European Bank crisis

[fuzzy]

I don't know about Eire, but in England you either need a bank acct or a Post office to pay a Barclaycard. The number of POs has dropped dramatically.

[Little John]

The number of standalone PO's has dropped dramatically. But, the number of corner shops offering PO services has increased dramatically.

[emordnilap]

I don't know about Eire, but in England you either need a bank acct or a Post office to pay a Barclaycard. The number of POs has dropped dramatically.

Yeah, maybe it's different here but all banks here will let you have a credit card without having an account.

[Little John]

There are pay as you go debit cards in the UK. They are just not that well known.

https://www.moneysupermarket.com/prepai ... as-you-go/

[raspberry-blower]

Another Spanish bank is on the brink:

Don Quijones: Another Spanish Bank Teeters at the worst possible time

Here’s what that profile looks like:
•The bank’s capital expansion will represent 55% of its operating capital, based on Wednesday’s share price, which has crumbled 20% in the last two days.
•Liberbank’s non-performing loans ratio is a staggering 22%. Worse still, the vast bulk of the bank’s unproductive assets are real estate investments. After the now defunct Popular, it is the Spanish entity with most exposure to toxic real estate assets, according to the financial daily El Confidencial — a remarkable feat given the bank already had the lion’s share of its impaired real estate assets transferred onto the balance sheets of Spain’s “bad bank,� Sareb.
•By the close of the first quarter of 2017, Liberbank’s default rate had reached 13%, compared to the national average of 9.8%, while its unproductive asset coverage rate was just 43%, compared to 47% for Banco Sabadell, 48% for Bankia, 50% for CaixaBank and 55% for Unicaja.

[raspberry-blower]

We now return our attention back to Deutsche Bank

You know a bank is in dire straits when, on Friday, Bloomberg ran a headline that said this:
Deutsche Bank is fine, apart from the Bank bit

Today Bloomberg went with:
Deutsche Bank shares plunge to crisis level

Zero Hedge is reporting of a technical default by HNA as a root cause

The bigger problem is what it means for HNA's various holdings, among which Deutsche Bank of which the Chinese conglomerate is the largest holder with its 9.9% stake.

And as of this morning, it means nothing good, because in addition to a sellside analyst downgrade of Deutsche Bank, traders are increasingly worried that HNA will be forced to punt its DB share holdings to delay or avoid an imminent bankruptcy, a sale which could send the price reeling, just as we predicted last week when we warned that HNA troubled could prompt a frontrunning of its DB firesale.

Europe's Lehman Brothers moment?