Guarantee from ANZ Bank 0 % Annually ! Hurry Now !

ANZ-zero-interest ( Compare to our Guaranteed  Minimum 12 %)

If you’re looking around right now for a new bank account that pays a reasonable rate of return, ANZ bank has a hell of a deal for you: 0%!

That’s right. ANZ is offering its depositors absolutely zero interest.

Now, a bank paying 0% isn’t exactly abnormal in today’s banking environment. But what’s really strange is that ANZ actually took out an ad in an Australian newspaper to advertise this.

Yesterday’s page 10 of the Australian Financial Review (AFR) had a quarter-page ad from ANZ boasting about 0% interest rates for accounts denominated in number of foreign currencies, including Hong Kong dollars, Japanese yen, British pounds, and more.

Curiously, in order to qualify for this bargain 0% rate, you have to meet a rather significant deposit minimum.

For the 0% Japanese yen account, for example, you have to deposit 23.5 million yen (currently about $223,000 US dollars).

So basically some manager at ANZ actually thought that paying 0% interest on substantial account minimums would be an attractive offer… so attractive, in fact, that they should brag about it in the newspaper.

This is so completely ridiculous. But it really crystalizes what’s wrong with the entire financial system.

We’re told to keep our money in banks… that banks are safe. But the objective data tells a completely different story.

Holding money in most banks guarantees that you will lose money.

Adjusting for taxes and inflation, you’re losing at least 2% per year, even if you believe the governments’ notoriously understated official inflation statistics.

This level of absurdity pushes people into riskier and riskier assets, simply in an effort to avoid LOSING money.

Case in point– the government of Spain recently issued 1 BILLION euros worth of bonds that yield a paltry 4%. And they’re due in 2064.

Bear in mind, Spain is completely broke. And just two years ago the government had to pay 7.5% on ten year notes.

Now people are lending money to the Spanish government for 50 freaking years at just 4%.

This is insane.

But couldn’t this insanity last forever? Couldn’t the grand wizards of the financial system continue to engineer one deranged bailout after another for decades to come?

Possibly. But unlikely.

Right now the US dollar is the world’s dominant reserve currency. This gives the United States nearly total control of the global financial system.

In order to clear cross-border trade transactions, foreign banks HAVE to use the US banking system (which is controlled by the US government).

Further, rest of the world must essentially mirror US Federal Reserve policy.

But this power… and insanity… only lasts as long as the US dollar is the dominant reserve currency. And this is starting to change rapidly.

China’s renminbi is becoming much more widely accepted around the world for trade settlement; a number of foreign governments are now holding renminbi reserves and doing deals to promote trade in renminbi.

Even in the United States, renminbi payment business increased 327% last year, and the US is now the fifth largest offshore renminbi settlement center.

It’s no secret here, this is happening right under our noses. The financial system IS changing.

People who ignore this trend do so at their own financial peril.

Yet those who understand what’s happening and align themselves accordingly stand to make fortunes.

The Weimar Republic’s episode with hyperinflation in the 1920s is a great example.

Despite all the warning signs, most people did nothing… and they got wiped out.

A handful of people, though, saw the writing on the wall. They took steps to safeguard what they had. And they allocated their investment capital to bet that the currency would collapse.

They were right. And vast fortunes were created in a matter of months.

Throughout history there’s always a handful of people ahead of the trend. And they’re rewarded for their foresight.

Right now we’re in the very early stages of a similar transition– arguably one of the most important economic transformations since the Industrial Revolution.

Because of this, opportunities already abound if you know where to look. It’s an incredibly exciting time to be alive.

If you agree with this premise but are just starting to wrap your mind around what’s happening, let me extend an invitation :


In the same way that I urge investors to use an adviser I too have a business coach. This week I complained that my performance of a 31% gain in 2013 was not gaining me the respect or new clients to which I thought I was entitled.

He challenged me :
a) I was not ” entitled ” to anything more than I earned by performance
b) My performance allowed me to guarantee an annual 12 % return or I will forfeit the 1 % annual fee and the 20 % performance fee.

The Challenge – a guarantee of a minimum of 12 % for your annual investment return 

Investors and pensions need efficient methods to screen, research, perform due diligence and monitor managers in their quest to deliver returns. They need to know the data they are using is accurate and fresh — and represents the best options available worldwide across every asset class. They must take into account their own assets and liabilities and the impact to portfolio risk while screening strategies and tracking exposures. They also need polished reports and presentations to provide evidence of a sound, inclusive selection processes for regulators and committees.

