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Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 14:56:00 - [1]
 

Edited by: Ray McCormack on 22/11/2009 16:52:11
http://dl.eve-files.com/media/0908/HBAB.jpg


Statement from the Board


Confirmation of Intention

The Board of Directors and Staff would like to reiterate their commitment to recovering all ISK lost due to the mismanagement of previous Directors. It is our intent to see the Bank restored to full liquidity, to re-open interest accounts and ensure our long-term sustainability as the leading financial institution in EVE.

However we accept the desire some people may have to gain access to their ISK now, rather than wait for us to return it to its full value. And we're willing to cater for this by allowing both account sales and liquidations. Skip to the paragraphs below if that is what you're here for.

We would like to take this opportunity to state that the current Board is in no way responsible for the financial position the bank finds itself in. Those remaining on the Board have had their roles and activities under the previous management thoroughly reviewed and have been cleared in full of any wrong doing. The new administration will no longer tolerate the salacious remarks attempting to besmirch their reputations and will retaliate by calling you names.

Let it be noted there was strong objection to the above paragraph being included in this announcement, however the Board decided to keep it in an effort to highlight how bad the Chairman's sense of humour is. Oh and AC155 says /finger to some of you..... you know who you are.

Policy Changes and Points of Interest

Limited API Key
* The Board has decided to implement an API key requirement for all accounts in order to ensure the associated characters are neither dormant nor suspended, as would be the case with ISK farmers banned by CCP. This will be a continuous requirement, and you will be denied access to any Bank services if your account is not verified. That means should your game account go inactive or your API Key change you will no longer have access to the standard functionality on our website.
* By supplying EBANK with you Limited API Key you give us permission to store your account Character and Corporation details.

Suspense Accounts
* To cater for the above requirement, all account balances will be consolidated into a suspense account. You will only be allowed to transfer or withdraw ISK from this account once you have provided your limited API key. After six months any balances remaining in suspense accounts will be written off.
* In the future, any accounts not accessed within three months will have all their balances transferred to this suspense account and the balance will be written off six months after the transfer.
* We're aware this affects the marketing value of the bank as a long-term ISK repository for certain investors, and have inserted a clause in this that urges us to discuss the viability of an alternative solution with the stakeholders - our account holders. We will form a focus group shortly to discuss this issue.

Double Interest
* It was recently discovered (by Ambo) that on two occasions interest had been paid twice on the same day. A brief investigation followed that established this had happened several times over the years, resulting in an extra ten and a half billion ISK being credited to saving and checking accounts and an additional nine billion against loan accounts. It has been decided that the double interest on the saving and checking accounts will be reversed automatically (at a later date), however the additional loan interest will only be reversed on request.

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 15:01:00 - [2]
 

Edited by: Ray McCormack on 22/11/2009 16:56:36
Loan and Account Write-Offs
* Yesterday we wrote off a dozen or more defaulted loans (details provided below) to an amount just in excess of 150b. Several had already been defaulted.
* We also zeroed the balance on several accounts, such as Mr Horizontal and Anastasia Heron. This amounted to a tidy sum of 115,705,136,342.80.
* This severely affected the Balance Sheet, the nett effect being a 5% drop in our NAV over Liabilities ratio, from the previously recorded percentage of just over 40% to 35.67%.

Account Sales & Liquidation Methods

Account Sales
* Account Sales will occur through the Account2Player Transfer interface (see the Move Money menu on the EBANK website). This is to avoid additional coding changes. All sales will need to be verified and registered with the Bank, no sales may occur without this verification. A verification fee of 5% will be levied against the sale, and is payable by the seller. Should the buyer wish to refund the fee, that is their decision and the bank cannot be held liable for them breaking this agreement.
* This does mean that legitimate A2P transfers will have the same fee levied, unfortunately this fee is non-refundable and our suggestion to you is to wait until the sales fee is no longer applicable and is returned to the standard 0.5%. No discussion will be entered into, do not use this service if you don't want to pay the 5% fee.

