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BBA warns of Cantona inspired crisis

Tuesday 23 November 2010 - by Will Henley

BBA warns of Cantona-inspired crisis

A plan hatched by ex-footballer Eric Cantona for a mass run on the banks could cause a financial "crisis", the British Bankers' Association has admitted.

The UK trade body warned that the direct action revolution promoted by the French former Manchester United striker risks a new Northern Rock "if enough people" withdraw their savings.

"I don't understand what benefit there would be in trying to crash the banking system," a BBA spokeswoman said.

"You would very quickly get into a Northern Rock situation if everybody wanted their money at once. It wouldn't take very long before you get queues and then you would get camera crews.

"Once something looks like a crisis it becomes a crisis.


"One of the reasons the Northern Rock situation escalated so quickly was there was a perception that everybody wanted to get their money out, and that made more people want to get their money out."

An online viral sensation, Cantona's comments last week have drawn a huge response.

The ex-footballer turned actor said that instead of taking to the streets, the public should withdraw their cash en masse next month to express their frustration at the effects of the financial crisis.

Cantona, referring to protests in France, said: "If the three million people that are demonstrating with signs take out their money from the banks then they will collapse."

Activists have already earmarked 7 December for the proposed mass withdrawal.

The BBA, while adding that it was unlikely enough depositors would withdraw their savings on 7 December, said however that Cantona's comments were "irresponsible".

The spokeswoman continued: "In a time of financial uncertainty when markets are less than confident, particularly around the question of sovereign debt, the British Bankers' Association believes it would be irresponsible to artificially create additional fear in the minds of investors."

In 2007, Northern Rock became the first UK bank in 150 years to fall victim to a bank run following fears over its capitalisation.


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READERS' COMMENTS
2010-12-07 19:01:12 | Anonymous
i totally agree that if Eric Cantona actually targeted a specific bank the plan would have been more successful to inspire change. keeping things vague only seems to cause more chaos and anarchy.
2010-12-05 21:41:54 | Anonymous
Start giving a decent interest rate and I will leave my cash in the bank!
2010-12-05 18:55:04 | Miranda
I don't condone this for reasons I have already said. I don't think Eric Cantona really thinks many people will do this. Now if he had targeted a specific bank then he could have made a big impact with people moving their money from that bank to any other to safeguard their own funds but take the bank down. Then he could have targeted a second until enough damage were done to scare all the other banks. Then all the banks and government would get the message that the people not banksters rule our money. I was in the post office the other day trying to take out a couple of hundred quid from my deposit account due to the Ireland crisis. I had forgotten my pin number. I produced my passport, photo driving licence, proof of address, medical card, national insurance number and other debit cards and the post office manager still would not let me have my money without my pin number. It was an attempt to stop you having what was rightfully yours. It was a couple of days before Ireland got the bailout when everyone was trying to get their money out of Irish banks.
2010-12-05 11:30:51 | colin syme
Too old to throw bricks at the police, anyway they are as much victims as the rest of us, so l will be taking part.

The savings l will be withdrawing are to be used to buy 500grams of silver thereby supporting Max Keiser's "take down J.P. Morgan" as well. The idea of killing two birds appeals to me.
2010-12-05 11:07:14 | Miranda
It is irresponsible. If lots witdraw it may mean some perfectly decent innocent people will be unable to get to their money. Think of vulnerable people like the elderly or disabled who can't go running around moving money between banks to protect it. Think about the fact there will be criminals out there watching out for people drawing out large sums walking about on the street or criminals trying to target the banks with frauds at a time of panic. Sensible people who wouldn't take money out will take out some more than usual to live on incase there is a crisis etc.But I say this to the BBA - be warned honest Joes by this action are saying to you they are absolutely sick of your greed - stop taking bonuses when you have stuffed up big time. At present you are unfairly gaining no matter what happens. Time you forfeited your bonuses during this crisis as the masses are having to suffer with less because of your greed that caused irresponsible lending multipliers of prudent savers' money. In any country a government can lend direct to its people it does not actually need commercial banks to do it. Your days may be numbered if you don't listen and clean up your act.
2010-12-05 09:31:43 | Tony
Take the money out the bank WHAT ! Im going to rob it !!!
2010-12-05 02:37:36 | Alan D
Get out of the big banks, there are a lot of alternatives.
2010-12-05 00:55:54 | Anonymous
Let them try...most banks need time to get the cash together and make it vey awkward to take what is your cash out of their bank!!
2010-11-24 16:37:12 | stopbank_and_FED
Money is the trick to stole everything.
FED is the main gangster, as Paul Grignon explain in its video :
http://www.moneyasdebt.net/
http://video.google.com/videoplay?docid=-2550156453790090544
Or for frenchies
http://bankster.tv/videos.htm
2010-11-24 07:32:21 | Jack
REVOLUTION! ON 12/07 - LET'S GO EVERYBODY TO WITHDRAW OUR MONEY!

http://endtheecb.ning.com/profiles/blogs/revolution-on-1207-lets-go

http://endtheecb.ning.com/video/banksters-economy-vs

http://endtheecb.ning.com/video/cantona-kill-the-banks
2010-11-24 00:32:41 | Sarah M
The Banks are exclusively responsible for the crisis and the culture of greed fostered by those in the financial sectors. It is about time that we come together to teach the entire banking sector what hard-working people really think.
2010-11-23 20:18:32 | johnproblem
Are they stupid, or what? This could seriously affect my bonus. If there's no dosh, how do I get paid? Why isn't the government doing something? Send the police in! Send the army in! Protect my bonus!
2010-11-23 17:45:03 | Mike D
I believe everyone should pull their moneys out of big banks. The big banks are the real thieves.

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