Placing these decisions in Jack A. Bass Managed Accounts removes the work from your hands to ours .

Meeting the Challenge

Jack A. Bass Managed Accounts offers a comprehensive suite of solutions for screening and monitoring, as well as risk assessment leveraging the data of the most important databases. In fact, 89% of surveyed clients agree that Jack A. Bass Managed Accounts helps them save their time during the due diligence process, while 75% of pension clients agreed .

The answer to When? – is always NOW ! – not tomorrow.
Contact Information

Information must proceed action and that is why we offer a no cost / no obligation inquiry service if you are not already a client.


or Call Jack direct at 604-858-3202 – Pacific Time 10:00 – 5;00 Monday to Friday

Panama Bank Secrecy

Panama Bank Secrecy. the title  says it all

Here is what are clients can rely upon – our due diligence and guidance in selecting incorporation, trust and bank vehicles – plus the nation’s laws:

Article 111 of the Panamanian banking law states the following:

ARTICLE 111. BANKING CONFIDENTIALITY. Banks will only divulge information about its clients or their operations with their consent. Banks will not require consent from their clients in the following cases:
When the information is required from the authorities according the law.
When from their own initiative it must be provided in compliance with laws related to the prevention of money laundering, financing of terrorism, and related crimes.
Rating agencies for risk analysis purposes.
To data processing agencies or offices for operational or accounting purposes.

Our Panama Offshore and Financial Services

Panama tax haven is a leading offshore jurisdiction for companies and foundations.  Other offshore services are available to investors who are interested in operating or investing in Panama in one way or the other.  Panama is a true tax haven and levies zero tax on all offshore operations.  Panama tax haven offshore services can be summarized as follows:

  • Panama Corporation formation
  • Panama Foundation formation
  • Offshore banking
  • Vessel registration
  • Real estate brokerage
  • Capital/financing procurement
  • Trademark registration
  • Investment brokerage

We’ve Done All the Research
First, we’ve done all the research and conveniently gathered all U.S. and International regulations pertaining to Information Technology, Physical Security, Records Management, Privacy, and Third Party Invoicing into one place

We Help You Map the Overlap Between Regulations
Track compliance regulations, standards, and contractual agreements (Authority Documents),their changes, their individual originators and issuers, and their terms and acronyms

Developing a tax strategy is not the same as walking into the mall and opening a checking account.

Tax Haven Savings – Contact Information

Are you finally taking the step to tax freedom by incorporation and banking in a low tax jurisdiction? and if not why not ? Information must proceed action and that is why we offer a no cost / no obligation inquiry service.

Email info@ or
Call Jack direct at 604-858-3202 – Pacific Time 9:00 – 5;00 Monday to Friday

The main intention of our website is to provide objective and independent information that will help the potential investor to make his own decisions in an informed manner. To this effect we try to explain in a simple language the different processes and the most important figures involved in offshore business and to show the different alternatives that exist, evaluating their pros and cons.
On the other hand we intend – in terms of offshore finance, bringing these products to the average citizen.

Do something to help yourself – contact Jack A. Bass now !

Canadian Western Bank


TSX : C$36.99
BUY  Target: C$42.00

COMPANY DESCRIPTION: Canadian Western Bank is a Schedule I chartered bank that operates in Western Canada. The Bank specializes in mid-market commercial lending and offers a full complement of personal banking services. Through the Canadian Western Bank Group, the firm offers a diversified range of financial services across Canada. CWB operates 41 bank branches and has more than $19 billion in assets.
All amounts in C$ unless otherwise noted

