A bank holiday was observed in the U.K. and Ireland yesterday.
Ireland’s Finance Minister, and current European Council President, Michael Noonan, is introducing a proposal to European finance ministers that will hit depositors that hold over €100,000 in the event of future bank collapses.
The Irish know a bit about bank wind-downs, and maybe have realized sticking it all on the tax payer, severe austerity, doesn’t leave citizens with many euro’s left to consume and jump start the economy.
Noonan is proposing at Tuesday’s meeting in Brussels that large depositors (over €100,000) are “bailed in” as part of future bank wind-downs.
This is crazy, everyone with more than 100,000 will just take their money out and probably put it in a US bank account or spread it to many different banks up to 100,000. Most people aren't stupid if they have that kind of money in the bank.