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[EBANK] Account Freeze

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Author	Thread Statistics \| Show CCP posts - 1 post(s)
Solisk Gallente HyperFang Aquisitions And Logistics	Posted - 2009.08.30 15:33:00 - [1] Does Ebank intend to provide employee salaries during this frozen period? Or will salaries continue to be frozen as well?
Solisk Gallente HyperFang Aquisitions And Logistics	Posted - 2009.08.30 19:07:00 - [2] Originally by: Ray McCormack Originally by: Solisk Does Ebank intend to provide employee salaries during this frozen period? Or will salaries continue to be frozen as well? Salaries will continue to accrue for staff, but will only be paid once the bank achieves full liquidity and then some. Has the policy to keep account interest frozen for, roughly, 12 months with no accrued interest been changed then? It doesn't seem fair that the very same people who let this financial crisis escalate should profit if the account holders, who have their isk effectively held hostage, don't stand to gain anything either. I believe it was Kazzac who asked if transfers between Ebank accounts would still be active, but I think I missed the reply.
Solisk Gallente HyperFang Aquisitions And Logistics	Posted - 2009.08.30 19:08:00 - [3] Originally by: Hexxx Originally by: jacobius neutrineaux give me a reason to be happy letting you have my isk for a year, and i will still be with you when the dust settles. Because EBANK wants to give you 100% of the cash in your account instead of 30%. What about what the account holders want? I'm not sure that the Ebank Board of Directors and ranking staff is addressing this issue, and haven't addressed it in a long time.
Solisk Gallente HyperFang Aquisitions And Logistics	Posted - 2009.08.30 19:45:00 - [4] Originally by: Kazzac Elentria Originally by: Solisk I believe it was Kazzac who asked if transfers between Ebank accounts would still be active, but I think I missed the reply. I was told that it should and if not to get in touch. My client has yet to get back to me on if it worked or not. If you could post back with a confirmation of it working or not, I'd greatly appreciate it.
Solisk Gallente HyperFang Aquisitions And Logistics	Posted - 2009.08.31 21:03:00 - [5] Originally by: Professor Leech Originally by: Roguehalo They spend 2 years losing 1,200,000,000,000 and somehow you think they gonna make all back in the next 18 months? Somebodys not living in the real world here. There is also potentially a large amount of isk made in ebank that has disappeared along with the 1.2T net loss. Potentially? I think "obviously" would have been a better word choice. :)
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.07 19:57:00 - [6] I would like to propose to the Ebank Board of Directors that they allow a public figure, chosen by the public, to sit in on all discussions relating to the recovery of account-holder funds and the future of the bank as an establishment. There is an obvious rift between Ebank and the public at present time and I do believe that Ebank wants to do right by its customers and potentially secure a future for itself. However, public opinion and trust is at an all-time low and there are a lot of people who believe that Ebank is out to serve its own interests. I have fleshed this idea out a bit more, but I wanted to present the idea first in hopes that it will be considered. I even have a pretty good candidate in mind.
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.08 21:30:00 - [7] Originally by: cosmoray Originally by: SetrakDark There is 485b worth of assets that could be liquidated (or are already liquid) and 325b in outstanding loans or other ventures. Add the fact that mass liquidation would lower asset value and you have a < 485b for any "super" recovery fund, whatever form that takes. The fact is that EBANK have stated they want to return the money in a year. To do that they need to earn 9.5% across their ENTIRE asset base EVERY month and then COMPOUND it. Their best efforts are only returning 5-7% (Titan and loans will not return more). Liquidating seems to return 40% now. 100% in 1 year is a joke It can't be done in 1 year. There I said it. Not even if they really, really believe?
