Friday, Mar 13, 2009
More banks around the globe bite the dust!
Bbc: Administration for Australia bank
Australia's second largest investment bank, Babcock & Brown, has gone into administration after it was unable to deal with its massive debt levels.
Posted by mark @ 04:00 PM (433 views) Add Comment
5 Comments
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1. Tom101 said...
I guess kiwi banks are right behind...?
2. d'oh said...
I wonder how long before Macquarie hits the skids...been waiting for it to go bang for a long time.
3. crunchy said...
Still another 30% of American banks to go. IMHO
4. a saver said...
Tom101, I note that the NZ government has agreed to cover NZ bank deposits for a period of 2 years. Not sure what this is worth in the long run but is some reassurance.
5. Tom101 said...
Cheers a Saver.
Will be moving there over the next 2-3 years. No idea of what is going to happen to the NZ dollar or how safe their banking protection 'guarantee' is.... Seemed like they had to follow the Australians to stop savers moving their cash to Oz.