Large SL Bank update

"Notice Regarding Current Situation 08/05/07 02:57:38 PM EDT
I would like to personally try to explain some of what's been going on.

About a week and a half ago, we saw an increased number of withdrawals; the time to speculate as to why this happened has since come and gone, so I will leave it at that. No matter what started it, the result is the same: We have expended every possible short-term resource, and are still unable to meet the current demand for funds. We have attempted several different things to remedy the situation (which is in short why the interest rates and limits have fluctuated wildly), but none of them turned into a viable permenant solution.

For the time being, we have decided to continue doing business normally, but leaving the withdrawal queue in place with an expanded L$1,000,000/day limit, to give an indication as to where the end of this situation may be. However, a realistic estimate could possibly extend in to the realm of several months.

It may be hard to believe that we would expect people to stick with us, especially after how poorly this situation has been handled, but a large number of you continue to show your support, and I still have hope of a second chance at fixing the problem.

For those of you who wish to withdraw your funds, you may wait in the queue, or cash out to Ginko Perpetual Bonds, which is currently the only option if you don't wish to wait the seemingly indefinate period of time it could take to refill the reserves.

I would also like to personally appologize for the lack of communication and the diminishing customer support during all of this, but through all of the changes that were being made it is impossible to keep my support staff fully informed, and usually I am the last person down the line to receive factual information -- and too often the first person to relay that information to you.

I thank everyone for your continued support of Ginko Financial, and hopefully with time we will be able to continue through this situation and get things put back right."

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Maybe now we can see how deep the run is.

Has anyone gotten into the withdrawal queue lately? I'm curious what the amount in queue is now.

WOW,

So basically you can "Withdraw" all your money - but the check will be in the mail, for a few months or forever.

All night long I prayed for more Ginko threads on this forum. Thank God for small miracles.

Ain't it grand!

FYI, the way you have your OP formatted with all the first person language and no attribution to the quote, it comes across like you are the one making the official announcement. For a second I thought you worked for Ginko.

A Ginko! A Ginko! We've found a Ginko! May we burn it?

You take that back!!!!

You take that back!!!!

so in theory if I believe that Ginko will pull through eventually. and there's someone invested that thinks they never are going to.

I could say buy a 1,000 linden bond for 250L?

Sort of...

You could buy a 100L bond for well under 20L I beleive.

Unless you want to use your Ginko funds to buy it - then its 100L.

I thought this was something to do with a bank called "SL Bank" and not Ginko...until I eventually reached the word Ginko.

He was being Forums guidelines sensitive in the title.

stop making me short out my keyboard with coke!

O.o

Wow.

What's the point of a L$1M limit? In that situation, why bother to have a limit at all? Are there that many accounts with more than L$1M deposited?

some guy calculated that if he bought one of those ginko bonds that it would take 8.3 years to pay 100L now if that aint an argument in favour of camping chairs I dont know what is!

Thats one good way to stop a bank run.

Tell them if they want their money all they can get is an unenforcable IOU.

Aaaaah. It often takes a while for the penny to drop. In my case anyway.

I'm wagering a bet when they go over the 300 on withdraw..hmm is that legal to gamble

i think it was a well thought out letter, and i still say everyone should be thankful he is trying to make good.

so.... do any you think he still wants to be a banker in RL?

I refuse to answer that question on the grounds it may incriminate him!

I think he wants to be Human and have a conscience. This should of been done at first problem, but they may of lost many for the delay. I know from stocks you have to hang in there during tough times. That's why I split up my saving and went with the New term. Bot non and compound daily. More interest and I wasn't going to use the money anyway.

Oh where oh where did all the campers go...I'm opening a food stamp office hehe

Well except that this "solution" is actually worse than the withdrawl bottleneck.

As soon as you enter the withdrawl que - you stop getting interest on the money you put in the que.

But you dont get your money any faster.

Maybe even more slowly ..

Than during the bottleneck time.

well that sucks

Oh my goodness, ginko is getting hit hard today.

My estimate of it losing half its deposits in two weeks considering the queue restraints seems to be right on the mark.

It looks like he will still have about 150 thousand US to play with as term deposits, tho.

Yet optimism never dies---313 new accounts this week

Thank goodness, I am a pessimist!

So, Ginko's out of short term investments and still not able to make ends meet? Hmmm... And again, he doesn't give information as to exactly WHY this could have happened, because that would mean airing some numbers...