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.10 04:35:00 - [8] Originally by: Athre Originally by: cosmoray How about: 7) Talk to your customers and see what they want Please recognize you are one of the vocal minority. As stated the item you want, nea DEMAND (not your choice dude) is on the table still even though the internal feeling is this is not a good fix for our customers. I disagree that he is the vocal minority. There are quite a few people who share his concerns, even if they don't give voice to them. As a highly visible member of the MD community, a lot of people are simply letting him do the speaking. I do feel that he has a valid point. For awhile now, Ebank has made decisions based on what they, the BoD, feel the public needs and any dissent is usually met with a shrug and a collective "there's nothing you can do, it's not your decision". The point that seems to continually be missed is that Ebank has failed the community. While most of the staff members had nothing to do with the financial crisis, they are still responsible for the lack of oversight that facilitated it. I'd also like to mention to numerous assurances given to the public by Ebank on their health and long term viability, which led account holders to continue depositing isk only to have their accounts/interest defaulted on. The bottom line is if Ebank has any glimmer of hope to reemerge as a "successful" institution in Eve, they are going to need to listen to and respect public opinions, opinions, and occassionally demands. I for one advocate a publicly elected "financial watchdog" to sit in on BoD meetings and speak for the active majority. I think that I should clear up that this is not a demand for anything (Demands seem to burn your ass more than anything, Athre ), but rather just one mans opinion.
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.11 21:19:00 - [9] Originally by: Ray McCormack Originally by: ProfessorFaust Posted on this thread. Can we get a confirmation on this? Confirming that I posted that. Surely you jest... Any idea when we will be seeing another official announcement on Ebanks plan of action? Or are plans still in the discussion phase?
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.22 22:29:00 - [10] Originally by: Roguehalo "whine in here" ? What a totally insulting way to talk to people who entrusted their isk to Ebank All you can do now is liquidate....I know that you know that so why not just say so? People aren't expecting much from this anymore. They have seen how rubbish the 'elite team' turned out to be. So if you gonna give them back 10% 15% or whatever then just GET ON WITH IT!!!. How hard is it to say :- "We are in the process of gathering together whatever is left and will distribute that to account holders as soon as we have devised a mechanism for so doing"? That's all there is for you to do now.......collect whatever isk is left and distribute it. And tbh you are showing yourself as rubbish at doing that as Ebank was at making isk. Isn't it the usual Ebank tactic to insult their customer base when questioned? At this point, I think it's clear to most of us that they won't simply liquidate. Regardless of whether or not it's the right decision to make, I doubt it's even being considered as a serious option. They are clinging desperately to the project that they've invested so many man hours in. Can't say that I wouldn't do the same. I understand how it can be when you've put so much effort into something. That doesn't make it the right thing to do though. My prediction is that Ebank will offer 2 options: 1. An Ebank controlled auction-style buyout to third-parties for those who want a percentage of their isk now. 2. Keep your account and be able to withdraw in a year or two. It's certain that they will have a huge run in withdrawls the moment they allow them. We know that, Ebank knows that. I'd bet that they are going to use that to their advantage by liquidating before enabling withdrawls, then using the run to reduce their overall size. There will surely be those who don't withdrawl and those that are inactive, so they will use that remaining capital and reassess their projects and investments accordingly. Not a bad plan, really. We can discuss payment for it after it's used.
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.22 22:47:00 - [11] Originally by: Drab Cane Originally by: Leneerra I would be appalled should people such as AC155, Ray MCCormack, Athre, LaVistaVista and whomever else I may still trust on that board drop their names in the gutter for all to see over a few posts and a measly account value of 4.4B isk before losses Originally by: Ray McCormack I'll restate then what has been repeated ad nauseam. Your choices will be detailed in the next announcement due Oct 15 - Nov 1st. Liquidation will not be an option. As depositors, we're screwed. We're losing money every minute that we aren't earning interest, or have it in our personal wallets where we could be making money off of it ourselves. Now, we are waiting to see if our options will improve over the initial "we'll get you your principal, eventually." As for me, I've accepted the fact that we're going to have to wait 'til the end of October to hear anything new. So I'll wait. If anyone else "still trusts" the EBank BoD as Leneerra does, I suggest they suck it up and do the same. People are wrong to assume that they are losing 1.5% monthly in interest. They are actually losing a much higher percentage. If opportunity cost applies to minerals, datacores, and salvage, then it also applies to profit lost by the isk being unavailable.
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.22 23:08:00 - [12] Originally by: SetrakDark It's different for everyone depending on what they'd be doing with the money if they had access to it. No no, it's always the maximum amount of profit that can be generated from the isk, whether the person would actually use it or not.
