Of Course It’s Only “Tech Issues” Keeping Deutsche Bank Customers From Accessing Their Money

[Althena]

http://www.activistpost.com/wp-content/uploads/2016/10/deutsche-bank-1.jpg

Well, that poor bank has had technical difficulties and many customers are unable to access their accounts. Don’t worry, though – it’s totally unrelated to the death throes of one of the most powerful banks in the world.

Zero Hedge reported that this is not the first time the beleaguered bank has suffered “IT Issues” or been unable to provide its customers with their money.

Making matters even worse, as Reuters and Handelsblatt reported, the bank suffered a further blow to its image this weekend with a third IT outage in the space of a few months on Saturday “that prevented some customers getting access to their money for a short time.”

Handelsblatt adds that “among rumors about state aid, the dramatic fall in its stock price, and an attack by hedge funds on the most important domestic bank, now come reports of a new IT glitch. “Customers can not access their cash because it is blocked”, a customer complained on Saturday morning to Handelsblatt, adding that “I am stunned: I can’t make weekend purchases since I can neither get cash nor pay by card.”



One week ago, the bank suffered delays and errors in its online banking platform, and in many cases deposits and debits “were displayed twice or not displayed at all.” In June, customers were unable to withdraw money. Also, as reported here, in late August, Deutsche Bank was forced to make a statement after reports emerged that it was unable to provide physical gold upon request for delivery from the Xetra-Gold ETN.

I’m sure everything is just fine, though. Don’t listen to conspiracy theorists who say otherwise.

As well, don’t pay any attention to the fact that Germany’s second largest bank, Commerzbank, is cutting more than 10,000 jobs and no longer paying dividends to stockholders.

If you aren’t prepped for a stock market crash, you need to get with it.

While we’d love to say that the crash of banks across the sea in Germany will have no effect on us, that’s simply not the case. Our market has already shown stress from the Deutsche Bank troubles, and should the bank go under completely, we will definitely feel the repercussions in North America.

http://www.activistpost.com/2016/10/course-tech-issues-keeping-deutsche-bank-customers-accessing-money.html

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I wonder if this is the reason why the gov. was telling people to stock up on food and water. These bastards know it's coming, stay alert Deutschland.

[Fellow Aspirant]

Here's my contribution to another thread two days ago. I believe it's germane here ...

Re: Farsight Timecross October Event 2016 - Economic Collapse

Could the collapse of Deutsche Bank be the trigger? Germany's largest bank is teetering close to an expensive set of legal claims ($14 B) from the US that would, according to The Economist, be trouble: (bold face mine)

A $14 billion legal bill would blow a sizeable hole in Deutsche’s capital (it has set aside €5.5 billion, or $6.2 billion, for legal claims, and other cases are pending).

Article intro:

"When main trading ended in Frankfurt on Thursday, Deutsche Bank’s shares were 1% up on the day—cause for quiet relief in another jittery week. At close of play in New York four and a half hours later, they were 6.7% down. The catalyst: a Bloomberg report saying that “about ten” hedge funds that use Deutsche’s prime brokerage had moved part of their derivatives holdings elsewhere, to reduce their exposure to Germany’s biggest lender.

Bloomberg noted that “the vast majority” of clients had not budged. Deutsche responded that it was “confident that the vast majority of them have a full understanding of our stable financial position”. But the news dealt another blow to Deutsche’s already battered shares, which have been plumbing 33-year lows. Deutsche has been reeling for a fortnight, since receiving a request for $14 billion from America’s Department of Justice (DoJ) to settle claims that it mis-sold residential-mortgage-backed securities between 2005 and 2007.

But trouble begets trouble. Unhelpful rumours have been swirling that the German government is drawing up a rescue plan for Deutsche. The government denies this; Deutsche’s chief executive, John Cryan, has told Bild, a tabloid, that state aid is “not an option”. But it is unsettling that aid is even being gossiped about.

Deutsche is not the only German bank with woes. On Thursday Commerzbank, the second-biggest lender, said it was cutting 9,600 jobs and suspending its dividend. The country’s local savings and co-operative banks are squealing about the slow squeeze on their margins—the product of the European Central Bank’s negative interest rates and a flat yield curve. But Deutsche is the biggest and most immediate headache.

And from Reuters:

German Chancellor Angela Merkel cannot afford to bail out Deutsche Bank (DBKGn.DE) given the hard line Berlin has taken against state aid in other European nations and the risk of a political backlash at home, German media wrote on Saturday.

The government denied a newspaper report on Wednesday that it was working on a rescue plan for Germany's biggest bank, as its shares went into a tailspin fueled by a demand for up to $14 billion from U.S. authorities for misselling mortgage-backed securities before the financial crisis.

Germany, which has insisted Italy and others accept tough conditions in tackling their problem lenders, can ill afford to be seen to go soft on its flagship bank, the Frankfurter Allgemeine wrote.

"Of course Chancellor Merkel doesn't want to give Deutsche Bank any state aid," it wrote in a front-page editorial. "She cannot afford it from the point of view of foreign policy because Berlin is taking a hard line in the Italian bank rescue."

It is reminiscent of the Lehman Brothers' failure, and we all know what that crack did to the economic dykes.

Google their name for some very interesting speculation (low octane, too!)

Like this ...


http://www.zerohedge.com/news/2016-1...che-bank-point

B.

[Cardillac]

are we here in Germany about to have an "October Surprise"?- no, I have not been stocking up on food and water because it won't do any good; as the saying goes: "after two days people will steal for food and after a week they will kill for it"-

now enter all the refugees we've been harboring...

Larry