open All Channels
seplocked Market Discussions
blankseplocked Official Dynasty Banking Statement
 
This thread is older than 90 days and has been locked due to inactivity.


 
Pages: [1] 2 3

Author Topic

Manalapan
Dynasty Banking
General Tso's Alliance
Posted - 2009.01.20 23:23:00 - [1]
 

Edited by: Manalapan on 20/01/2009 23:42:03
Official press statement

As you are all aware there have been numerous “events” surrounding Dynasty Banking, this statement is to try and clear things up and provide some facts to counter the numerous rumors flying around.

Iknota
On January 9, 2008 Iknota changed his bio to reflect his decision to play a less active role in the day to day business of Dynasty Banking and to inform people that his play time on Eve will be cut dramatically. This was not the method that we wanted our customers to find out by but we can understand his reasons for making this decision. Iknota’s duties have been split among numerous bank members and we wish him the best of luck for the future. This event caused a delay that lasted approximately 48 hours in dealing with withdrawals which we apologize for. We have hired four new tellers who have gone through a rigorous vetting procedure, and so we are not only back on track deposit wise, but we hope to provide even better service in the future.

Lexander
In the last 24 hours, Lexander has made the decision to retire from Dynasty Banking and also lower his play-time on Eve. This was due to a disagreement with our internal structure and also his personal reasons of deciding to spend his online time with his wife playing WoW. We also wish Lexander the best of luck in the future and hope to keep in touch. One of Lexander’s main roles was to run an internal audit which we hoped to have the results ready within 2-3 months. This was done to allay previous MD veterans concerns over the handling of ISK. We assure our customers that our internal audit will be taken over by another respected player, and once that is complete, we will be seeking an external auditor to “check over our books” so to speak and to further reassure our customers that everything is in order.

Xabier
The most recent event and one which has caused the most controversy is surrounding Xabier. First and foremost I would like to point out that it is still not known for certain whether Xabier has, for lack of a better word, scammed. What we DO know is that he has missed a dividend payment on a personal bond, and his bio now states “Thanks for all the fish”. The other “proof” that has been put forth is by a known scammer evn7289, and he has nothing to verify his claims other than his own word. The second form of “proof” given is in a chat log by Rebecca Tang, again this is not verified in any way and is easily forged. Yet even with all this stated, we at Dynasty Banking are in talks with Xabier to sort out this situation. Sadly we cannot say either way what has happened but we urge our customers not to jump to conclusions. Should people however feel that the proof offered is enough to convince them of Xabier, and are concerned about the repercussions of this on Dynasty Bank, we assure you that we have enough ISK in reserves and, if the situation arises, assets to cover this loss and continue moving forward for the future.

The past few weeks have brought some very challenging situations our way yet we are certain that we will get over it. All withdrawal requests are being dealt with this very moment but as I am sure you are aware there is an above average amount, and so we ask for patience with this matter.
Dynasty Banking will get over these times and we will continue to strive to earn the public’s faith as one of the leading banks of Eve Online.

As of right now, Dynasty Banking has processed 15 Billion in withdrawal requests. We have 115 Billion in cash available for further withdrawals as we shift to higher liquidity. There is an additional 120 Billion in assets that can be liquidated if need be. Beyond that we have 135B in not easily liquidated assets.

tank overide
Caldari
Ethical Business Inc.
Posted - 2009.01.20 23:42:00 - [2]
 

Thank you for the info, this does help clear a few things up. I will still be awaiting further information about everything before re depositing.

It doesn't all have to do with the current situation as I've been thinking about pulling out to take advantage of some trade opportunities and this really just made me act on them.

thanks again for the update.

Gorki Andropov
Kerensky Initiatives
Posted - 2009.01.20 23:50:00 - [3]
 

I agree with the poster above me, thank you for the additional information as well as dealing with our withdrawal requests in a calm and efficient manner.

I am sure things will stablise soon and you will see regular deposits again flowing into your coffers :)

Brock Nelson
Posted - 2009.01.20 23:51:00 - [4]
 

Here's the most important question: What's the effect of 50 billion disappearing on DBank?

Salpad
Caldari
Carebears with Attitude
Posted - 2009.01.20 23:58:00 - [5]
 

Originally by: Brock Nelson
Here's the most important question: What's the effect of 50 billion disappearing on DBank?


Our money guys will have to work somewhat harder than they usually do?

tank overide
Caldari
Ethical Business Inc.
Posted - 2009.01.21 00:00:00 - [6]
 

Originally by: Brock Nelson
Here's the most important question: What's the effect of 50 billion disappearing on DBank?


Just looking back over the Dec. report it looks like a decent hit but it doesn't look like it should do more then set them back a little. Maybe set them back to Nov. levels of total assets by the look of some of the info. This is a quick glance and I could be very wrong.

Brock Nelson
Posted - 2009.01.21 00:07:00 - [7]
 

True but DBank would have 50billion plus total interest of all account amount to raise. Especially when a large number of 4 month 10% CD that ends in April.

They have huge liabilities but very little income generated, so essentially they have unsustainable growth.

