Originally posted by OllyN
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To assume that the government will bail any bank out is arrant nonsense. It has been done before but not every time. Often any bail out is conditional, limiting withdrawals or only guaranteeing up to a certain amount.
As New Zealand banks are not guaranteed in any way at all, it is not too soon to take precautions.
My advice to any one who must have cash on hand and cannot afford any sort of moratorium, is to withdraw all cash right away and lock it away in a safe deposit box. Any interest lost is a small price to pay for peace of mind.
Maybe it's being over cautious but I would rather be six months early that one day late.
As New Zealand banks are not guaranteed in any way at all, it is not too soon to take precautions.
My advice to any one who must have cash on hand and cannot afford any sort of moratorium, is to withdraw all cash right away and lock it away in a safe deposit box. Any interest lost is a small price to pay for peace of mind.
Maybe it's being over cautious but I would rather be six months early that one day late.
In retrospect - wasn't that scaremongering?
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