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Isle of Man depositor guarantee, any updates here ?
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miaviv
Posts: 13 Forumite
Hi
I wanted to create a separate thread for any developments on the depositor guarantee in the Isle of Man, currently £15K. I had heard it was likely to go up to £50K, is this correct and has it done so yet ?
Thanks for any info.
I wanted to create a separate thread for any developments on the depositor guarantee in the Isle of Man, currently £15K. I had heard it was likely to go up to £50K, is this correct and has it done so yet ?
Thanks for any info.
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Comments
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Seems to be confirmed here
..still looking....
Here's the BBC report (probably taken from the local media)
...it's still not clear if 'up to £50,000' means 100% (and not 75%) of the first £50,000 (up to £66,667) of deposits (I suspect it does).....under construction.... COVID is a [discontinued] scam0 -
And it's not clear whether it covers KSF(IoM) customers retrospectively... although I find it unimaginable that they wouldn't...
Also see this thread:
http://forums.moneysavingexpert.com/showthread.html?t=12032270 -
It's looking like 100% of the first £50,000
http://www.halifax-international.com/home/depositors-compensation-scheme.asp
has a link to a press release from the IoM treasury
http://www.halifax-international.com/Download/081007-dep-comp-scheme.pdf
"Therefore I am announcing today that I intend to raise the limit of protection for deposits of individuals to a maximum of 100% of £50,000. "0 -
Yes, the '100%' (and not '75%' or some other figure) is the confirmation needed........under construction.... COVID is a [discontinued] scam0
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Thanks for all your replies. Am I right in my understanding that the compensation applies per customer and does this apply in the event of a joint account or should we open separate ones for my husband and I ? Thanks0
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It may take many years to recover lost funds or they may never be recovered in full, see halifax international regular saver #7. The figures have changed but the issue remains the same.
The max. annual levy is £500K now. Assuming 40 participants, they could raise a max. of £20 million per annum. If HBOS International was to default, how much money would deposits total? Icesave had 300,000 depositors, deposits totalled £4.5 billion. Even if the total was only £10 billion, it would take 50 years to receover.Dagobert0
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