Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Quick Hits: Germany Guarantees Banks


Brief scrutiny of today's headlines.

Germany says it will guarantee all private German bank accounts in an effort to prevent bank runs as fears of a worldwide financial crisis spread.

Chancellor Angela Merkel took the action Sunday, a day after she criticized Ireland for doing much the same thing.

Greece and Iceland have taken steps to rescue their banks.

Berlin's action abolishes the old guarantee of up to 90% of all bank deposits, but only up to 20,000 euros per account, or about $27,000.

Under legislation signed into law last week by President Bush, bank customers will receive $250,000 in Federal Deposit Insurance Corp. protection per depositor through Dec. 31, 2009. The new limit makes it easier for people to keep their money at a single bank. The old limit of $100,000 on deposit insurance was established in 1980.

The Certificate of Deposit Account Registry Services provides up to $50 million in FDIC coverage through multiple CDs handled at one bank. Funds are split into amounts below the FDIC limit and divided among member banks to ensure full coverage.
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos