deposits in foreign currencies are risky. The development of a currency is hardly predictable prognoses same reading tea leaves. Increased caution when investing in exotic currencies, with investors for the inclined shaft in this country already known to the exotic at € begins (see development in recent years). The following story from the Tages-Anzeiger, reproduced in part, depicts an almost daily "accident" from this investment chapter.
"Financial crisis: Iceland is facing bankruptcy." The headline on the front page of "20 minutes" me in immediately. It is the 8th October 2008. Three and a half years earlier, in February 2005, was my former advisor at the Zurich Cantonal Bank (ZKB) and my wife invited me for an interview. He advised us of their own accord to buy a bond of the State of Iceland. The rating was good (AA +), the interest rate high (7%) and low currency risk, PW enthused because the price of the Icelandic crown depended on euro and dollar - two stable currencies. Given the geographical position of Iceland between Europe and the USA I lit the one time. On 1 April 2005, I agreed.
And then this hear from ZKB I at first. until two days after the headlines, she writes me that "the situation has worsened in the Icelandic financial massive" security. The Icelandic krona has lost dramatically in value and no longer be traded. The letter is signed by BA, "Head of Competence Centre facilities." Previously, he had recommended to the readers of the magazine ZKB customers have to endure the financial crisis and trust in the stability of the "ship".
BA I ask by e-mail, so the analysts of his competence center, the impending decline of the Icelandic crown had not recognized earlier and warned the affected customers on time. And whether the ZKB was prepared mitzutragen a possible loss on repayment of the bond in March 2010. No answer. Only three reminder e-mails and a month later, shares in BA, my question would be "examined by the competent authorities" .
It will take another two months to arrive at the answer in January 2009. It is signed by the UN, a "member of senior management." He regrets that I was "by recent events in global credit and financial markets affected." The crash of the Icelandic krona had not been foreseen . And the Iceland-bond was at the time of the purchase decision of my chosen investment strategy "income" met. "Income" is the second lowest of five levels of risk.
Strange: On the phone says my new ZKB Consultants Ltd (PW was terminated) that he had recommended to its customers always to invest no more than 2 percent of their assets in Icelandic krona. In my case, it is a multiple. Therefore, I claim in writing to the Bank and point out that I had sold the PW bond with false information to the currency risk. My wife, who was present at that time confirmed this
But it does not help. The Bank responds: "You former account manager PW She referred to the specialty of the currency and the bond and you the risk information. "The go forth from his notes in the computer. Incredible: The ZKB the letter sent unsealed to the wrong address, not zip code and city agree. Because the name and street are correct, it is important nonetheless.
I am writing to Director General Christoph Weber and ask for an extract of the stored data about me. I also repeat my question of damages for failure to purchase advice and information on the late decline of the Icelandic currency. Weber had previously said in an interview with the Zurich business magazine ": ." For us, a pro-active customer information is central " Although ZKB until two days after all Media informed, he rejected a compensation: "We have driven all customers immediately."
The data extracted unearthing amazing. Under the "contact date» 4 April 2005, PW entered in computer: "Have customers informed about the specialty of the currency and the bond. He is aware of the risks. I recommended him to invest a small amount "Bloss. On 4 April took place no contact. The contract to purchase the bond Iceland-I was calling as early as 1 April. The proof of the purchase accounting. Strange also: Under the Contact Date 17 February 2005, the date of personal interview, is found no entry for risk evaluation. According to data extracted would have indicated PW So, six weeks after our meeting and three days after the telephone call to the risks.
On 4 April 2009, I notify the ZKB in writing of the inconsistencies in the statement and ask for an opinion. Then begins the wait. After almost four months, said the delay AG consultant to telephone inquires as to extensive investigations in the archive. All the greater then the surprise when in late July 2009, a letter finally arrives: The bank is one with no reference to criticism of the data extract, but repeated only once, so they could not participate in the loss.
I for hake. The bank should explain to me why they always refer to an entry of PW, I was informed of the risks, although the entries in the computer obviously very random and sloppy made. But nothing happens again for five weeks. Then, in early September 2009, calls on UN and director invites me for an interview. After I have been waiting five months for a reply, but I am not willing to let me lull.
It is October, the Bank responded to my questions from April. It confirms that PW did the entry until three days after the telephone sales order. The conversation took place on a Friday, the entry the following Monday. The complaint that it had violated bank secrecy, writes the ZKB, my mother and my sister were "quietly" with the announcement of their wealth levels have been agreed - an argument for the many lawyers are reluctant to hair.
In March 2010 the obligation for repayment is due. And voilà, believed bankrupt Iceland pays the money back. How much the crowns are still worth is unclear at first, because they are not negotiable. Recently, I know: The loss is currently about 70 percent. The rest is now at another bank and waiting for a rate increase. The local adviser recommends investing the money in Iceland holiday - "Absolute risk".
The author is an editor at the Tages-Anzeiger. (Tages-Anzeiger)
Source: Tages-Anzeiger of 22 November 2010
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