New 2018 EU Banking Directives

AnnalyPk

The new 2018 Directive will give the Banks power to give details of our personal financial property to third party banks and other financial institutions. The EU claims that this will give EU citizens an even better life and that it will be "lightly regulated". However it cannot be stressed forcefully enough that EU Regulators have absolutely no powers whatsoever to influence any aspect of EU life. This was all but stated in Brussels recently and shortly afterwards the Insurance Companies like a pack of wolves, hiked their premiums extraordinarily, many were doubled overnight and some trebled. What did/could the toothless Regulator do, nothing. As EU citizens with a shameless and impotent Government, we in Ireland were reminded once again of the loss of our sovereignty. In 2008/2009 I like all Irish citizens did not consent to or vote for the giving of our money to German and French Banks and bondholders which has destroyed almost every facet of Irish life for decades to come. However things will be different in February and my consent to the terms of the Directives will be conditional on a once off payment to me of €500,000.00. My banks/EU will get notice by email and registered letters that I will grant them permission to pass on my personal banking information on this sole condition. If they don't pay, they don't get my permission. It is normal for mobile phone companies to state by email when they want to change the terms of the contract, that not replying to that email can be viewed as acceptance of the new contract. To avoid any possible confusion regarding my consenting with the new Directive, I will be contacting my local bank, the HQ of that bank, my local TD and the EU Finance Minister informing them of my one and only condition of consent, payment to me of €500,000.00. If they use my banking information without my permission, I will sue. The banks /EU have screwed us all mercilessly, now it is payback time. Why not do the same as me, why give these gangsters even more control over your life. This information is our personal financial "property" and it is of great financial value, both to you and me and to the banks. But our personal financial information or property belongs to us to do with as we please. If we choose, we can give it away for free to some multinational banks to use as they see fit as per the Directive. Alternatively we can keep it or sell it. It is your decision and mine. Like every EU financial and banking Directive this one primarily benefits the major EU Financial institutions which are gaining an increasingly dangerous control and power over our lives. Why give them more information for free?? If you want to sell your personal financial details to other institutions, by all means as they say, do so but make sure that your asking price is high. After all the banks/EU have shown themselves to be less than gracious to us in the recent past, so it is now time for us to screw them royally.

dudara

Moved to Banking & Insurance & Pensions

dudara

Bubbaclaus

Believe it or not OP, you are not forced to use any banks in the EU or elsewhere.

rock22

AnnalyPk wrote: »

The new 2018 Directive will give the Banks power to give details of our personal financial property to third party banks and other financial institutions. The EU claims that this will give EU citizens an even better life and that it will be "lightly regulated". However it cannot be stressed forcefully enough that EU Regulators have absolutely no powers whatsoever to influence any aspect of EU life. This was all but stated in Brussels recently and shortly afterwards the Insurance Companies like a pack of wolves, hiked their premiums extraordinarily, many were doubled overnight and some trebled. What did/could the toothless Regulator do, nothing. As EU citizens with a shameless and impotent Government, we in Ireland were reminded once again of the loss of our sovereignty. In 2008/2009 I like all Irish citizens did not consent to or vote for the giving of our money to German and French Banks and bondholders which has destroyed almost every facet of Irish life for decades to come. However things will be different in February and my consent to the terms of the Directives will be conditional on a once off payment to me of €500,000.00. My banks/EU will get notice by email and registered letters that I will grant them permission to pass on my personal banking information on this sole condition. If they don't pay, they don't get my permission. It is normal for mobile phone companies to state by email when they want to change the terms of the contract, that not replying to that email can be viewed as acceptance of the new contract. To avoid any possible confusion regarding my consenting with the new Directive, I will be contacting my local bank, the HQ of that bank, my local TD and the EU Finance Minister informing them of my one and only condition of consent, payment to me of €500,000.00. If they use my banking information without my permission, I will sue. The banks /EU have screwed us all mercilessly, now it is payback time. Why not do the same as me, why give these gangsters even more control over your life. This information is our personal financial "property" and it is of great financial value, both to you and me and to the banks. But our personal financial information or property belongs to us to do with as we please. If we choose, we can give it away for free to some multinational banks to use as they see fit as per the Directive. Alternatively we can keep it or sell it. It is your decision and mine. Like every EU financial and banking Directive this one primarily benefits the major EU Financial institutions which are gaining an increasingly dangerous control and power over our lives. Why give them more information for free?? If you want to sell your personal financial details to other institutions, by all means as they say, do so but make sure that your asking price is high. After all the banks/EU have shown themselves to be less than gracious to us in the recent past, so it is now time for us to screw them royally.

Paragraphs are your friend!

Peregrinus

I think you may have missed the point of the new Directive.

The Directive will compel banks to share data with licensed third parties, if that is what their customers want. The idea is to open up competition; to make it easier for you, e.g., to use a different payment service, if it's better or cheaper than the one offered by your bank, or a different foreign exchange provider, or whatever. Generally, I suspect, you'll ask your bank to share data as part of the process of installing a new app, or signing up for a new service, that you want to avail of. The provider of that app or service will pass your request on to the bank and get your data from your bank so as to provide a seamless and convenient service to you.

It's entirely up to you. The banks, in general, would rather not share your data with competitors; they'd like to keep it locked down so as to make it less convenient, and therefore less attractive, for you to use the services of competitors. In no circumstance will they pay you €500,000.00, or even €5, or even €0.05, for permission to share your data; they would much rather that you would never seek to share your data with anyone but them.