Financials- Banks

Investment recommendation We are maintaining our BUY rating and slightly increasing our target price to C$42.00 (from C$41.00). We have increased CWB’s valuation target premium to 17% (from 14%), in-line with its historical average (see Fig. 11) to reflect relatively higher EPS growth expectations of 14%/16% vs. the Big-6 banks average at 5%/7% (based on consensus estimates). Our annual EPS estimates remain relatively the same (see Today’s Changes box). The partial replacement of high cost Series 3 Preferred with NVCC (4.4% yield) is offset by our lower NIM forecasts of 2.75% (from 2.87%) for F2015. CWB has a favourable positioning towards our key bank themes, specifically better operating leverage (+1%/1% in F14/15E) and large exposure to higher growth commercial loans (~75%), contributing to solid loan growth (+13% YoY).
Investment highlights  Q1/F14 results solid. CWB reported adjusted cash EPS of $0.67 (up 3.1% QoQ and 15.5% YoY), above our (and consensus) forecast of $0.65. While NII of $125.3 million (up 0.4% QoQ) was lower than expected due to NIM, non-NII of $28.5 million (up 9.0% QoQ) was higher than expected, PCLs were lower than expected, and NIE was in-line. CWB generated positive leverage of 1.7% in Q1/F14. Total loans grew 3.7% QoQ.
 Strong credit trends. The PCL ratio was flat QoQ at 19 bps and below our 21 bps forecast. The result was at the low end of management’s F2014 guidance for 18-23 bps. GILs declined 16.0% QoQ to $53.9 million (33 bps of total loans).
Valuation F2015E bank group P/E multiple of 11.5x that CG uses in valuing the Canadian banks.

Laurentian Bank of Canada


TSX : C$45.92 
BUY  Target: C$51.50

COMPANY DESCRIPTION: Laurentian Bank of Canada (LB : TSX) is a banking institution operating across Canada and offering its clients diversified financial services. The bank serves individual consumers, SME’s, and a wide network of independent financial intermediaries through B2B Trust, as well as full-service brokerage solutions through Laurentian Bank Securities. With $34 billion in assets, LB operates approximately 153 bank branches.
All amounts in C$ unless otherwise noted.


Investment recommendation

We are maintaining our BUY rating and slightly lowering our target price to C$51.50 (from C$52.00/share) following relatively in line Q1/F14 results. Our lower target price mainly reflects our lower NIM (to 1.71% by Q4/F15) forecast to reflect the challenging rate environment. Currently, LB trades at a modest 8.2x P/E (F2015E), and a 22% discount to the Big-6 banks average. CG maintains its group bank P/E multiple of 11.5x. Our EPS growth expectations of 7%/7% are in line with the Big-6 banks at 5%/7% based on consensus estimates. LB has a good positioning toward our key bank themes for 2014 and 2015, specifically positive operating leverage (2.7% in F2015E), capital allocation strategy in regards to MRS and AGF Trust, and focus on commercial loan growth (including new leasing solutions).
Investment highlights 

Q1/F14 results neutral. LB reported adj. cash EPS of $1.29 (excluding certain items including T&I costs), which was slightly below our $1.31 estimate (vs. consensus of $1.30) and down 0.8% YoY. While total revenue was below our expectations, PCLs and adj. NIE were lower than expected. Adj. operating leverage was a strong +4.9%. The average loan balance was down 0.3% QoQ to $26.6 billion (vs. our $27.0 billion forecast).   NIM and loan outlook. NIM was flat QoQ at 1.66%, in-line with our 1.66% estimate. We forecast loan growth of 1.5% in F2014, and 3.7% in F2015 based on growth in commercial (+17% YoY), equipment leasing (new), and a relaunch of Alt-A mortgages. Mostly as a result of the expected change in loan mix towards higher margin commercial loans, we expect an increase in F2015 NIM.  Credit trends mixed; management not concerned. For Q1/F14, PCLs of $10.5 million (16 bps) were below our $11.1 million forecast and up 5% QoQ (31% YoY). That said, GILs increased 15% QoQ (down 13% YoY) to $113.9 million due to higher GILs in personal loans and commercial mortgages. Management is not concerned with the credit trends and noted a reclassification on the personal loan side and is confident of resolutions on the two problem commercial mortgages loans (and noted low LTVs). Valuation Our C$51.50/share target price is based on a 9.2x P/E multiple applied to our F2015E EPS FD. We apply a 20% discount toward the F2015E bank group P/E multiple of 11.5x that CG uses in valuing the Canadian banks

Build Your Portfolio On A Solid Foundation : All You Need To Succeed – in 500 pages of Investing Strategy and Selections

Stock Market Magic: Building Your Apprentice Millionaire Portfolio 2012: All you need to succeed in today's stock market

Available at

Stock Market Magic:

Building Your Apprentice

Millionaire Portfolio

 All you need to succeed in today’s stock market [Paperback]

