HOW MUCH CASH SHOULD YOU LEAVE IN THE BANK? The SVB & CREDIT SUISSE crisis | Blacktower

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we specialize in protecting preserving
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by your side visit blacktowerfm.com so
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16th of March we're at 20 into the year
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and it's a Thursday which is an unusual
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one because we're talking to Christina
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Brady from Black Tower financial
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management I've been calling this an
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extraordinary appearance from yourself
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because well it's you know not
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everything can hit a schedule when
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there's the financial markets we're
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talking about and there's been news this
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week
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um it's it's mostly the banks right I
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mean I was aware of the initial bid and
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why we set this up was the initial uh
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collapse of the banks in the states
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especially the Silicon Valley Bank but
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it's more than that right it's going on
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it is on Friday we learned that there
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was three banks in the U.S that were
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shut down and the biggest one of those
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was the Silicon Valley Bank which was
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one of the US's top 20 banks in assets
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and it's the second largest banking
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failure in the US history after Lehman
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Brothers in 2007.
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um now Silicon Valley Bank was quite New
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Year unique in the fact that it was
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obviously in Silicon Valley and its
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customers were a cash Rich tech
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companies so what they did was startup
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companies when they start up they get
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lots of investment from investors and
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they put that all in a bank and they
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keep it there until they need it so it
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wasn't due this failure isn't due to
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credit issues or poor lending it made no
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loans whatsoever but what it did was it
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had so much cash on its bank balance
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sheet it had to do something with it
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so it invested it in elongated US
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government bonds which I think were 10
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years long and uh at the time when it
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invested the interest rate it was
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getting was just over one percent
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which at the time seemed very very good
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however as we know since then inflation
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has risen and now on bonds you get four
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or five percent so what it means is that
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you are not the bank had invested its
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money in something that was not giving
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it a good return
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so it meant that people started to worry
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um that it couldn't uh pay its that it
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couldn't get the money if they wanted to
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get the money out
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um and so what happened was
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um people did come and try and get their
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money out
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and it became very very difficult for
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the bank so what they had to do was they
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they decided they had to close down and
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um they weren't bailed out okay someone
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came in as a bit of a rescue wasn't I
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think HSBC came in for the UK Army
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that's different in the U.S
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within the guarantee because each
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country has Bank guarantees okay and in
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the US it's 250 000
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in Europe it's a hundred thousand Euros
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and in the UK it's 85 000 pounds that's
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per Bank per client so if people had
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over there they were going to lose that
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money okay so people started withdrawing
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their money so they took their money out
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and uh so the US Regulators said we are
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not going to
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um
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do a bailout but they would honor people
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up to the guaranteed amount okay so that
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was that one but obviously it's a huge
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one and then on the back of that we had
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silvergate and Signature Bank had where
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they were more involved in
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cryptocurrencies okay so what they did
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was they opened a uh it created the
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first 24 7 payment Network for crypto
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clients and so what that meant is uh
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people had cryptocurrencies they could
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go to this bank and they could get cash
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instead of it okay and there's still a
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bit of Doubt over why the U.S government
