Taken on trust

29 06 2009

Phil is a banker so of course I had to ask him how it was going with CABS, his employer. He admitted that very slowly things were improving but a policy change could wreck everything. I knew what he meant; I have been banking some, but definitely not all, my cash takings. I mentioned that so far I’d had no problems withdrawing whatever I needed, but yes, I was a bit apprehensive.

In the past the Reserve Bank has put limits on the amount of cash we were allowed to withdraw and on at least 2 occaisions have raided the FCAs (foreign currency accounts) of companies with failed promises to reimburse the victims. While we all have FCAs these days (well, US dollar accounts anyway) there is no guarantee that they will not raid them again – so just one minor bit of silliness from the government and the trust that keeps the banks in business would be gone – permanently!

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3 responses

30 06 2009
Big Blister

A bit too cryptic for us slow ones far away…

30 06 2009
gonexc

Yes, I over did that one. Have enlarged it…

1 07 2009
Big Blister

Thank you! Yes that would be silly but not unimaginable.

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