Jack A. Bass (Author)

5.0 out of 5 stars  See all reviews (2 customer reviews) | Like 1678

Price: $28.95 & this item ships for FREE with Super Saver Shipping

All You Need To Succeed – in 500 pages of Investing Strategy and Selections

Stock Market Magic: Building Your Apprentice Millionaire Portfolio 2012: All you need to succeed in today's stock market

Available at

Stock Market Magic:

Building Your Apprentice

Millionaire Portfolio


 All you need to succeed in today’s stock market [Paperback]

Jack A. Bass (Author)

5.0 out of 5 stars  See all reviews (2 customer reviews) | Like 1678

Price: $28.95 & this item ships for FREE with Super Saver Shipping

All You Need To Succeed – in 500 pages of Investing Strategy and Selections

Stock Market Magic: Building Your Apprentice Millionaire Portfolio 2012: All you need to succeed in today's stock market

Available at

Stock Market Magic: Building Your Apprentice Millionaire Portfolio 2012: All you need to succeed in today’s stock market [Paperback]

Jack A. Bass (Author)

5.0 out of 5 stars  See all reviews (2 customer reviews) | Like 1678

Price: $28.95 & this item ships for FREE with Super Saver Shipping

Bank of Montreal

This BMO branch in Waterloo, Ontario retains t...

This BMO branch in Waterloo, Ontario retains the Molsons Bank name on the plinth. (Photo credit: Wikipedia)

BMO : TSX : C$62.50
Target: C$69.00

With more than $525 billion in assets, Bank of Montreal, together with its subsidiaries, provides a broad range of retail banking, wealth management and investment banking products and solutions in North America and internationally. BMO operates approximately 1,600 bank branches and employs approximately 46,000 full time employees globally.
All amounts in C$ unless otherwise noted.

BMO reported Q2/13 adjusted EPS of $1.46, below our estimate and consensus of $1.49. EPS was up 1% YoY. Excluding the $66 million after tax recovery on the impaired credit portfolio acquired from M&I, EPS would have been $1.36. Relative to our estimate, stronger capital markets revenues were offset by lower insurance results, higher expenses, and a higher tax rate.
The Basel III CET ratio increased to 9.7% from 9.4%, reflecting earnings in the quarter and model refinements which lowered RWA. The bank bought back 4 million shares in the quarter. We believe BMO’s strong Tier 1 ratio and weaker earnings growth supports building in more aggressive share repurchase activity for 2013 and 2014. Insofar as capital allocation is concerned, we believe BMO is leaning more toward buy backs than acquisitions.

U.S. P&C earnings were up 9% YoY reflecting lower PCLs and expenses offset by weak top line growth (loan growth offset by NIM pressure). The 3% YoY decline in expenses reflects M&I synergies. On a US$ basis, total loans were up 0.4% QoQ (the second consecutive quarter of growth) as commercial loans were up 1.9 % QoQ and personal loans were down 1.2%. We expect synergies and good commercial loan growth (offset by NIM pressure) to drive mid- to- high-single-digit earnings growth.
Domestic P&C earnings were down 0.7% YoY, reflecting -2.3% operating leverage and additional NIM pressure. Expense growth was elevated, but consistent with commentary regarding the desire to continue to invest in the franchise. BMO’s issue with operating leverage does not appear to be expense control but rather the very weak top line growth. We do not believe revenue growth will accelerate in the near term largely because we expect margins to remain under pressure.

We continue to believe that BMO’s more aggressive posture in mortgages, while leading to strong mortgage growth this quarter (discussed below) is hurting the bank’s margin. Our 12-month target price of C$69.00 (down from C$70.00) is based on the stock trading at 10.8x our 2013E EPS, a 6% discount to the group multiple of 11.5x. We continue to rate BMO a HOLD. Our outlook on the stock is constrained by an expectation of below group average EPS growth driven by: a) higher PCLs as recoveries decline, b) NIM pressure, and c) weak operating leverage in domestic retail. We also expect BMO’s dividend growth to lag its peers.

Bank of Nova Scotia

Scotia Tower, as seen from Seymour Street.

Scotia Tower, as seen from Seymour Street. (Photo credit: Wikipedia)

BNS : TSX : C$59.61
Target: C$67.00

Scotiabank is one of North America’s premier financial institutions, and Canada’s most international bank. With over 80,000 employees, Scotiabank Group and its affiliates serve over 19 million customers in more than 55 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking.