Liquidation Methods
* EBANK has agreed to offer account holders access to limited liquidation withdrawals. ISK will become available for withdrawals once per month as profit above an asset valuation of 700b becomes available. The value of the actual withdrawal will be established as the percentage difference between our estimated NAV and known liabilities. A liquidation fee of 5% will be levied against all such withdrawals.
* We advise that these NAV estimations are not entirely accurate, and could be wrong either way by as much as 10%, thus you could be loosing up to 15% by taking this option.
* We will advise when these withdrawals will be allowed each month, and withdrawals will be issued on a first-come, first-served basis. Once all available capital above the 700b limit is liquidated, any remaining withdrawals will be cancelled and you will have to wait until the next month to attempt a liquidation withdrawal.

Defaulted Loans

Recently several loan holders were contacted to resolve the status of their outstanding debt, only two bothered to reply. One indicated they had defaulted on their loan due to real life issues, and advised we could liquidate his collateral to recover our losses. The other was skilzrulz, and in his usual, charming way indicated his contempt for your ISK by attempting to evade the issue by labelling the bank as a scam. Below follow the details of those that have defaulted on loans from EBANK. Individual threads will be moved to a public section of the EBANK forums for your perusal.

exernastia 275,000,000,000.00
skilzrulz 83,644,420,216.66
skilzrulz 17,302,791,695.37
skilzrulz 6,437,708,734.99
skilzrulz 9,021,006,053.61
Admiral Leyton 13,494,870,247.84
Amonse 268,039,004.39
Andrivullar 2,705,266,675.23
Aryana Orinogu 1,062,131,542.38
Cirillo 4,900,000,000.00
Chucker Harris 532,969,349.29
Ferrosa 1,028,826,814.34
General Newbold 677,624,852.31
HoRnY CoRnY 16,000,000,000.00
ISK InterStellarCredit 793,687,448.99
Lubimchik 10,000,000,000.00
Kara Rhane 6,945,236,426.37
Manson Forte 1,139,584,190.67
MerNeith 107,272,975.87
michael weels 4,304,153,257.23
Mother Clanger 790,000,000.00
MrT123 550,652,311.51
TheFazMan 400,000,000.00
Rar Ettrak 1,372,385,449.96
Ramadawn 167,914,293.37

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 15:03:00 - [3]
 

Edited by: Ray McCormack on 22/11/2009 18:27:45

Red Crown 1,600,000,000.00
SAMMOTTRAM 857,142,436.93
Sage Eveo 5,421,505,307.10
Officer Seller 3,600,000,000.00
Officer Seller 5,000,000,000.00
ohpo 3,800,000,000.00
ohpo 4,200,000,000.00
Tablaren 5,838,951,749.59
TheFazMan 2,000,000,000.00
Trente Reznor 6,009,527,264.54
Imogen Avox 3,150,000,000.00

The amounts above may not reflect the original defaulted amount, they are what the loan balance was at the time the default was recorded on our system, or the current loan balance if the account has not yet been marked as defaulted, and thus include additional interest charges. If you feel your name is listed erroneously, please contact me to discuss. If you have information regarding any of the individuals mentioned above that could be beneficial to EBANK, please contact me. If you need some suggestions on how to mix alcohol and various juices, please contact me.

Recovery Progress

Our progress has been steady over the past few months as the various venture entities are consolidated. We've already seen the benefit of this consolidation by easily and quickly being able to downsize one arm of the venture and ramp up another. I expect the success of this management style to powerhouse our recovery.

We would love to offer you income reports from the various divisions, but due to other more pressing requirements those have fallen by the wayside. Once the internal audit is complete (yes, it's still ongoing) they will be worked on as a priority. For now you can assess our periodic updates to our progress by monitoring the Public Financials.

Recruitment

EBANK is a diverse collection of individuals, all with different reasons for (still) being here. We often argue, quite illogically, due to our differing passions, but we're united behind one common cause, to see EBANK restored to its former glory. And we want you to help, by joining us on this glorious and noble quest. These various roles need filling, perchance you might fill one of them?