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closed this Bank down on Sunday because
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apparently there was no insolvency
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issued and it had good fundamentals okay
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and it had 16 billion dollars on deposit
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for digital clients but they just felt
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that they didn't have enough money to
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pay out if everyone come came to them
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and another U.S bank which was um
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dealing in cryptocurrencies that was
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silver Bank
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Signature Bank sorry and that originally
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started up as a bank for real estate and
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the legal industry and it and it moved
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towards
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cryptocurrencies yeah
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um and again what they've done is they
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have done a voluntary a voluntary
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um close down so what they've done is
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they've gone for uh
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um they've closed down and what they've
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said that voluntary liquidation
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and it's due they're saying to the
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collapse of the crypto FTX exchange but
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it means this one there will be a full
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full repayment of deposits now on the
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back of that we had a very very volatile
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trading day in the markets yesterday yes
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you could say
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um to say the least
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um that's all I could say it was
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unbelievable mostly on banks but the
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ftse was down nearly four percent by the
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end of the day but we did see a huge
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huge fall in One bank which is Credit
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Suisse which is the second largest bank
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in Switzerland now this shouldn't have
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been a shock to most people because
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Credit Suisse has been in trouble for
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quite a while it's had scandal after
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Scandal but it shares fell by another 20
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percent one percent yesterday before
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they halted traded in its shares and
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what happened was its largest largest
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um of backer which was Saudi National
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Bank refused to give Credit Suisse more
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money so what's happened is overnight
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Swiss National bank has intervened and
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it's give them a 54 billion loan to prop
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it up and the shares have recovered this
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morning in Credit Suisse they've gone
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back up I think I've just read that they
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had gained I can't remember how much
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it's got up again I think it's a gun
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they've gone up 40 from their lowest
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point yesterday
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um but yes they did affect the whole
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banking sector so if we look at the
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figures for other Banks if you if you I
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don't know if anyone's been keeping
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track of them but you would have seen
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that European Banks were hit the worst
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most of them fell by up to 10 Deutsche
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Bank fell by nine percent we have BNP we
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had Commerce Bank and in the UK UK Banks
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were affected as well Barclays was down
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over eight percent NatWest over five
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percent uh Morgan Stanley was over six
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percent it's affected all the banks
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um now what's happened because the
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Credit Suisse have been bailed out it
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has meant we've seen the footsie Rising
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this morning so what we're seeing is the
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footsies gone well it had gone up over
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one percent it's come back down now
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actually it's not up very much
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um but there have been the banks stocks
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have come back up slightly so uh the
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British get banks have gained an average
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of two percent they're still down and I
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think what people need to do is and I
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did phone a couple of clients yesterday
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that I know have large deposits in Banks
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remember
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in Europe you are only guaranteed a
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hundred thousand Euros and that's only
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if you have a current account or deposit
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account not if you have any investment
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like a fundo etc so if anything happens
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to those Banks and you've got more than
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that money in there you will lose
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everything above that amount and the
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same goes for British Banks if you're in
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Barclays or NatWest if something does
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happen