Q2/13 core cash EPS was $1.24 (up 6% YoY) versus our estimate of $1.25 and consensus of $1.26. At 6% YoY, BNS’ earnings growth is likely to be in line with the group average. Relative to our estimate, revenue was higher than expected, with capital markets revenue coming in better than expected. Slightly weaker than expected results relates to higher PCLs and higher expenses.
International earnings were up 5% YoY, reflecting good revenue growth offset by higher than expected investment spending and a 34% YoY increase in PCLs. Noninterest expense growth was 11% (5% QoQ), with half of the increase relating to acquisitions and the other half to investment spending. Operating leverage in the quarter was nil.

Given the investment spending in 2012, we expected BNS to deliver 2-3% operating leverage in the segment in 2013. In this respect, the expense growth in the quarter was surprisingly high. Higher PCLs reflect the expected normalization of credit losses in Colombia. We expect International
earnings growth to return to the low double-digits as early as next quarter.
Domestic P&C earnings were up 18.7% YoY on 15.1% YoY revenue growth and operating leverage of 2.4%. YoY, we were looking for earnings growth of 16.8%, revenue growth of 13.1%, and operating leverage of 1.1%. Earnings growth, excluding ING Direct, would have been 7.6%. Only Royal Bank is expected to deliver better organic earnings growth this quarter. With ING contributing $45 million in earnings last quarter and $51 million in Q2/13, the bank is already at the $190 million run rate discussed at the time of the deal.
Over the last five years, the bank’s better earnings stability and momentum has earned Scotia an average premium of 5-7%. On our estimates, the stock currently trades at a 5% premium to the group. For the reasons outlined below, we set our target price on BNS based on the stock trading at a 6% premium (consistent with RY).

Our target P/E premium drives a target P/E of 12.2x applied against our 2014E EPS and a target price of C$67.00 (down from C$69.00).

National Bank of Canada

English: The National Bank of Canada tower in ...

English: The National Bank of Canada tower in Place d’Armes (Photo credit: Wikipedia)

NA : TSX : C$77.02
Target: C$89.00

National Bank of Canada is an integrated group that provides comprehensive financial services in its core market in the province of Quebec.
National Bank offers a full array of banking services, including retail, corporate and investment banking. National Bank has over $176 billion in assets and employs over 19,000 employees.


NA reported core Q2/13 EPS of $2.08 (up 6% YoY), above our estimate and consensus of $1.97. Relative to our estimate, stronger capital markets related revenue (trading particularly) was partially offset by higher PCLs and noninterest expenses. NA raised the dividend as expected.
NA’s BIII CET ratio increased to 8.3% up from 7.9%, reflecting earnings, including the $100 million ABCP gain. The bank announced a 2% ($250
million) NCIB this quarter. We model for quarterly repurchases of 600,000 shares to arrive at a total share repurchase of 2.5 million shares, slightly under the 3.25 million authorized. With our assumed share repurchases, the bank’s Basel III CET ratio continues to improve, climbing from 8.3% this quarter to 8.7% by the end of 2014.

After deducting 30 bps for the CVA adjustment in 2014, the ratio should remain well above 8%.
P&C earnings were up 1% YoY on operating leverage of 0.7% offset by higher PCLs. P&C net interest income was weak, increasing only 1.6%, reflecting 10% volume growth offset by lower NIM YoY. NIM of 2.30% was down 13 bps from last year but was down only 1 bps QoQ. After delivering very weak NIM performance in domestic retail throughout most of the year, National’s QoQ P&C NIM performance (down 1 bps) was solid.
Our target price increases to C$89.00 from C$88.00 (target discount unchanged at 10%). At 20%, upside potential to our target price is as high as
other BUY-rated stocks. While we acknowledge that the current quarter’s results were largely driven by higher CMRR and that P&C remains weak,
given the bank’s discount valuation and our revised outlook on NA’s capital outlook, we are upgrading NA to BUY from Hold.

Our typical pattern with NA is to upgrade the stock when the discount to the group is well ahead of 10% (currently 13%) and downgrade once the discount narrows materially. In this  context, as well as the fact that the earnings beat was not particularly high quality, we view our upgrade as a short term call.


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