers, habilité à exercer cette fonction, l’enregistrement, la conservation et l’administration de l’épargne des clients de son établissement de Bordeaux sur une base individualisée. En conséquence, la vérification de leur position a pu être effectuée de telle sorte que, dès le 16 mars dernier, le FGD a été en mesure de leur notifier l’entière disponibilité de leurs avoirs.

Article 12 : Titres au nominatif  
En application des dispositions de l'article l'article R. 211-4  
du Code monétaire et financier, le Titulaire donne mandat  
à BOURSORAMA d'administrer les titres nominatifs  
inscrits en compte chez l'émetteur et reproduits sur le  
compte ouvert dans les livres de BOURSORAMA.  
BOURSORAMA effectuera tous les actes d'administration.  
En revanche, BOURSORAMA n'effectuera d'actes de  
disposition que sur instruction expresse du Titulaire ;  
BOURSORAMA pourra se prévaloir de son acceptation  
tacite pour certaines opérations conformément aux usages  
en vigueur. Les avis d'opéré et les relevés de compte  
concernant les instruments financiers nominatifs seront  
communiqués selon les modalités prévues pour  
l'ensemble des instruments financiers.

1. The Cyprus sovereign has not been particularly profligate. Debt to GDP as late as last year was in the low 70% range, lower than Germany, etc. While the last Communist government ran unnecessary fiscal deficits, the new government was elected with a more or less ‘austerity’ orientation

(c) The banks are almost 100% deposit funded (something that regulators across the world have been encouraging because deposits tend to be sticky if you take care of them).

4. Not all the banks are in the same condition.
(a) Cyprus has two money-center type banks: Laiki (Popular) Bank and Bank of Cyprus.
(b) Laiki was purchased by a Greek vehicle (Marfin Investment Group) backed by Gulf money. Marfin’s purchase of Laiki took Laiki from being a fairly conservative local bank to being highly exposed to Greece. Laiki is definitely insolvent and needs to be restructured.
(c) Bank of Cyprus has been more conservative vis-a-vis Greece, but still has meaningful exposure. It is conceivable that, given time, Bank of Cyprus could survive.

10. There is nothing resembling a proper order of default here. As far as I can tell, people who have not been wiped out yet include: bank shareholders, bank bond holders, sovereign bondholders.
The rationale, broadly speaking, of why they have not been hit is “It is hard and they might sue us” as if restructuring and insolvency was otherwise a dinner party or we might only save 1-2B that way (as if that is not meaningful in the context of a 5B haircut…)
 
11. What is even more absurd is that this is not a bail-in of Depositors of Bank A to rescue Bank A, but a bail-in of Depositors of Banks A-Z to rescue Depositors of Bank A (Laiki), B (Bank of Cyprus) and C (maybe some small amounts to the others).
This is one of the reasons that the Russians are howling mad. There are 3B dollars of Russian money in a subsidiary of VTB in Cyprus, a perfectly solvent Russian bank. As far as I can tell, they will be haircut in order to bail out Laiki, a bank that they never deposited money in. On the contrary, the depositors in Laiki’s branches in Greece (aka a totally insolvent bank in a much more insolvent sovereign) will not be haircut.
There is no conceivable creditor prioritization in which this makes sense nor does it teach you anything about moral hazard or fairness. In fact, the only thing it might teach you is: “only put deposits in countries that control their Central Bank” because there is no logic or analysis that could have predicted ex ante that a depositor in VTB-Cyprus was more likely to be haircut than a depositor in Laiki-Greece (the latter being 100x more risky than the former).

When the EU figures out how to prevent Google, Apple, Starbucks and friends from operating in their countries and routing all the earnings tax free to the Caymens through a double-Irish Dutch sandwich, then perhaps they can help Putin out with his tax collection work. In any case, Putin certainly does not seem to appreciate the ‘assistance’ here.

ING est le prestataire de Binck pour l’hébergement des espèces déposées par nos clients. Ce prestataire pourrait aussi bien être une autre banque, telle que BNP ou autre.
Ce choix de structure se retrouve chez d’autres brokers en France, en ligne ou non.
Par ailleurs, comme toutes les banques, Binck adhère à un fonds de garantie des dépôts, et à ce titre, les dépôts espèces des clients de Binck.fr sont garantis contre la faillite jusqu’à 100.000 euros, et 200.000 euros en cas de compte joint, en conformité avec la Directive européenne (Directive 2009/14/CE du 11 mars 2009).
De même, pour aller plus loin, le choix fait par Binck.fr en ce qui concerne la conservation des titres déposés par ses clients garantit aussi les avoirs de ses clients contre la faillite dans toute la mesure de la réglementation bancaire et financière européenne.