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um and you know you they like in the US
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they agree to honor deposits it will
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only be up to the amount you are
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guaranteed and the UK is 85 000 per
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person so if you have a joint account
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obviously it's double the 85 000 and
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remember most banks in the in the UK are
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linked so if you're in Halifax and
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lawyers you're basically with the same
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bank so it's only per parent bank so
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people need to be very very careful I
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mean it's probably hard to say but what
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are the chances of um Banks like
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Barclays and Lloyd's being being
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affected and getting into trouble again
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well it's very difficult to say no one
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expected Lehman Brothers to collapse
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right but you say credit someone like
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Credit Suisse had been in trouble for a
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while Credit Suisse had been in trouble
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and what I would suggest to people is
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this has affected all the banks but once
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this dies down keep an eye on your
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bank's share prices if it seems to be
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falling more than other bank share
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prices then I think I would be worried
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if I had more than the you know the
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amount in the banks I'd be worried
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anyway if I had more than that amount in
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the banks at the moment and you could
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look up you know if you see any
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headlines about your bank that seem to
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be out of sync with what they're saying
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about other Banks we had this in Spain
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when they had to bail out can bank and I
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had to bail out bank here
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Etc and what they're worrying about at
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the moment is um there is the growing
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fears in the U.S of a recession I know
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Mr Hunt yesterday in his budget said
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that UK inflation will be down to
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between three and four percent by the
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end of the year I'm sorry that's a load
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of ball there is no way that's going to
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happen the US is basically technically
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in recession and now the Wall Street and
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the experts are worried that that is
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going to be a reality and it's going to
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be published it looks like the FED are
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expected to raise interest rates next
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week which is worrying because then it
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puts more pressure on the banks it they
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cut with they're sort of stuck behind a
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rock and a hard place they're not sure
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you know what to do for the best at the
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moment
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um it is a very very difficult time I
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think people need to be patient but I
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think these people need to be wary
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I had someone foamy issue not a client I
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hate centered who has a pension with uh
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Zurich
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and he was very worried because
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um he checks the pension value every day
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which I'd advise nobody should do not to
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check their Investments every day or it
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will give you a heart attack and he said
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oh my God they've fallen so much I said
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yes I said have you looked at the market
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and he went well how does the market
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affect my pension and I I think people
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need to understand pensions invest your
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Pension funds unless it's a UK State
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Pension or a state pension in the
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markets they have to to get a return to
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make your pensions grow so if the
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markets are volatile and full your
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pensions will fall and he was going oh
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should we pull out all the money well
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firstly no because your tax bill would
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be huge you know in the UK you're
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talking about 40 in Spain and in Europe
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most probably more if you pulled all
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your money out of your pension secondly
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you have to understand that markets are
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volatile they do go down as well as I
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think people tend to think only if the
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good times when things have gone up
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remember 2007 2008 the huge dip them
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remember March 20 when we saw the
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markets fall nearly 40 overnight but
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they do recover and the people it
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affects are people that are taking their
