FSCS raise limit to £50k

Etccarmageddon

iltisman wrote: »

Perhaps something bad is going to happen on Monday.

or over the weekend?

maybe HBOS bordering on being nationalised?

or Lloyds TSB bottling out of taking over HBOS?

GustyGardenGalaxy

And so the rampant rumours and speculation begin, which does nothing but make things worse.

Etccarmageddon

www.bbc.co.uk/blogs/thereporters/robertpeston

reading between the lines of the above blog suggests HBOS was in trouble this morning.

LucyTheDwarf

Wooooo scary, let's withdraw all our money quick before the world ends!! Good spot about the compensation not being upped till Tuesday!

GustyGardenGalaxy

Etccarmageddon wrote: »

www.bbc.co.uk/blogs/thereporters/robertpeston

reading between the lines of the above blog suggests HBOS was in trouble this morning.

Even if it was, it should be secure now according to this quote from that article:

"HBOS can now be confident that it will be able to raise the cash it needs - which means that today's action by the Bank of England can perhaps be seen in part as a bridging loan to it, till its rescue takeover by Lloyds TSB is safely completed."

Baldur

Etccarmageddon wrote: »

www.bbc.co.uk/blogs/thereporters/robertpeston
reading between the lines of the above blog suggests HBOS was in trouble this morning.

Reading the 15:16 update is probably better than reading between the lines..........

UPDATE 15:16 Although HBOS is perceived in the market to be particularly strapped for cash, and is therefore a significant beneficiary of the Bank's new-found largesse, it isn't the bank that was having difficulty renewing credit in the money markets this morning. That was another of our big banks - which only goes to show that the liquidity drought (which was acute again this morning) is vicious and pervasive.

Reaper

Nope. There is an update at the end...

UPDATE 15:16 Although HBOS is perceived in the market to be particularly strapped for cash, and is therefore a significant beneficiary of the Bank's new-found largesse, it isn't the bank that was having difficulty renewing credit in the money markets this morning.
That was another of our big banks - which only goes to show that the liquidity drought (which was acute again this morning) is vicious and pervasive.

EDIT: You beat me to it Baldur!

tony4563

If you have an account in joint names, does it double to £100k or will it still be £50k regardless?

Oblivion

tony4563 wrote: »

If you have an account in joint names, does it double to £100k or will it still be £50k regardless?

The two parties to a joint account will be assumed to have a 50:50 share of the deposits (unless otherwise stated) ... so you will each have £50k cover on that account, bringing total cover to £100k.

oldwiring

LucyTheDwarf wrote: »

... perhaps the local pub?

No liquidity problems for sure, unless the breweries go under:rotfl:

How is "deposit" defined? Does it include interest, which is accruing on accounts but not due to be paid until a later date?