Government £35k bank guarantee

Etccarmageddon

opinions4u wrote: »

The FSCS has a funding issue.

It has a balance of around £4bn which is around 0.25% of personal savings in the UK and around 1.5% of HBOS savings balances (leave your HBOS money where it is btw).....

http://www.fscs.org.uk/industry/funding/levy_information/contribution_group_balances/

the balance is more like £100million


with an annual capacity of £4billion if the poo hit the fan:-

http://www.fscs.org.uk/industry/funding/

Trollfever

The FSCS fund has been quoted at £100 million, but £72 million appears to relate to General Insurance claims.

£m (credit)
A1
Accepting deposits*
(1.83)
A3
General insurance**
(72.24)
A4
Life insurance
(0.17)
A7
Fund managers, holding client money
1.03
A9
Managers of an AUT
8.25
A10
Dealers as principal
(0.05)
A12
Brokers holding client monies
(6.00)
A13
Brokers not holding client monies
(23.33)
A14
Corporate advisers
(0.05)
A16
Pensions review
(12.86)
A18
Home finance advice and arranging
(0.16)
A19
General insurance mediation
(1.40)




Total
(108.81)

exel1966

ultra10 wrote: »

curious what they meant by the "Icelandic scheme"

It's The Passport scheme which would cover you for first £20K under the Icelandic ruling. Anything above the £20K would then be covered by the FSCS.

Therefore if you had £35K with KE hf and they folded, your monies would have to be claimed from two different organisations.

forbes_2

Dave_®f© wrote: »

Kaupthing Edge is covered by the FSA for up to £35k......relax

Unless you have more than £35k in there....:eek:

Do you know if it is £35000 per bank or per account or total savings per person?

dunstonh

forbes wrote: »

Do you know if it is £35000 per bank or per account or total savings per person?

As vast numbers of posts already state, its per person per banking licence.

Datasafe_2

opinions4u wrote: »

The FSCS has a funding issue.



The money ain't there to pay out if a big boy collapses. £35k limit, £50k limit or £10m limit is irrelevant.

If there is a funding issue the govenment is duty bound to borrow the money to pay for the compensation. Fact.

opinions4u

Datasafe wrote: »

If there is a funding issue the govenment is duty bound to borrow the money to pay for the compensation. Fact.

And who would lend?

mystic_trev

I believe the FSCS has funding of £100,000,000 It sounds like a lot of money - but it 'aint. This wouldn't cover Savers if (for instance) B&B went insolvent.People can 'bang on' about how £35,000's worth of savings are safe in any one Institution - in reality they're not!

mystic_trev

opinions4u wrote: »

And who would lend?

Quite - and where would the money come from?

pollag

Hi there where is a list of what banks are linked to what banks for the £35k problem please.

Thanks