Germany, France and the IMF having urgent meetings ..
08 October 2011, 07:17 PM
#1
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Germany, France and the IMF having urgent meetings ..
... this weekend.
There is a very strong rumour that some EU Banks are going to be allowed to go under - only the strongest select few will be allowed to remain and be bailed out.
There will be a cull on the UK Banks too if that happens!
Make sure your savings are in the best Banks and completely out of the dodgy ones!!
There is a very strong rumour that some EU Banks are going to be allowed to go under - only the strongest select few will be allowed to remain and be bailed out.
There will be a cull on the UK Banks too if that happens!
Make sure your savings are in the best Banks and completely out of the dodgy ones!!
08 October 2011, 07:34 PM
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Every UK REGULATED account gets £85,000 protection.
All UK regulated current or savings accounts and cash ISAs in banks, building societies and credit unions are covered by the government-backed Financial Services Compensation Scheme (FSCS). So if the bank fails, you'd get back up to £85,000 per person per financial institution, the majority should get it within seven days.
Not all UK savings are UK regulated.
Most banks including foreign-owned ones like Spain's Santander are UK regulated. Yet a few EU-owned banks opt for a 'passport scheme' where you rely on protection primarily from their HOME government.
This includes ING Direct, Anglo-Irish, Triodos & more.
The amount's double in joint accounts.
Cash in joint accounts counts as half each, so together you've £170,000 protection.
If you've an individual account with the same bank, half the joint savings count for your total exposure and any amount over £85,000 isn't protected (for more info see the joint accounts protection below).
08 October 2011, 08:23 PM
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If the goverment keep reaming me like this I'm going to end up with an ar$ehole like a wizards sleeve!
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08 October 2011, 08:43 PM
#8
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Don't panic, most people are safe, here's the facts (full details here)
Every UK REGULATED account gets £85,000 protection.
All UK regulated current or savings accounts and cash ISAs in banks, building societies and credit unions are covered by the government-backed Financial Services Compensation Scheme (FSCS). So if the bank fails, you'd get back up to £85,000 per person per financial institution, the majority should get it within seven days.
Not all UK savings are UK regulated.
Most banks including foreign-owned ones like Spain's Santander are UK regulated. Yet a few EU-owned banks opt for a 'passport scheme' where you rely on protection primarily from their HOME government.
This includes ING Direct, Anglo-Irish, Triodos & more.
The amount's double in joint accounts.
Cash in joint accounts counts as half each, so together you've £170,000 protection.
If you've an individual account with the same bank, half the joint savings count for your total exposure and any amount over £85,000 isn't protected (for more info see the joint accounts protection below).
Every UK REGULATED account gets £85,000 protection.
All UK regulated current or savings accounts and cash ISAs in banks, building societies and credit unions are covered by the government-backed Financial Services Compensation Scheme (FSCS). So if the bank fails, you'd get back up to £85,000 per person per financial institution, the majority should get it within seven days.
Not all UK savings are UK regulated.
Most banks including foreign-owned ones like Spain's Santander are UK regulated. Yet a few EU-owned banks opt for a 'passport scheme' where you rely on protection primarily from their HOME government.
This includes ING Direct, Anglo-Irish, Triodos & more.
The amount's double in joint accounts.
Cash in joint accounts counts as half each, so together you've £170,000 protection.
If you've an individual account with the same bank, half the joint savings count for your total exposure and any amount over £85,000 isn't protected (for more info see the joint accounts protection below).
OH, yes, I remember now - 3 years ago when Iceland informed all the UK Savers that they had lost all their deposits!!
A guarantee is only there to give you a warm feeling and to stop the public making a run on the Bank ...... there is simply no way the Government, or anyone else for that matter, can pay out 100% of savings up to £85,000!!!
Best you will get is 25p on the £1.
Last edited by pslewis; 08 October 2011 at 08:44 PM.