Loan Officer
Your roles are to both respond to loan requests and actively market the loan division.

Sales Representative
Your duty (lol) is to maintain a forum presence to assist with sales.

Advertising Agent
You are responsible for the sale and management of advertising contracts on our website.

Help-desk Agent
Your task is to operate our support system, actioning password resets and assigning non-standard tickets to their respective departments.

Compliance Officer
This middle management position will have you establishing and enforcing various policies and procedures.

Social Responsibility Officer
Another management position that will see you ensuring the bank and its staff are operating in an ethical, responsible manner.

Knowledge Officer
It's your job to analyse all aspects of the bank, asking one question: ISK! How can we make more?

Investment Manager
Manage our share portfolio.

Developers
We're redeveloping from scratch, this is your chance to become part of a team that is building the tools of the future. (Am I selling it hard enough? Basically we want you code monkeys to make our stuff work.)

Press Officer
Clearly we fail at PR, maybe you're a communications major and want to show us how it's done?

To begin the recruitment process, sign-up on our forums and contact one of the current Directors expressing your interest in any of the above positions.

Next Update

The next announcement is due February 15th to March 1st, so expect it in April sometime.

Yours Sincerely,
Ray McCormack
EBANK Chairman - On Behalf of The Board of Directors

Lecherito
Posted - 2009.11.22 15:27:00 - [4]
 

So ebank threads are to be informative and reasonable from now on? That is most surely disappointing.

-L

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 15:30:00 - [5]
 

Originally by: flakeys
Is this a wii sex toy add? ... Rolling Eyes

I'm not going to bite, mate - I've had my fun, now it's down to business.

Utemetsu
Caldari
Posted - 2009.11.22 15:36:00 - [6]
 

I spoke with LaVista Vista, a member of Ebank, about the announcement. Listen to it here.

Ji Sama
Caldari
Tash-Murkon Prime Industries
Posted - 2009.11.22 15:37:00 - [7]
 

Originally by: Utemetsu
I spoke with LaVista Vista, a member of Ebank, about the announcement. Listen to it here.


Shameless plug is shameless :D
GJ mate!

Jackie Fisher
Syrkos Technologies
Joint Venture Conglomerate
Posted - 2009.11.22 15:44:00 - [8]
 

Originally by: Ray McCormack

The Board has decided to implement an API key requirement for all accounts in order to ensure the associated characters are neither dormant nor suspended, as would be the case with ISK farmers banned by CCP. This will be a continuous requirement, and you will be denied access to any Bank services if your account is not verified. That means should your game account go inactive or your API Key change you will no longer have access to the standard functionality on our website.


I don’t understand this, especially the continuous requirement part.

Doesn’t logging into an ebank account verify that the user is still active? To verify that the person is not banned surely verification is not required on a continuous basis, just at the time the account holder wishes to do something.

What are the consequences for non verification on a continuous basis? Just not being able to use ebank website functionality – not exactly a hardship under current circumstances.

Is this a precursor to ebank ‘closing’ all non verified accounts?

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 15:49:00 - [9]
 

Originally by: Jackie Fisher
What are the consequences for non verification on a continuous basis? Just not being able to use ebank website functionality – not exactly a hardship under current circumstances.

Just that. It means you can't withdraw or transfer ISK.

Originally by: Jackie Fisher
Is this a precursor to ebank ‘closing’ all non verified accounts?

Yes, as is stated in the Suspense Account part of the announcement.

The rest of your questions are just technical in nature, how we achieve the end goal isn't really that much of an issue.

Ataraxa
Gallente
The Illuminatii
Dirt Nap Squad.
Posted - 2009.11.22 16:00:00 - [10]
 

3...2...1
Run on the bank.


