Bank Failure in Yancheng?

ZeroHedge picked up this story about a bank unable to repay deposits, perhaps until 2015.
江苏盐城多家合作社人去钱空 数亿存款无法兑现

Although the bank is a farmers co-op, Yancheng is in the relatively wealthy Jiangsu province.

CNR network Yancheng January 23 news (reporter Bai Yu), according to Voice of China "News" reported today is a small child in the north, the people around are also getting ready to celebrate the Spring Festival horse. However, Yancheng City, Jiangsu Province, it reflects some of the audience, the year is not over, because the money to his own investment boondoggle.

The audience said that in recent years, opened dozens of Yancheng local "farmers mutual funds Society", these cooperatives approved the establishment by the competent local agriculture, and received by the local Civil Affairs Bureau issued a "certificate of registration of private non-enterprise units."

Deposit-taking and lending by cooperatives operated operation, and to promise savers, depositors after maturity deposits not only can get the interest, you can also get bonuses. However, beginning in early 2013, Yancheng City Pavilion Lakes region continue to have a number of co-op money people to empty, many savers deposits can not be cashed, thus many people's lives into a corner.

Tinghu East Side, Environmental Protection Industry Park, the new foreign mutual funds peasant community has doors locked, CUP, salt Dong-jin, Rui Xinnong people have no money to mutual funds cashing agency.

These cooperatives, from signs to the interior, from the counter window to the waiting area, from display to display card, both the bank and the general is not much difference.

Dong-farmers in Salt Lake Pavilion mutual funds club, a duty officer's office, told reporters, because many people take money, put out loans difficult to recover, leading to funding strand breaks.

Salesperson: Put all put out, put out a few years, the money has been slowly closing the end is difficult to ask for money, right? And now there is no money coming in, people now no one to save money, and take all the money.

Reporter: So take the money it should be that way.

Salesperson: I know I should, however, take off, get cut off, no money, but turn came.
CUP peasant community in mutual funds, posted on the door of the display card with the main leaders of the cooperatives Yancheng instructions, no salesperson counter window, depositors who inquire about the messages to each other.

Yang Dong-jin of salt farmers in the new mutual funds outside the club's security, 80-year-old Zhou Yan Jie, savers told reporters that his wife is already 79 years old this year, the perennial sick, the deposit can not be cashed, has been relying on borrowed money to see a doctor, but now nobody willing to lend to them, his wife's condition is increasingly serious.

Reporter: You have saved much money?
Jiehe week: more than 110,000 dollars, is to prepare for retirement, until older, can not take the time to re-used with the use of our rural people, there is no salary, the pension money is ready.

Lower East Side club savers farmers mutual funds, Ms. Xue was a retired teacher, since 2011, Ms. Xue cooperatives were deposited more than 420,000 yuan.

Ms. Xue: The bank has a deposit-taking his staff, he would say that he is a government action that has the government's official seal, to give you some interest, as well as the appropriate dividends, because we believe that the government, so we fully believe him , we put the money lost inside, who thought in November, Xi Chu who told us that something was wrong.

Savers say cooperatives annual interest rate of 3.5%, plus dividends. Pavilion Lake District, according to the relevant documentation, these farmers mutual funds socioeconomic "Pavilion Lake District rural work office," approved the establishment. Then, under the supervision of government authorities, why would the situation depositors funds lost happen?

Yancheng City Pavilion Lake District Office of Rural Zhuang Yu Long said that after the year 2004, according to the central spirit of the document, Yancheng first nationwide pilot "Farmers Co-operative Society funds' aim is to provide services to the farmers in the region to address the needs of farmers microfinance difficult problem. So far, the region's five towns three streets approved the establishment of 24 community farmers' mutual funds, some of the illegal operation of cooperatives in the business process is the fundamental cause of abnormal capital chain.

Yu Long Zhuang: RUIXIN this out a set of false accounts, primarily dealing with our supervision, also check out the investigation, and he put the money to invest in real estate development up, all of a sudden not being paid. New Ocean to one to two years to put all the money loaned out back. East is the head and ran away, he carved a chapter that he printed documents, illegal fund-raising, public security organs have now filed. Funding environmental protection industry park is also a little nervous, UnionPay he borrowed some money to a person to engage in local real estate development. These violations are engaged in their own decision, if he is not illegal, to put the money to the village folks farmers for agricultural production and life, then he can be assured, there is no risk of them.

Reporter: Now it comes to holding a certificate of deposit but not full payment of depositors involving a total number of households, there are statistics that you do here?

Yu Long Zhuang: large numbers may have more than two thousand households.

Reporter: involves the payment of funds should relate to how much money?

Yu Long Zhuang: This is not a good statistic.
According to rough statistics depositors who currently amounts involved, or up to several million dollars.

Long Zhuang Yu also said that the club is relatively new farmers mutual funds, lack of management experience in the District Agriculture Office, the lack of professionals, there are loopholes in the regulation, but it will do its utmost to regain the loss of depositors.

Yu Long Zhuang: we put all of his certificates of deposit are received out. You are only responsible for the loan out of the money back to the people against. The people's money has been invested in other projects go, we have to be tracked to ensure no loss of capital assets, can dispose of his assets disposed of, can recover quickly come back.

Reporter: There is a specific timetable yet?

Yu Long Zhuang: 2014 cashing out the entire program.

Reporter: When did all of these things can be properly resolved?

Yu Long Zhuang: the latest is 2015, 2015, all settled.

Recently, the CPC Central Committee, the State Council "to deepen rural reform on a number of opinions to accelerate the modernization of agriculture" clearly be in the "stick membership system, closed principle, without Absorbing Foreign lending, do not pay a fixed return, and promote Mutual funds community-based organizations in rural development. "

The face of the status quo, as the first pilot in the country, "farmers mutual funds Society" will be thinking whether Yancheng? Thousands of savers deposits of several hundred million dollars will be how to recover? Yancheng "Farmers Co-operative Society funds," which summed up the experience and lessons learned in the development process? Are there other concerns? Voice of China will continue to focus on.

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