Lexander Morinex
Caldari
LDD Investments
Posted - 2009.01.21 00:09:00 - [8]
 

Originally by: Brock Nelson
Here's the most important question: What's the effect of 50 billion disappearing on DBank?


About all it does is take away from the bank equity. The money management side of DBANK is pretty impressive, and the net effect of a big scam like this is to require the bank to make a few months more profit. In a situation of extreme liquidity needs, the best option would be for DBANK to borrow from other sources.

One thing I need to make 100% clear. All my issues with DBANK are basically gripes. I haven't played EVE actively almost two months, and when I do play I spend my time trying to work on issues with DBANK and everything has gone slower than I wanted. I don't actually play EVE any to speak of. I got up this morning, start realizing it was time to think about quitting, saw that DBANK was facing a crisis that is exactly the kind of thing I have been trying so hard to avoid, and knew it was time for me to leave.

I think DBANK needs to improve itself internally if it is going to be in a position to manage capital in excess of 500b or so. But those changes are going to have to happen, and in all fairness the Board has always been willing to try to make those changes. I just don't have it in me to keep fighting over that while my wife smiles at me with delight as she runs to pick up the next set of herbs.

- Lexander Morinex

Brock Nelson
Posted - 2009.01.21 00:11:00 - [9]
 

50 billion disappearing is 50 billion more for the bank to make to cover their losses.

YouGotRipped
Ewigkeit
Posted - 2009.01.21 00:19:00 - [10]
 

Edited by: YouGotRipped on 21/01/2009 00:25:37

Originally by: Brock Nelson
50 billion disappearing is 50 billion more for the bank to make to cover their losses.



Even if a high number of people are making a runner on the bank there will still be those afk whose deposits will serve to pay the interest for whatever CDs are left, effectively seeing the bank through this temporary crisis. As long as the bank continues to grow and attract investors while lowering return rates it can easily function underlined by a Ponzi mechanism.

The fact remains that we cannot accurately determine how much of the said bank reserves are covered by the bank's own money and how much is debt. At least not without trusting figures provided by Dbank in the monthly reports.

A better idea would be to perform an audit asap and raw data for the past months (as much data as possible) be made publicly available with the sole aim of relating the 86 billions loss to the monthly profit and determining solvency.

tank overide
Caldari
Ethical Business Inc.
Posted - 2009.01.21 00:21:00 - [11]
 

Originally by: Brock Nelson
50 billion disappearing is 50 billion more for the bank to make to cover their losses.


correct i closed out the report but if i recall it has currently around 30bil in equity?

and is it 50bil that was lost from DBank? I saw 87bil somewhere, is that X's take from DBank and his IPO?

Brock Nelson
Posted - 2009.01.21 00:24:00 - [12]
 

There's at least 4 different numbers

50 billion from DBank for their investment program
162 billion from chatlog (must be sum of all scam)
114 billion can't remember where I saw that
And yours is the latest at 87.

tank overide
Caldari
Ethical Business Inc.
Posted - 2009.01.21 00:26:00 - [13]
 

Originally by: Brock Nelson
There's at least 4 different numbers

50 billion from DBank for their investment program
162 billion from chatlog (must be sum of all scam)
114 billion can't remember where I saw that
And yours is the latest at 87.


yeah thought i saw that in a thread could be wrong, but we really cant tell how bad off DBank is until we get a confirmed price.

If the pull is 162 bil from DBank thats about half their assets and most likely not recoverable. But the Dec. report said i believe that only 50 bil was given to him to invest.

Lantern Shark
Pyrrhus Sicarii
Posted - 2009.01.21 00:39:00 - [14]
 

Edited by: Lantern Shark on 21/01/2009 00:42:03
DBANK has done Well so far this last year. I really hope to see them around in the future! The only thing thats going to make DBANK fold is all the panic'd customers. lets all come down and see what happens in a few months.

evn7289
Posted - 2009.01.21 01:37:00 - [15]
 

Originally by: tank overide
Originally by: Brock Nelson
There's at least 4 different numbers

50 billion from DBank for their investment program
162 billion from chatlog (must be sum of all scam)
114 billion can't remember where I saw that
And yours is the latest at 87.


yeah thought i saw that in a thread could be wrong, but we really cant tell how bad off DBank is until we get a confirmed price.

If the pull is 162 bil from DBank thats about half their assets and most likely not recoverable. But the Dec. report said i believe that only 50 bil was given to him to invest.


Xabier has told me it is 85billion. But as we all know my rep is shot and my words mean jack :P

Ricdic
Caldari
Caldari Provisions
Posted - 2009.01.21 01:46:00 - [16]
 

I have been in discussion with Manalapan regarding ways EBANK can assist with a run on the bank as a result of this information. We have found a few different options that are being presented to the EBANK Board of Directors as we speak.

I want to clarify this would be considered a backup plan for DBANK if they couldn't handle things themselves. From what I have seen after talking to Manalapan it's quite likely EBANK won't need to assist at all but it can't hurt to have that extra backup just in case.

tank overide
Caldari
Ethical Business Inc.
Posted - 2009.01.21 01:49:00 - [17]
 

Originally by: Ricdic
I have been in discussion with Manalapan regarding ways EBANK can assist with a run on the bank as a result of this information. We have found a few different options that are being presented to the EBANK Board of Directors as we speak.