I know I am amongst them.

cosmoray
Perkone
Posted - 2009.11.22 16:05:00 - [11]
 

Ray, quick question about account sales.

example:

Seller is willing to sell me their 1B ISK account for an agreed amount.
When transfer happens 5% fee comes out of the 1B, so I recieve 950M ISK?

Block Ukx
Forge Laboratories
Posted - 2009.11.22 16:12:00 - [12]
 

"A liquidation fee of 10% will be levied against all such withdrawals."

Perhaps I dodn't understand the liquidation fee. Does that means that all withdrawls will be charge a 10% withdrawal fee even if I don't intend to liquidate?

Liquidation Fee = Withdrawl Fee ?



Block Ukx
Forge Laboratories
Posted - 2009.11.22 16:19:00 - [13]
 

“In the future, any accounts not accessed within three months will have all their balances transferred to this suspense account and the balance will be written off six months after the transfer.”

How do you define access? Simply login into EBANK?


Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 16:20:00 - [14]
 

Originally by: cosmoray
When transfer happens 5% fee comes out of the 1B, so I recieve 950M ISK?

Correct.

Originally by: Block Ukx
Does that means that all withdrawls will be charge a 10% withdrawal fee even if I don't intend to liquidate?

No, because normal withdrawals are frozen, so it won't apply. Any withdrawal for the foreseeable future will be treated as a liquidation withdrawal. The fee is in fact 5% though, the same as the account verification fee for sales.

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 16:24:00 - [15]
 

Originally by: Block Ukx
How do you define access? Simply login into EBANK?

Yes.

Ataraxa
Gallente
The Illuminatii
Dirt Nap Squad.
Posted - 2009.11.22 16:27:00 - [16]
 

Quote:
* EBANK has agreed to offer account holders access to limited liquidation withdrawals. ISK will become available for withdrawals once per month as profit above an asset valuation of 700b becomes available. The value of the actual withdrawal will be established as the percentage difference between our estimated NAV and known liabilities. A liquidation fee of 10% will be levied against all such withdrawals.
* We advise that these NAV estimations are not entirely accurate, and could be wrong either way by as much as 10%, thus you could be loosing up to 20% by taking this option.


Can somebody please translate that into normal speech ? I have trouble following the language there - especially the bolded part. :(

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 16:36:00 - [17]
 

Originally by: Ataraxa
Can somebody please translate that into normal speech ? I have trouble following the language there - especially the bolded part. :(

Currently our asset value stands at 680b. Once it exceeds 700b we will use that additional ISK, if it is free, to action withdrawals.

The withdrawals will be treated as liquidations of your account, and you will get a percentage of your withdrawal instead of the full amount.

The percentage will be our assets (700b) over our liabilities (1.9b) less a 5% fee, which would give you just over 30% back.

cosmoray
Perkone
Posted - 2009.11.22 16:36:00 - [18]
 

Does the EBANK Board have a time frame for when they expect to return EBANK to when there are 0 liabilities (when all customer money is available at 100% of original value).

Rough estimate is fine.

Mme Pinkerton
The pink win
Posted - 2009.11.22 16:40:00 - [19]
 

Edited by: Mme Pinkerton on 22/11/2009 16:52:40
Originally by: Ray McCormack
Originally by: Block Ukx
How do you define access? Simply login into EBANK?

Yes.


Great, so people who would otherwise have invested idle cash into your bank for the time they are abroad, taking a break from EVE, think they have left the game or whatever will in the future not bother with EBANK or withdraw their money before going afk for extended periods of time.

You realize that the "look how much money you would have after 2 years, if you just left it sitting in your EBANK account" was one of the major selling points of EBANK, don't you?

Granted, you get some short-term gains from expropriating idle customers - but this happens at the expense of seriously nerfing the long-term profitability of EBANK.
(this policy change will lead to less long-term investments, so you will have to maintain a higher liquidity ratio which again leads to less money being available to actually earn the interest on your customers' balances).

oh wait - in the long run we're all dead, anyways ... but imho that's not something management should assume in its decision-making process.Neutral

edit for additional clarification: idle accounts are important to EBANK as they they give the bank money that would never/only after a real long time have to be paid back - thus giving the bank time to overcome significant losses and allowing for long-term investments that cannot be liquidated easily.
However, if you actually announce you are not going to pay back these balances, you won't get the idle money in the first place.

