We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MSE News: Bank of Cyprus boosts savings safety protection
Options
Former_MSE_Dan
Posts: 1,593 Forumite
This is the discussion thread for the following MSE News Story:
"Protection for savers with money held in the Bank of Cyprus has been boosted from €20,000 to €100,000.
This is the maximum amount of money each saver would be able to claim in the event that the bank went bust..."
"Protection for savers with money held in the Bank of Cyprus has been boosted from €20,000 to €100,000.
This is the maximum amount of money each saver would be able to claim in the event that the bank went bust..."
Former MSE team member
0
Comments
-
Just like the Icelandic banks' protection scheme then. I would assume that Cyprus' economy is a little more stable than Iceland's considering it is not so heavily reliant upon financial institutions. It makes its money from Tourism, exports and the likes.
But being a victim of the Icelandic "incident" myself, I'd rather not chance it again unless the UK Government promises to intervene like it did before.0 -
I suppose one difference is they are in the Euro so are not going to suffer a sudden collapse in the value of their currency. Does not mean they have the funds to cover the protection scheme, but certainly very different to Iceland. I think €100,000 is going to become the norm in Euroland"How could I have been so mistaken as to trust the experts" - John F Kennedy 19620
-
My worry is that we've switched from a situation where the second ~£30,000 was protected by the FSCS to being protected by the Cypriot regulator. I'd have more confidence in the FSCS paying out than in Cyprus paying out.0
-
I think you really need to gauge the ability of the cypris govt to repay rather than the bank.Iceland as already mentioned is still fresh in memories , all those savers should remember whne it comes voting time that it was hmg that paid it out not iceland , nor the financial protection scheme in the uk neither.
The eu would drop cyprus like a hot brick if its banking went under , its not that big a contributor to the eu , its only form of income being tourism and finite size for income from that itslef means economical stasis.
Unless they up their rates , and have deposit protection in the uk scheme I would not risk my cash.Have you tried turning it off and on again?0 -
and with all the problems in Greece, Cyprus is bound to be affected....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards