Banks in Poland selling fewer mortgages in 2011, down 49%

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Nov 29, 11, 10:30 #271

BRS:

Reality today most people with money don't really have safe options how to invest it - people without money are basically in trouble

So based on your quote we are all doomed, rich or poor, there are asset classes out there that perform well during times of uncertainty. Hard/alternatives have always been used by the wealthy as a preservation of wealth during inflationary periods.

BRS:

I'm not sure how/if this will ever clean up - while we may not repeat what happened in Japan - it really is impossible knowing what to do - while I feel apartment prices will drop, I do feel better being diversified (owning property and multiple currency savings and shares)

That is called diversification and is the basis of capital protection, so as I understand your portfolio consists of real estate, currencies and equities. I would not touch equities in any market. It is highly likely December 2011 to March 2012 will be a blood bath. Study the charts and fundamentals.

milky:

you better believe it, what else could cause it....

Milky is 100% correct, the money sent home by overseas workers to Poland was helping drive the economy, it was serious money in the region of billions of PLN per annum. I am sure Milky can dig out the figure to support his claim here.

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Edited by: milky Nov 29, 11, 12:42 #272

Wedle:

I am sure Milky can dig out the figure to support his claim here.

I have posted these figure, and if i get a chance i Will post them again later. I have also posted on the percentage of the Polish population that are at the property purchasing age,and on the age group that have emigrated since 2004, along with the 'amount' of people who have emigrated (or seasonally) since 2004. They are all the same age group. The facts are undeniable but ..........

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Nov 29, 11, 15:57 #273

Wedle:

there are asset classes out there that perform well during times of uncertainty

Is it time to start the gold bubble thread?

http://www.forbes.com/sites/feeonlyplanner/2011/08/28/gold-bubble-or-n ot/
Final line: It is anybody’s guess when gold will correct, but it is very likely that it will be ugly when it does.
Or should we sing the song of oil and silver and all the commodities.

End of the day trust people's addictions, I bought Philip Morris during the 2008 crisis and if we have another crash I'll double or triple my investment - even the freezing cold doesn't stop the smokers from smoking. Sure they have no problem renting - but somehow they always find the money to buy cigarettes.

I welcome all suggestions, what to do with $100,000 today (investing in any currency).

milkyThreads: 10 Posts: 1,229 Joined: Oct 26, 09 ♀	Nov 29, 11, 21:21 #274
BRS: what to do with $100,000 today I reckon property or land(even in Poland),anything but flat cash.

wielki panThreads: 3 Posts: 278 Joined: Jan 7, 11 ♂	Nov 29, 11, 21:40 #275
BRS: I welcome all suggestions, what to do with $100,000 today (investing in any currency). Don't think I would want to invest in the zlote or euro....seems that currency investment is the way to go at the moment..

PeterWeg03	Nov 29, 11, 22:40 #276
wielki pan: Don't think I would want to invest in the zlote or euro I think a bit of currency speculation in Poland will be worth the gamble right now.

PeterWeg03

Nov 30, 11, 10:03 #277

Poles have nearly zł.1 trillion in savings

30th November 2011

The financial assets of Polish households amounted to zł.0.99 trillion at the end of September 2011, a representative of the Polish National Bank (NBP) announced at a news conference on Tuesday.

“Most of these are estimated amounts and therefore they are subject to change,” said Dobiesław Tymoczko, deputy director of the department of financial systems at the NBP.

The zł.0.99 trillion figure includes cash, bank deposits, and savings in pensions and investment funds, as well as shares in public companies held by individual investors, reported Rzeczpospolita.