08 October 2011, 09:09 PM
#10
Yeah, Yeah, Yeah ..... where have I seen those guarantees before?
OH, yes, I remember now - 3 years ago when Iceland informed all the UK Savers that they had lost all their deposits!!
A guarantee is only there to give you a warm feeling and to stop the public making a run on the Bank ...... there is simply no way the Government, or anyone else for that matter, can pay out 100% of savings up to £85,000!!!
Best you will get is 25p on the £1.
OH, yes, I remember now - 3 years ago when Iceland informed all the UK Savers that they had lost all their deposits!!
A guarantee is only there to give you a warm feeling and to stop the public making a run on the Bank ...... there is simply no way the Government, or anyone else for that matter, can pay out 100% of savings up to £85,000!!!
Best you will get is 25p on the £1.
08 October 2011, 10:20 PM
#11
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60 million people in the UK ..... most are savers in some way or another.
Let's say 10 million would need their £85k refunding......
That's £850 billion which would need to be printed!!!! Have you any idea what that would do to the currency?
Let's say 50 million would want their (average) £20k refunding.....
That's £10,000 billion ...............
It's the smaller savers with only £20k who would bring the UK to its knees!
And that's why all we can hope to get is maybe 10p in every £1 .... up to about £20k?
08 October 2011, 11:02 PM
#16
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I would suggest that is a perfectly good gueestimate .... do you think it's a higher % which would hold the £85k limit? If so, I'm prepared to believe you as 16% seems a very small figure.
08 October 2011, 11:05 PM
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Have you any idea how much that would cost?
60 million people in the UK ..... most are savers in some way or another.
Let's say 10 million would need their £85k refunding......
That's £850 billion which would need to be printed!!!! Have you any idea what that would do to the currency?
Let's say 50 million would want their (average) £20k refunding.....
That's £10,000 billion ...............
It's the smaller savers with only £20k who would bring the UK to its knees!
And that's why all we can hope to get is maybe 10p in every £1 .... up to about £20k?
60 million people in the UK ..... most are savers in some way or another.
Let's say 10 million would need their £85k refunding......
That's £850 billion which would need to be printed!!!! Have you any idea what that would do to the currency?
Let's say 50 million would want their (average) £20k refunding.....
That's £10,000 billion ...............
It's the smaller savers with only £20k who would bring the UK to its knees!
And that's why all we can hope to get is maybe 10p in every £1 .... up to about £20k?
08 October 2011, 11:06 PM
#18
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Any Franco/German talks are about the Germans saying 'we're looking after our own, Greece has had it's chance and zillions of Euros from us. They can sink or swim on their todd!'. Whilst the Frogs are saying 'but if Greece defaults then our banks are toast and we can't afford to bail them out'. And the Germans reply 'tough!!!!!'.
Great theatre from the sidelines, or it would be if it wasn't going to **** us all over! I mean, the EU going to implode, Merkel and Sarkozy and Obama up for election next year so all 3 countries fairly impotent. The sooner it happens the better IMHO ...
Dave
Great theatre from the sidelines, or it would be if it wasn't going to **** us all over! I mean, the EU going to implode, Merkel and Sarkozy and Obama up for election next year so all 3 countries fairly impotent. The sooner it happens the better IMHO ...
Dave
08 October 2011, 11:57 PM
#22
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£1,000 billion?
Too much for the Uk to bail out ..... hell, we have only used £275 billion in QE!!
This is the reason it couldn't be done!
09 October 2011, 05:45 AM
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09 October 2011, 08:21 AM
#24
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Pete,
so apart from being at least an order of magnitude out on your scaremongering.
You are also assuming 100% failure of all banks with total loss at each one.
Also the £275bn was QE - they printed some new money
so apart from being at least an order of magnitude out on your scaremongering.
You are also assuming 100% failure of all banks with total loss at each one.
Also the £275bn was QE - they printed some new money
09 October 2011, 06:36 PM
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10 October 2011, 03:38 PM
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