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pension now that have invested it and
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need a fixed income because you may now
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be eating into your Capital if the
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amount of income you're taking out is
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larger than the growth you're getting
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and obviously if the markets are falling
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it's highly unlikely that your
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portfolios are actually making any money
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so if you don't need to be taking money
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out of your Investments or your pensions
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and you're just taking it as extra
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income it may be a good time to pair
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that back and say look do we need this
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money do we need as much could we cut
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back slightly further short term until
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the markets recover we'll have to wait
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and see what happens with the markets
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about this but the the news that this
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Swiss Central Bank did step in to shore
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up Credit Suisse is a good sign
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we just have to wait to see I think what
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people were worried about was contagion
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and I think that's something that
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happened and last time when something
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happens to One bank and it has a
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knock-on effect I think in the US we had
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you know two sort of separate things we
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had the banking with uh obviously
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Silicon Valley which was with startup
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companies which is not your normal bank
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and then we had the other two that were
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dealing cryptocurrencies there was first
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Republic in America did have problems as
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well
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um but other Banks stepped in to shore
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it up so the fed and Dopey Morgan give
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it gave it 70 billion this was First
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Republic Bank to stop it being under
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pressure so while the FED said it is not
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prepared to bail people out I think if
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push comes to shove it will and in the
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UK as we saw followed discussions over
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the weekend HSB announced it had
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acquired Swiss Silicon Valley Bank in
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the UK for one pound so what it did was
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it broke up bought over the operations
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of it and the UK operations had 6.7
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billion because it's 5.5 billion of
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loans and three point uh what just over
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3 000 of clients and most those clients
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were startup companies as I said
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venture-backed companies and funds the
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bank of England had warned that
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um it already warned them that they
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didn't have enough in place in case of
13:04
insolvency and the government said it
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did not want any public intervention in
13:09
order to protect depositors so HSBC has
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jumped into but that did mean that HSB
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shares actually fell the most yesterday
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um you know most of them were down about
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uh 10 as I said but HSBC fell nearly 20
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percent right because they took up they
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took on some debt I suppose and took on
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this yes they well they took on a huge
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liability so that did impact HSBC HSB
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shares yesterday I have to say I don't
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know I don't know whether it was that
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bit of news or whether there was some
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other mini rescues elsewhere but um the
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old cryptocurrency enjoyed some news
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following the Silicon Valley Banks it to
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really took off it right because it had
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dropped the week before about 10 or
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something but over that couple of days
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from Sunday evening
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um through maybe to Tuesday it went
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right up back over and now he's gone
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back down I think they're down about two
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percent so far this morning it's kind of
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settled down but it's um yeah it was
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quite the it was quite the jump nut so I
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think a lot of people enjoyed that
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watching that for a change I think if it
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if if I think if I was someone I think
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if it had jumped that much I always
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probably would have cashed him if I
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could quite a lot of my position yeah I
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have to say I did I did the medication
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coming out from the markets yeah um you
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know it is worrying it's worrying for
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everyone
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um but as I say if you take the proper
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precautions and you make sure that you