I want to clarify this would be considered a backup plan for DBANK if they couldn't handle things themselves. From what I have seen after talking to Manalapan it's quite likely EBANK won't need to assist at all but it can't hurt to have that extra backup just in case.


This is very nice to know, and wil help stem the run. Also I really feel that if DBank can meet the withdrawals for the next day or two it will stop and people will re deposit.

When people don't know what is going on they panic so once information has been passed put and people can asses themselves what the damage is things will start to return to the norm.

amarrcommander
Posted - 2009.01.21 02:22:00 - [18]
 

So I claim you are a scam and with that talks of an audit start, 2hrs later you scam... Get your isk out fast, my guess is xabiar scammed before Manalapan could is all. Does not matter who did it, they are all trying to take your isk and they will destroy each of the tellers and other figure heads reps while they do it.

Kazzac Elentria
Posted - 2009.01.21 02:26:00 - [19]
 

Originally by: Ricdic
I have been in discussion with Manalapan regarding ways EBANK can assist with a run on the bank as a result of this information. We have found a few different options that are being presented to the EBANK Board of Directors as we speak.

I want to clarify this would be considered a backup plan for DBANK if they couldn't handle things themselves. From what I have seen after talking to Manalapan it's quite likely EBANK won't need to assist at all but it can't hurt to have that extra backup just in case.


Interesting to see the partnership possibilities.

Ricdic
Caldari
Caldari Provisions
Posted - 2009.01.21 02:37:00 - [20]
 

Originally by: Kazzac Elentria
Interesting to see the partnership possibilities.

Hexxx gets his rocks off over central banking Smile

Forceflow
Chernobyl Trading Corporation
Posted - 2009.01.21 02:40:00 - [21]
 

With its rep it looks like EBank is beginning to take the position as eve's Reserve Bank and lender of last resort.

Never saw it that way before.

Kazzac Elentria
Posted - 2009.01.21 02:58:00 - [22]
 

Originally by: Forceflow
With its rep it looks like EBank is beginning to take the position as eve's Reserve Bank and lender of last resort.

Never saw it that way before.


At this point its the next logical step in their growth. Fashioning the finance markets in management and fiscal responsibility more than investment and growth.

Super Whopper
I can Has Cheeseburger
Posted - 2009.01.21 03:40:00 - [23]
 

Thank you Manalapan for this statement. I will not withdraw my money from DBank, nor from EBank for that matter.

Florecia Sui
Sui Advanced Technology Emporium
Posted - 2009.01.21 03:43:00 - [24]
 

I applaud DBank's decision to stay their course - best of luck to them in steadying themselves and recovering from the unfortunate turn of events.

Research Slots
Posted - 2009.01.21 04:37:00 - [25]
 

Edited by: Research Slots on 21/01/2009 04:39:22
Edited by: Research Slots on 21/01/2009 04:37:30
Originally by: Ricdic
Originally by: Kazzac Elentria
Interesting to see the partnership possibilities.

Hexxx gets his rocks off over central banking Smile

As long as this central bank isn't A: printing money for free and B: basing the money our collective future taxes, then we're fine Very Happy

Originally by: Forceflow
With its rep it looks like EBank is beginning to take the position as eve's Reserve Bank and lender of last resort.

Never saw it that way before.

Duh, they provide more readily available capital to unknowns than anyone else in EVE.

Astarte Nosferatu
Sebiestor Tribe
Posted - 2009.01.21 06:54:00 - [26]
 

Good luck DBank, I sincerely hope you can prove the doomsayers wrong and you guys keep running the bank succesfully for many years to come.

Brigitte Helm
Minmatar
Native Freshfood
Posted - 2009.01.21 20:58:00 - [27]
 

I have account with Ebank for a while and recently opened a bank with DBank.

Having read this offical statement I am glad to see that Ebank is standing by their competition and offering to help. This gives me even more confidence in both banks and I will not be changing my holdings we either.

Mr Funkadelic
x13
Raiden.
Posted - 2009.01.22 21:34:00 - [28]
 

Well i invested 1b but aint gona whitdrawl anything, hope everything is going to be okay. as i still have faith in dbank.


Salpad
Caldari
Carebears with Attitude
Posted - 2009.01.23 14:46:00 - [29]
 

Originally by: Mr Funkadelic
Well i invested 1b but aint gona whitdrawl anything, hope everything is going to be okay. as i still have faith in dbank.



I've got 5839M ISK in Dynasty Banking. I have great faith in Manalapan.

Brock Nelson
Posted - 2009.01.23 15:04:00 - [30]
 

I'm curious, in the light of Xabier scamming DBank and a number of other people, do you guys plan to change your policy regarding money handling?


Pages: [1] 2 3

This thread is older than 90 days and has been locked due to inactivity.


 


The new forums are live

Please adjust your bookmarks to https://forums.eveonline.com

These forums are archived and read-only