Poland A.M.

wbj.pl/article-57134-poles-have-nearly-zl1-trillion-in-savings.html?ty p=pam

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Nov 30, 11, 19:30 #278
(Reuters) - The world's major central banks acted jointly on Wednesday to provide cheaper dollar funding to European banks facing a credit crunch as the euro zone's debt crisis drove EU ministers to urge more IMF help to avert financial disaster. http://www.reuters.com/article/2011/11/30/us-eurozone-idUSTRE7AR0P3201 11130

PeterWeg03

Dec 1, 11, 09:00 #279

Britain has entered second credit crunch, confirms Downing Street

Britain has entered a second credit crunch, Downing Street said on Wednesday night, as America was forced to intervene to stop the eurozone crisis leading to a global financial collapse.

telegraph.co.uk/finance/financialcrisis/8927148/Britain-has-entered-se cond-credit-crunch-confirms-Downing-Street.html

I don't know why the title uses 'Britain', but the world is hitting another crunch just like 2008. SHTF.

AvalonThreads: 3 Posts: 814 Joined: Sep 11, 07 ♂	Dec 1, 11, 11:41 #280
PeterWeg03: wbj.pl/article-57134-poles-have-nearly-zl1-trillion-in-savings.html?ty p=pam As only 40% of Poles have bank accounts and there is a huge black economy with cash that cannot be put into the banks, what is this supposed to mean? or, what point are you trying to make?

peterwegThreads: 35 Posts: 1,997 Joined: Feb 16, 07 ♂	Dec 1, 11, 13:06 #281
Avalon: or, what point are you trying to make? My point is, "Poles have nearly zł.1 trillion in savings".

♂

Dec 1, 11, 13:23 #282

peterweg:

My point is, "Poles have nearly zł.1 trillion in savings".

According to "information", that banks have on 40% of the population? This is supposed to be accurate?

To keep on topic with this thread, is this post supposed to mean that the banks would make a mortgage decision, based on answering 40% of the questions when applying for a loan?. Not what I would call reliable statistics for a business transaction.

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Edited by: Wedle Dec 1, 11, 15:05 #283
Avalon: According to "information", that banks have on 40% of the population? This is supposed to be accurate? According to the world bank the population of Poland is 38.200.000. 40% = 15,280,000/ I Tril PLN average of 65,400 PLN per head, it is not a lot now is it.

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Dec 1, 11, 15:15 #284
peterweg: My point is, "Poles have nearly zł.1 trillion in savings". It is combined assets, NOT savings in cash.

peterwegThreads: 35 Posts: 1,997 Joined: Feb 16, 07 ♂	Dec 1, 11, 15:57 #285
Avalon: According to "information", that banks have on 40% of the population? This is supposed to be accurate? Its accurate for the people who have "cash, bank deposits, and savings in pensions and investment funds, as well as shares in public companies held by individual investors".

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Dec 1, 11, 17:12 #286
Poland has been taken to the European Court of Justice for failure to fully implement the EU directive on capital requirements and pay policy in financial institutions, and can face EUR 37,000 penalty per day of delay, the European Commission announced in a press statement. http://www.warsawvoice.pl/WVpage/pages/article.php/18905/news

AvalonThreads: 3 Posts: 814 Joined: Sep 11, 07 ♂	Dec 2, 11, 10:32 #287
peterweg: Its accurate for the people who have "cash, bank deposits, and savings in pensions and investment funds, as well as shares in public companies held by individual investors". Wedle Ye Assuming that even some of the 40% have "emergency" funds tucked away, that still leaves assets and cash for the other 60% who do not use/trust banks. So the figures published would have to be a guess.

♂

Edited by: peterweg Dec 2, 11, 10:47 #288

Avalon:

So the figures published would have to be a guess.

No, they are accurate for what they measure. The rest of the hidden wealth would be a guess, but if its in paper, Polish, money they can count that accurately as they know the amount in circulation. What you can't know is the amount in foreign currency, gold etc, that's where your guesswork comes in. The 60% figure is guesswork, those people probably don't use banks becuase them are penniless, an equally valid guess.