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.22 23:28:00 - [13] Originally by: SetrakDark Originally by: Solisk No no, it's always the maximum amount of profit that can be generated from the isk, whether the person would actually use it or not. I respectfully disagree, and leave it at that. It was sarcasm (not specifically direct towards you).
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.23 13:35:00 - [14] Originally by: Vaerah Vahrokha Edited by: Vaerah Vahrokha on 23/09/2009 10:54:11 Edited by: Vaerah Vahrokha on 23/09/2009 10:51:44 Quote: People are wrong to assume that they are losing 1.5% monthly in interest. They are actually losing a much higher percentage. If opportunity cost applies to minerals, datacores, and salvage, then it also applies to profit lost by the isk being unavailable. It's different for everyone depending on what they'd be doing with the money if they had access to it. In any case, the loss cannot be calculated as below pure interest rate over a frozen (hence unable to withdraw) account. For a typical 1B deposit at 1.5% / month, compounded interest past the suggested force-freeze 2 years would be equal to: 429.5M. For a typical 10B deposit at 3% / month savings account, compounded interest past the suggested force-freeze 2 years would be equal to: 10327941064 (10B and 328M). So, those would be the minimum losses. This, unless I made totally wrong math, means that if you had 10B in a savings account, you are going to lose more than your full principal if you could move it into another bank at same interest rate. To enable withdrawals one of the conditions are: "a. Available capital must exceed 1.7t ISK. It currently stands at 0.8t." Starting with 0.8T, to get to 1.7t, EBANK would require to earn 3.24% a month with no withdrawal. Edit: the accounts being frozen was one of the possible exit strategies. Since they want to get back to operativity and not liquidate, frozing the accounts stopped an exponential process of capital drawdown that would have completely depleted EBANK in little time. Unless I'm not following correctly, your math was wrong (off by 1 factor, it seems). The part I want to address is the bolded part. We all know that Ebank is going to have a capital drawdown, as you put it, in the initial hours/days after unfreezing accounts. This means that they undoubtedly know this and plan to use it to their advantage to shrink the size of the bank as a whole. As they are unsure of just how many account holders are going to withdrawl/close accounts, they are going to have to wait until after the run to decide the future of their investment projects. I'm wondering if they aren't counting on account holder "apathy" and inactive accounts to fund their "re-emergence".
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.23 13:43:00 - [15] Originally by: Tawron Edited by: Tawron on 23/09/2009 13:35:55 Im not sure what's funniest the fact that Ebank is able to keep the pretence of ever giving people there isk back or the fact people were stupid enough to hand there isk over to a bank in a game where scamming is so free of consequences. I'm going with option 3. Option 3: The fact that idiots with nothing constructive to say keep popping in and spewing nonsense because they don't have the mental capacity to follow an intelligent discussion. Option 4: The fact that you seem to think people care about what you think. Option 5: The fact that you have so many facts. Factfactfact. All were good options, but option 3 is the best methinks.
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.09.25 21:16:00 - [16] Originally by: JIta Bob Wow. I just heard about this mess. I didn't even know there was a player run bank in EVE. The very concept makes my head hurt. How stupid can you people be!!!? You don't give away money to people in EVE unless you plan on never seeing it again. That is Rule One! Do any of you morons have the slightest clue how this game is played? Truly, the depths of your stupidity are both abyssal and crushing. Incidently, I have a few shares of a station in Jita that I'd be willing to sell you . . . You're wrong. Rule 1. Don't fly what you can't afford to lose and don't invest what you can't afford to lose. Are you just stupid or have you never been exposed to Eve's player-driven market?
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.11.03 00:04:00 - [17] Originally by: EBANK Amarr155 On behalf of everyone at EBANK I would like to apologize for the delay in getting our next announcement out to you. We're finalising some last minute issues that arose due to the policy changes we'll be announcing. Once they are finalised the post will be made. So expect it this weekend if not sooner. Again we apologize for the delay but it was unavoidable. ^^Generic PR reply #42
Solisk Gallente HyperFang Aquisitions And Logistics New Eden Retail Federation	Posted - 2009.11.03 00:24:00 - [18] Originally by: Derek Chambers I'm laughing at everyone who put their isk in the hands of internet strangers and expected it to be taken care of. wow. I'm laughing at people who take their internet monies so seriously that they cannot even trust someone from the internets with it.

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