Post Election, I gained a lot of insight on our constitution.
What about the current financial crisis?
Here is what I learned.
Each deposit account is insured for RM60,000.00
Ahh. Ok. So if I have Rm120,000.00 I may want to spread it over 2 banks?
What if you have Rm2 million?
err…. Why are you asking me?
90% of deposit accounts in the country has less than Rm60,000.00
Probably that’s how they came up with such figure.
Thus the insurance cover the majority of deposit accounts. Though … it does not cover the majority of fund in deposit accounts.
Confused? Me too.
After a bit of clarification …. ahh…
That means the remaining deposit accounts (wealthy fella / institutions) has way much more fund in them. These funds actually stand at more than 90% of the total fund in all the deposit accounts! These are not adequately covered ( or rather, the Rm60K is not even enough to buy wrapping paper to go around those cash. Sorry. I exaggerated. )
If have more ah… I volunteer to sacrifice my bank account to help you. Come host your RM60000 money at my bank account. No hosting fees, unlimited bandwidth and space!
LOL @ Adino
How about 99.99% uptime?