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are not over the guaranteed amount in
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your bank accounts and remember you've
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got to combine your current accounts
14:33
with your deposit accounts okay you
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don't get a hundred thousand for in or
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in the UK 85 000 for a current account
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and 85 000 for a deposit account it's
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your Banks it's your account within that
14:44
bank in total I see yeah okay and if
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you've got a joint account as I said you
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you get double that amount uh I think
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people need to be careful there if you
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have got more than that money in the
14:54
bank obviously don't take it out and put
14:56
it onto your bed that is really not a
14:58
good thing to do or keep it in a shoe
15:00
box somewhere God figured you'd get
15:02
broken into or your house catches fire
15:04
or something like that you've lost all
15:05
your money you can look at investing I
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know the markets are volatile but
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there's some low risk investors out
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there and what people need to understand
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is if you put it in a investment
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especially in Spain you're going into
15:18
what's called an insurance wrapper what
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it does it gives you a small amount of
15:23
Life assurance and these companies are
15:25
managed completely different to Banks
15:28
okay when you give your money to Banks
15:29
Banks lend out that money in the way of
15:31
mortgages loans Etc effectively you've
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given your money to the bank when you
15:35
put it in an investment with one of
15:37
these companies it goes into a custodian
15:40
account in your name and your name alone
15:42
it's not in the company you invested
15:44
with say it's Prudential or or Zurich or
15:48
anyone else it's in an account in your
15:50
name and that is ring fence for your
15:53
benefits so God forbid the insurance
15:55
company or that bank go down the
15:56
creditors cannot get that money because
15:58
it is your money so the risk you have
16:01
got is the markets going up and down but
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as we know with Market volatility they
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may go down but they usually come back
16:07
up so people that have been wary of
16:09
investing please please I would urge you
16:12
to get in touch hopefully with Blacktail
16:14
and we can talk you through the
16:15
differences between Banks and
16:18
Investments and give you that little bit
16:20
of Peace of Mind diversify your risk and
16:22
I know we say that about diversifying
16:24
investment portfolios but diversify your
16:27
Asset Risk so you should never have all
16:29
your assets in something that is
16:31
illiquid like property because if you
16:33
need cash you can't get it but if you
16:35
have most of your money liquid in a bank
16:37
you need to think about changing your
16:40
strategy and diversifying that risk
16:43
we'll have to see how the rest of um the
16:46
rest of this week
16:47
um pans out but investors are braced as
16:51
this is increasing fears of recession as
16:54
I said the UK US is a civilian that
16:57
recession is it is technically there
17:00
um it and hopefully it you know and it
17:03
may be made official in Europe we're
17:04
looking at the same sort of thing you
17:06
know if you look around Europe is
17:08
technically in recession you know saying
17:10
that it's
17:11
0.03 not in recession is is not the same
17:15
we all know and inflation is still going
17:18
up consumer prices are still Rising so
17:21
for the chancellor in the UK to come out
17:24
with such a bold statement to say that
17:26
he feels inflation will be down to three
17:28
four percent by the end of the year I
17:31
think is quite fanciful I hope he's
17:33
right I hope he's right I would say
17:35
we're looking more towards the end of
17:37
2024 maybe into 2025 as I've said in my
17:41
when I talked to you on Tuesdays I felt
17:43
this year was going to be very volatile
17:45
and and when I came on and everyone was
17:47
really happy because the footsie had it
17:49
hit 8 000 I did caution people and I did
17:52
say that I felt it would go back to
17:54
around about seven five even seven
17:56
thousand and then if people felt like
17:58
playing the market maybe going to a
18:00
footsie tracker and hopefully it would
18:02
go back up and today the footsie is at
18:05
seven three eight seven so it's gone
18:07
down dramatically from the 8 000 so if
18:10
people were buoyed by that news and they
18:12
went into the markets and they bought a
18:14
foxy tracker eight thousand they have
18:16
now lost a considerable amount of money
18:19
and I think that's where people need to
18:21
be wary people tend when the markets are
18:24
looking good when the they're up to
18:26
invest the best time to invest is when
18:28
the markets are down because then you've
18:31
got the upside to come
18:33
um yesterday with the big Falls I mean
18:35
you mentioned uh the the chat with his
18:37
pension which would be a good example
18:38
because as you said that money gets
18:40
invested people would have been tracker
18:43
have an index tracker yesterday so
18:45
they'd have seen that fall
18:46
what about individual Bank shares do
18:48
they make up many people's portfolios or
18:50
some in there no
18:52
most people would not at the moment I
18:55
hope have a fund that was invested in
18:57
banking shares
18:59
um for I think most people are wary
19:01
about them
19:02
um we know that uh banks have a lot of
19:05
off balance sheet um stuff which is
19:08
basically debt so we've got things like
19:11
um derivatives that are not on the
19:13
balance sheet which are have a huge
19:15
amount of debt I think no one would have
19:17
gone fully into the banking sector I
19:19
hope no one has
19:21
um it would be very very foolish
19:23
obviously if you have some funds some of
19:26
them may be and have invested slightly
19:28
in banking but that would have been
19:29
hedged off against other things so so
19:31
hopefully you haven't taken a huge hit
19:33
however if you'd invested most of your
19:35
money in say
19:37
um banking shares so say the banks were
19:39
paying a good dividend like HSBC or
19:42
Santander or Barclays and you put all
19:45
your investments into banking shares to
19:47
get the good dividends you will still
19:48
get the good dividends but your actual
19:50
holding will have fallen significant
19:52
quickly and that's what I say to people
19:54
when you look at buying things that are
19:56
paying you a good dividend you will get
19:57
that income every year as long as they
19:59
keep paying the dividend however you
20:01
have to still remember that your initial
20:03
holding like anything can go down as
20:05
well as up and for people that have
20:07
banking shares at the moment they will
20:08
have gone down significantly and my
20:11
advice is to hold them and to write this
20:14
out especially if you are receiving a
20:16
good dividend on them please no need
20:18
your reaction That's What markets love
20:21
because it means that the big people can
20:23
go in and buy stuff really really
20:25
cheaply because sadly some people have
20:28
reacted and sold out when the markets
20:30
are low if you sell out when they're low
20:32
you're actually crystallizing your loss
20:35
you're actually making it a physical
20:37
loss if you don't and you hold on it
20:40
will come back it's a paper loss at the
20:42
moment please remember there is a
20:43
difference
20:44
if you are heavily invested in Banks