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 16:41:00 - [20]
 

Originally by: cosmoray
Rough estimate is fine.

Sometime before the Mayan calendar ends.

Jackie Fisher
Syrkos Technologies
Joint Venture Conglomerate
Posted - 2009.11.22 16:47:00 - [21]
 

Originally by: Ray McCormack

Originally by: Jackie Fisher
Is this a precursor to ebank ‘closing’ all non verified accounts?

Yes, as is stated in the Suspense Account part of the announcement.


So it does. Embarassed

Will ebank be mailing all account holders to warn them of this change of policy?

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 16:49:00 - [22]
 

Originally by: Mme Pinkerton
Great, so people who would otherwise have invested idle cash into your bank for the time they are abroad, taking a break from EVE, think they have left the game or whatever will in the future not bother with EBANK or withdraw their money before going afk for extended periods of time.

You realize that the "look how much money you would have after 2 years, if you just left it sitting in your EBANK account" was one of the major selling points of EBANK, don't you?

Granted, you get some short-term gains from expropriating idle customers - but this happens at the expense of seriously nerfing the long-term profitability of EBANK.
(this policy change will lead to less long-term investments, so you will have to maintain a higher liquidity ratio which again leads to less money being available to actually earn the interest on your customers' balances).

oh wait - in the long run we're all dead, anyways ... but imho that's not something management should assume in its decision-making process.Neutral

I'll reply with my final post in the vote thread on our internal forums.
Quote:
I'm going to let the vote pass as a YES with a clause that we need to obtain further community input and discussion on the final write-off of ISK.

So you're more than welcome to offer viable alternatives and solutions to the problems you raise.

Ataraxa
Gallente
The Illuminatii
Dirt Nap Squad.
Posted - 2009.11.22 16:58:00 - [23]
 

Originally by: Ray McCormack
Currently our asset value stands at 680b. Once it exceeds 700b we will use that additional ISK, if it is free, to action withdrawals.
The withdrawals will be treated as liquidations of your account, and you will get a percentage of your withdrawal instead of the full amount.
The percentage will be our assets (700b) over our liabilities (1.9b) less a 5% fee, which would give you just over 30% back.



Thank you for explaining this to a non-native speaker =)

Vaerah Vahrokha
Minmatar
Vahrokh Consulting
Posted - 2009.11.22 17:00:00 - [24]
 

Quote:

General Newbold 677,624,852.31



Overall, seeing how widespread his scams were, it's not bad for a 5 minutes work of making an alt. Not bad at all.

Ray McCormack
Nordar Innovations.
Posted - 2009.11.22 17:01:00 - [25]
 

Originally by: Jackie Fisher
Will ebank be mailing all account holders to warn them of this change of policy?

Yes, as will we in the future when their accounts are suspended after three months, and again before they are written off after six months. Email, not EVEMail.

Mme Pinkerton
The pink win
Posted - 2009.11.22 17:17:00 - [26]
 

Edited by: Mme Pinkerton on 22/11/2009 17:22:23
Edited by: Mme Pinkerton on 22/11/2009 17:19:53
Edited by: Mme Pinkerton on 22/11/2009 17:18:11

Originally by: Ray McCormack

So you're more than welcome to offer viable alternatives and solutions to the problems you raise.


My suggestion would be to:
  • create a statistical model of the behavior of these idle balances based on past transaction records

  • determine the approximate amount of ISK that will probably never be withdrawn based on that model in regular intervals

  • book that amount as nonrecurring earnings & book a safety margin into a reserve fund for unexpected withdrawals

  • if more money is actually requested than forecasted by your model and your reserve fund runs dry, book this as unexpected/
    exceptional expenses against the reserve fund and serve the request

  • install a policy for adjusting the ratio that goes into the reserve fund based on the fund's current contents and past utilization
This way you would get the truly inactive balances out of your balance sheet (at the manageable risk of running into liquidity problems)
without further expropriation of customers.

