04-12-2018, 02:47 AM
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80/20 Rule
Industry Role:
Join Date: Apr 2010
Location: Los Angeles
Posts: 3,050
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Quote:
Originally Posted by Konda
It's from an email Choice sent to all their clients, so I guess they have an account there, or someone forwarded it to them.
This is the full email
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Quote:
Dear Accountholder,
Due to recent developments involving the prepaid card component of our international banking business, Choice Bank Ltd. (“the Bank”) has been forced into a temporary liquidity constrained position.
With a view to enable the Bank to manage cash flows in an orderly fashion to work through the current liquidity situation, in the interest of depositors and other creditors as a whole, the Bank has taken the decision in its view as a matter of necessity, with immediate effect, to temporarily suspend all withdrawals from deposit accounts with the Bank and other outbound payment activities (save for payment of employees, suppliers essential for core operations, consultants and advisers) until the Bank and/or its relevant regulatory authorities (as the case may be) are satisfied that such suspension is no longer required.
The Bank maintains a strong balance sheet with total equity including paid up capital and accumulated retained earnings in excess of US$26 million, a most recent reported regulatory capital ratio of 26.92%, and statutory liquidity ratio of 74.59%, such ratios significantly exceeding all statutory capital adequacy and liquid asset requirements. The liquidity challenges the Bank currently faces is truly a short-term one. As it progresses through this process, the Bank is confident that all its depositors, cardholders and creditors will be kept whole.
We thank you for your patience and understanding and apologize for any inconveniences caused.
Yours sincerely,
Paradise Point Building
Corner Hutson Street and Marine Parade Boulevard
Ground Floor, P.O. Box #2494
Belize City, Belize, Central America
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Note the email says "most recent reported", which could mean annual or quarterly reporting. Their current numbers may look very different. Given the recent collapse of crypto prices, it's possible Choice Bank is holding crypto as a cash equivalent with significant unrealized losses. |
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