20:48
check what banks you're invested in
20:50
please if it's through an advisor call
20:53
up that advisor and ask them what your
20:56
exposure is and how those banks are
20:58
doing and you know and what their
21:00
financials look like and maybe you will
21:03
need to take a loss and switch into
21:05
something that isn't so volatile but as
21:07
I said hopefully no one out there has a
21:10
Investment Portfolio purely in banking
21:13
stocks so I wouldn't have thought so so
21:14
it was um the chancellor was on his feet
21:16
yesterday did we mention in there about
21:18
the pensions and what would have been oh
21:20
yes we're just going to quickly touch on
21:22
pictures right there used to be a
21:23
lifetime allowance on pensions so it
21:25
meant your pension pot could only grow
21:27
to just over a million and after that
21:29
you got tax
21:31
what the chancellor did yesterday was he
21:33
scrap that and the main business that
21:36
some financial advisors did was
21:38
something called curots which is a
21:40
qualified recognized overseas pension
21:42
scheme and when people got near the
21:43
lifetime allowance they were advised to
21:45
move into a curios because that was not
21:47
subject to the UK lifetime allowance
21:49
because it was not UK based now
21:52
effectively overnight he has wiped out
21:55
that business because there is no reason
21:57
unless you don't want to have any
21:59
connections with the UK to move into a
22:02
curops
22:03
however saying that he has scrapped the
22:06
lifetime allowance however if there's a
22:09
general election and say labor get in
22:11
there is no guarantee that they will not
22:14
reinstate that lifetime allowance on
22:16
pensions so whilst at the moment it
22:19
looks very very good to keep your
22:22
pensions where they are please be
22:24
realistic and realize if a new
22:27
government gets in they can reinstate
22:30
that lifetime allowance literally
22:31
overnight the same as his scraps I see
22:34
okay I'm not sure they would because it
22:36
would be
22:37
politically not viable but they may
22:40
bring it back at a certain level rather
22:42
than scrapping it all together
22:44
so be wary but if you've just done a q
22:46
rocks and you were near the lifetime
22:48
allowance maybe it's time to think about
22:50
putting that on hold if it's not going
22:52
to cost you anything and just wait and
22:54
see also the UK government has extended
22:57
its deadline for topping up UK State
22:59
pensions now that was meant to run out
23:01
they've extended it to the 31st of June
23:04
23 to give taxpayers more time to fill
23:07
in their National Insurance gaps okay
23:10
and there are certain websites that you
23:13
can get
23:14
um in look at you can look at your
23:16
National Insurance record you can see
23:18
the state pension forecast and I'll send
23:20
that information through to Bay radio so
23:22
they can post it so you can look it up
23:24
perfect okay
23:26
is it about 2004 or 2006 I think as far
23:30
back as you can go yes
23:31
yes it wasn't your whole life there's
23:33
always gaps in the National Insurance
23:34
records from April 2006 onwards now has
23:38
more time to decide whether to fill
23:41
those gaps and boost their UK Cent
23:43
pension so it depends on your
23:46
um complete years between 2006 and 2016
23:50
and it will give you more money when you
23:53
retire and please look into it because
23:55
for some people it is very very
23:57
worthwhile doing and I mean it you know
24:00
it is other people not so much but
24:02
please I will get that to Bay radio
24:04
hopefully later today and then we can
24:07
get that sorted and just one thing
24:09
before we go
24:11
um my head office has issued a fraud
24:13
notice to me and black Towers become
24:15
aware that of certain fraudulent schemes
24:18
that have been conducted by individuals
24:20
organizations claiming to be Black Tower
24:22
Group now I don't know if that's because
24:24
at the moment we are very very
24:25
successful expanded but they are what
24:29
they're doing is they are setting up
24:30
bogus website so social media accounts
24:33
and send to people unsolicited mails and
24:35
text messages and they're using the
24:37
Black Tower logo and they're using other
24:39
company information without permission I
24:42
have to add and the floral Doom websites
24:44
have no association to Black Tower and
24:46
what they are is one of them is Black
24:48
Tower FM and it's um Dash cfd.com
24:54
blacktowerfm.live now R1 is Black Tower
24:57
FM for financial
24:59
management.com that's it okay if you
25:02
have any of you receive any messages or
25:04
anything that's suspicious please let us
25:06
know and we'll check into it but just
25:07
the warn people that's been brought to
25:09
my attention as well but as I said
25:11
before with banking just check what you
25:13
have in the banks and please if you can
25:15
manage the amount you have in the banks
25:16
if you need any advice please call Black
25:18
Tower if we're not there you will get a
25:21
message we will come back to you or send
25:23
an email to info at the Black Tower FM
25:26
for financial management.com put Bay
25:29
radio attention Christina it will come
25:31
through to me I I am out seeing clients
25:33
today and tomorrow but when I get back
25:35
in the evening I know it sounds really
25:37
sad I do go through my emails yeah well
25:40
money never sleeps and all that and
25:43
while I may not phone you at 9 10
25:45
o'clock at night I will take note and if
25:47
I don't phone you today or tomorrow I
25:49
will phone you as soon as possible and
25:50
if it's urgent I'll try and get back to
25:51
you as soon as possible or one of my
25:53
team will you have to remember that
25:54
Black Tower is not just the one person
25:56
it's not just me there's seven other
25:58
financial advisors in my team and my PA
26:01
and some admin assistants so you know
26:04
it's it's a large group we've been going
26:06
40 odd years we've got hundreds of
26:08
financial advisors and we're all to here
26:11
to help you if you can so please I know
26:13
it's a worrying time
26:16
um for people with bank accounts with
26:18
pensions with Investments but please no
26:21
need your reaction just sit tight and if
26:23
you do have any questions if you do need
26:25
help rearranging your assets please just
26:27
get in touch that's what we're here for
26:29
we're here to help you great I was going
26:31
to ask you if you want to if this was
26:32
like a normal one we just did it all in
26:34
one hits that's fine it's going to be
26:36
covered everything because I have got to
26:38
go out in a minute to go and see clients
26:40
so sorry about that sorry to get it all
26:42
through in one here but as I said please
26:44
people I know it is worrying it's
26:46
worrying for me everyone has pensions
26:48
everyone has you know hopefully you know
26:50
people have pensions like or Investments
26:52
or money in bank accounts it worries us
26:54
all
26:56
um and we are powerless to stop this as
26:58
I said the Central Bank of Switzerland
27:00
has stepped in to stop the rot hopefully
27:02
it created sleece and in the US they've
27:05
guaranteed deposits up to a certain
27:07
amount but please you've got to do some
27:09
work yourself you've got to start to
27:10
look after your own assets your own
27:12
money and work from there yeah okay so
27:14
all that in the budget yesterday and of
27:16
course the old British tradition is to
27:17
look at cigarettes and alcohol price of
27:19
a pint Frozen on alcohol wine and
27:22
spirits up a little bit but not beer I
27:24
couldn't I couldn't believe that I know
27:25
everyone's gonna have beer bellies
27:27
aren't they that's really good it's to
27:28
help the pubs I think in their trouble
27:29
we're gonna have to go anywhere else
27:30
I'll speak to you on Tuesday thanks ever
27:32
so much for that today okay thank you
27:33
very much thank you Christina Brady from
27:36
Blacktown with financial management
27:37
blacktowerfm.com the only website you
27:40
need to go to listening and exceeding
27:42
expert rotations for over 31 years Black
27:45
Tower financial management the team you
27:47
want by your side visit blacktowerfm.com

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