(if you look close enough, my proposal is sort of a Ponzi scheme, but the promise of paying out whenever requested
should be enough to keep the influx of idle cash running Wink)

edits: confusing the sides of my balance sheet
edit 3: the reserve fund is thought as debt that is paid back through unexpected withdrawals within the safety margin

SetrakDark
DarkCorp Citizens Holdings
DarkCorp Citizens
Posted - 2009.11.22 17:33:00 - [27]
 

I am very impressed with the liquidation option, as well as mostly everything else (but I'm not really interested in the rest besides the account suspension).

However, the fees seem extremely unjustified to me. If you're concerned about ending up as an exchange for EBank speculation, then a fee for plural sales or liquidations seems justified, but I don't see how charging these hefty fees on 1 time sales or liquidations can be interpreted as anything but a punishing disincentive for withdrawing already decimated deposits.

Considering that these cash-out options are meant to mollify some of the anger over staying open for self-interested reasons, these fees seem to defeat a lot of that purpose by making the cash-out options unnecessarily poor. As it stands, I don't think people will nor should appreciate the options, even if they choose to execute them.


SentryRaven
KIA Corporation
Zenith Affinity
Posted - 2009.11.22 18:17:00 - [28]
 

Edited by: SentryRaven on 22/11/2009 18:17:52
Quote:
Defaulted Loans

Recently several loan holders were contacted to resolve the status of their outstanding debt, only two bothered to reply. One indicated they had defaulted on their loan due to real life issues, and advised we could liquidate his collateral to recover our losses. The other was skilzrulz, and in his usual, charming way indicated his contempt for your ISK by attempting to evade the issue by labelling the bank as a scam. Below follow the details of those that have defaulted on loans from EBANK. Individual threads will be moved to a public section of the EBANK forums for your perusal.


Defaulted Loans Section can now be viewed for registered users.

Bluebeard
Minmatar
LoneStar Industries
Comatose Alliance
Posted - 2009.11.22 18:18:00 - [29]
 

Edited by: Bluebeard on 22/11/2009 18:20:43
Most of the statement looks quite good, but I'm not happy about the closing of dormant accounts.
A number of people deposited isk into Ebank, with the intention of claiming it back many years later.

By changing the terms and conditions of the account in this way (by basically stealing the account balance), the only way I could see an account holder agreeing to this change,
is by offering them the opportunity to close their account for full value. As this is obviously not going to happen, then I propose that instead of deleting the accounts, you move the balances into a 'frozen' status and have a period of say 1 - 3 months (from the point where the Account holderasks for the account to be restored) before the account is returned to normal status and can be accessed.

This will allow you to effectively writeoff those accounts, but still cater for the few people that return demanding their deposits.

Also, if I've been charged double interest on any of my loans, then please take this as notice, that I would like those charges refunded.

cosmoray
Perkone
Posted - 2009.11.22 18:31:00 - [30]
 

Originally by: Ray McCormack
Originally by: cosmoray
Rough estimate is fine.

Sometime before the Mayan calendar ends.



Fair enough.

When I look through EBANK's financials it seems you guys are making at about 15-20B a month in returns and your other investments (ventures) seem to be growing.

That rate of return implies that to return to 100% NAV would take around 4-5 years.

Some people may start to cash out when you hit 700B which has an impact on cash flow, although you get to write off about 70% of the account balance. Chances are people will take this and your max NAV in the medium term will be 700B.

You are also hoping people don't bother logging in and providing API keys (people who leave game for a time), so you can write off a large chunk of cash.

So for people holding their accounts for the long term it looks like about 2-3 years minimum for FULL repayment.

How many of the EBANK board are still going to be playing in 2011/2012. Can you be bothered to do it for that long? Is it still worth the work for a few years?


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