Slovenian bank nationalised

[tutkarz]

Not long ago Slovenian bank Nova KBM had been nationalised and around 20% stocks which belong to Polish investors had vanished from they accounts today.
This was established with European Central Bank who admitted this is a proper way to act in this case (to cancel investment without refunding).
Polish news:
http://wyborcza.biz/Gieldy/1,114507,15236020,Z_rachunkow_polskich_inwestorow_zniknely_akcje_slowenskiego.html?biznes=wroclaw#BoxSlotII3img#BoxBizTxt

[1715097558]

1715097558

[1715097558]

1715097558

[T.Stuart]

Not long ago Slovenian bank Nova KBM had been nationalised and around 20% stocks which belong to Polish investors had vanished from they accounts today.
This was established with European Central Bank who admitted this is a proper way to act in this case (to cancel investment without refunding).
Polish news:
http://wyborcza.biz/Gieldy/1,114507,15236020,Z_rachunkow_polskich_inwestorow_zniknely_akcje_slowenskiego.html?biznes=wroclaw#BoxSlotII3img#BoxBizTxt

Time to go full Bitcoin in Bitstamp?

This news is of course nothing to do with BITSTAMP who use Unicredit, an international bank who came out top of stress tests and also would not be touched by any action (now deemed unnecessary by the EU) by the Slovenian government.

FUD ladies and gentlemen. Just do what you would normally do.

[gogy]

I'm Slovenian and this is another good way to say we don't need banks.

[BitchicksHusband]

Not long ago Slovenian bank Nova KBM had been nationalised and around 20% stocks which belong to Polish investors had vanished from they accounts today.
This was established with European Central Bank who admitted this is a proper way to act in this case (to cancel investment without refunding).
Polish news:
http://wyborcza.biz/Gieldy/1,114507,15236020,Z_rachunkow_polskich_inwestorow_zniknely_akcje_slowenskiego.html?biznes=wroclaw#BoxSlotII3img#BoxBizTxt

Part of me says, "That's terrible!"

But then another part of me says, "What did you think would happen when you invested in a bankrupt bank in a bankrupt country?"

[molecular]

FUD! I'm also Slovene and this is actually good news for us. And Bitstamp is in no way affected by it.

can you explain why it's good news?

[BitchicksHusband]

FUD! I'm also Slovene and this is actually good news for us. And Bitstamp is in no way affected by it.

I disagree.  There is no other reason to explain why people have fled Bitstamp except for distrust of the Slovenian economy.

[benzone]

Not long ago Slovenian bank Nova KBM had been nationalised and around 20% stocks which belong to Polish investors had vanished from they accounts today.
This was established with European Central Bank who admitted this is a proper way to act in this case (to cancel investment without refunding).
Polish news:
http://wyborcza.biz/Gieldy/1,114507,15236020,Z_rachunkow_polskich_inwestorow_zniknely_akcje_slowenskiego.html?biznes=wroclaw#BoxSlotII3img#BoxBizTxt

Calling this nationalization is is misleading. The bank in question (and a few others) were on the verge of bankruptcy. Shares of any bankrupt company are worth nothing. The state set up a bad bank which took over the poisoned assets (bad loans etc.) and pumped several billion € of fresh capital into these banks, so they can now function normally.

All of this was conducted under strict EU supervision and with previous approval. Such procedures (healing troubled banks with a bad bank) took place in many EU countries like Finland, Germany, Spain and UK. Some of these bad bank were set up in the 1990s  See "bad bank" on wikipedia to learn more.

PS
Slovenia as a state isn't bankrupt. Public debt after this bad bank scenario increased for those billions that were pumped in these banks, but still it is about 65% of GDP which is average. E.g. Italian debt is 125% of GDB, Greece 160% and Poland 53% ...

[gotmilk_]

@tutkarz

Go back to school! About banks... you allready got the answers from other guys.

[BitchicksHusband]

FUD! I'm also Slovene and this is actually good news for us. And Bitstamp is in no way affected by it.

can you explain why it's good news?

@benzone provided a pretty good answer above.

I don't think people fled Bitstamp because of the Slovene situation. They are under UK juristiction anyway... And their bank is foreign.

What the truth is and what people think are 2 different things.  I have heard it on this board repeatedly that people don't trust the Slovenian economy.  That may be FUD, but it's FUD that is being acted upon.

Also, Coinbase and Bitpay seem to use Bitstamp to sell the coins they get in sales, which would depress the price there as well.