AvalonThreads: 3 Posts: 814 Joined: Sep 11, 07 ♂	Dec 2, 11, 12:43 #289
peterweg: The 60% figure is guesswork This figure is stated by the banks. If you are not going to believe them on this then why would you believe the figure of 1 trillion złoty?. You are being pedantic, as you yourself state, you have no idea what other currencies, gold, valuables are being held, neither does the government.

cmsThreads: 6 Posts: 201 Joined: Sep 4, 09 ♂	Dec 2, 11, 12:55 #290
The figure given by the banks in 70 percent which is much more believable ( these are nbp figures). 40 percent was 10 years ago. And of the remaining 30 percent they are from the poorest sections of the population and I don't think they are sitting on vast amounts of undisclosed wealth.

milkyThreads: 10 Posts: 1,229 Joined: Oct 26, 09 ♀	Dec 7, 11, 21:03 #291
The vast majority of Poles abroad seem to be staying where the are,so would this not point to real estate prices remaining high. There was talk and speculation that they were returning home,but this seems to be untrue in reality.

WroclawThreads: 77 Posts: 7,404 Joined: Apr 1, 06 ♂ [Moderator]	Dec 7, 11, 21:18 #292
milky: There was talk and speculation that they were returning home,but this seems to be untrue in reality. i know of plenty who left and few who have returned.

milkyThreads: 10 Posts: 1,229 Joined: Oct 26, 09 ♀	Dec 7, 11, 23:06 #293
Wroclaw: i know of plenty who left and few who have returned. same here

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Dec 8, 11, 03:05 #294

milky:

The vast majority of Poles abroad seem to be staying where the are,so would this not point to real estate prices remaining high. There was talk and speculation that they were returning home,but this seems to be untrue in reality.

Milky, If you were to believe reports from the UK that their economy is not looking good, I think many, many poles will be returning home..unfortunately in Poland, like other countries in the EU, they will experience a future shock in lay terms a king hit as Europe falls into recession. Its not looking good....the golden rule now applies don't fall into debt..

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Edited by: Wedle Dec 8, 11, 10:15 #295
wielki pan: If you were to believe reports from the UK that their economy is not looking good This is a very interesting video to watch it just tell it how it is,its very likely Europe and the UK will head into recession next year.

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Dec 8, 11, 10:26 #296

cms:

The figure given by the banks in 70 percent which is much more believable ( these are nbp figures). 40 percent was 10 years ago.

I live 35 KM outside of Warszawa i have to drive 10 km in any direction through at least 5 villiages to get to an ATM machine, if i count up the population there which are mainly old people there would be around 5000 in surrounding villages without access to a bank this is one area so take the rest of Poland and the figure is around 40-50%

I believe civil servants were made to have a bank account only a couple of years ago

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Dec 8, 11, 10:34 #297

BRS:

End of the day trust people's addictions, I bought Philip Morris during the 2008 crisis and if we have another crash I'll double or triple my investment - even the freezing cold doesn't stop the smokers from smoking. Sure they have no problem renting - but somehow they always find the money to buy cigarettes.

I welcome all suggestions, what to do with $100,000 today (investing in any currency).

Despite various agreements to restrict their use, landmines are still being deployed. You could make a killing there. How about small caliber handguns in the U.S. market?
You could always invest in street pharmaceuticals. Of course, you'd need a good front in order for you to distance yourself from the end user as much as possible.

♂

Edited by: Wedle Dec 8, 11, 12:05 #298

beliall:

without access to a bank

The old people have their pensions delivered in cash by the Postman.

beliall:

I live 35 KM outside of Warszawa i have to drive 10 km in any direction through at least 5 villiages to get to an ATM machine

35 KM from the center of Warsaw or 35 KM from the border of Warsaw, most places I know of which are 35KM from the center of Warsaw would have some facility even if it was cash back in a supermarket or petrol station.

teflcat:

You could make a killing there

Literally, how could you sleep at night supporting such activities.

beliallThreads: 1 Posts: 36 Joined: Feb 5, 10 ♂	Dec 8, 11, 15:20 #299
Wedle: Literally, how could you sleep at night supporting such activities. APAP NOC?

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Dec 8, 11, 15:53 #300
beliall: APAP NOC? lol

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