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#199396 - 08/05/06 05:52 PM BANK SAFETY  
Joined: Jun 2005
Posts: 2,004
Loansum-Al K Offline
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Loansum-Al K  Offline
I posted this question on a previous but did not receive an answer. With the Belize government's present debt situation, what is the general feeling about the soundness of the Belize banks? eek


I'm happier than a pig in s__t...a foot on the sand...and a Belikin in my hand!
#199397 - 08/05/06 07:54 PM Re: BANK SAFETY  
Joined: Aug 2005
Posts: 222
GBZ39 Offline
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GBZ39  Offline
Banks should be OK.
Worry about a devaluation.
However most property, etc. is quoted in US$.

#199398 - 08/05/06 08:28 PM Re: BANK SAFETY  
Joined: May 2001
Posts: 440
wonderwoman Offline
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wonderwoman  Offline
Hi Al, banks and the country have been talking for about 20 years on devaluation. No happen yet. Don't see any problem with all my friends who happen to have money!


Can't find my plane...
#199399 - 08/06/06 07:49 AM Re: BANK SAFETY  
Joined: May 2000
Posts: 6,616
Amanda Syme Offline
Amanda Syme  Offline
None of the banks are calling around to "reassure" anybody - so everything is status quo - at least on the surface.

#199400 - 08/06/06 08:55 AM Re: BANK SAFETY  
Joined: Aug 2005
Posts: 222
GBZ39 Offline
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GBZ39  Offline
Having been thru a few devaluations....personal and business wise....the REALLY smart money has ALREADY left Belize or is in the process of leaving.

It makes sense to hedge one's bets...even if there is NOT a devaluation.

#199401 - 08/06/06 11:13 AM Re: BANK SAFETY  
Joined: Oct 2000
Posts: 715
Richard Chambers Offline
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Richard Chambers  Offline
There is no FDIC in Belize. wink

#199402 - 08/08/06 06:27 PM Re: BANK SAFETY  
Joined: Apr 2002
Posts: 591
Catatonic Motivator Offline
 
Catatonic Motivator  Offline
Correct. I think we're about to see the financial meltdown that's been so apparent for the past several years actually occur.

It'll be interesting to see who sticks around for it and who cuts and runs.


* I Go Pogo *
#199403 - 08/09/06 06:10 AM Re: BANK SAFETY  
Joined: Oct 2001
Posts: 5,589
Diane Campbell Offline
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Diane Campbell  Offline
The most significant debts currently at issue are foreign ones, and must be paid in USD.
Devaluation of the Belize dollar would increase the difficulty of paying the debts.

#199404 - 08/09/06 06:30 AM Re: BANK SAFETY  
Joined: Sep 2002
Posts: 10,850
Ernie B Offline
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Ernie B  Offline
I recently discussed this with someone who is in the money business and lives in SP. The only bank that has had any problems is Provident. Some questions about their off shore accounts ie; illegal funds from gambling and/or drug money. Belize banks are required to have greater reserves than even US banks and their ratios are higher. I agree with Diane in that a devalution would increase the diffuculty in paying the debts owed by GOB. Im sticking around.


Gun Control is Hitting Your Target.
#199405 - 08/09/06 06:46 PM Re: BANK SAFETY  
Joined: Aug 2005
Posts: 222
GBZ39 Offline
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GBZ39  Offline
Traditionally a devaluation is used to foster exports and hinder imports. This should improve the balance of payments problem.

It is a mess for the local economy while they sort out what they should be doing and it doesn't happen overnight.

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