ICICI Bank

stphnstevey

Intersting (slightly worrying) thread

Steve_xx

The thing is that a lot of banks across the world are currently in danger. This danger is exacerbated by people drawing out large of sums of their money, thus actually destabilising these banks. Whilst I am not for a minute advocating that anyone should leave amounts in excess of that protected by the FSCS in any one account, I do think that deposits of less than the protected amount ought to be left where they are and in doing so this will assist in calming the current situation.

azureblue_2

So what's your general feeling for Monday then - leave your icici account in tact or close it or transfer the majority out to the uk?

Steve_xx

azureblue wrote: »

So what's your general feeling for Monday then - leave your icici account in tact or close it or transfer the majority out to the uk?

Your ICICI money is already in the UK. I would leave any amount under 50k as is. The UK banks are hardly safe and sound, so what's the point of shifting from ICICI to say Royal Bank of Scotland?

Lots of people are being tempted by Natwests' ISA. Yet Natwest is owned by Royal Bank of Scotland and they really don't look that healthy do they?

Andrew64

Reading all the reports today, it looks like the government is taking a majority stake in RBS, perhaps even 70%. In that case RBS/NW will become as safe as NR is now, certainly safer than ICICI.

Steve_xx

Andrew64 wrote: »

Reading all the reports today, it looks like the government is taking a majority stake in RBS, perhaps even 70%. In that case RBS/NW will become as safe as NR is now, certainly safer than ICICI.

Yes I understand what you say but would add this. If the government takes 70% of RBS/NW it may or may not guarantee 100% of deposits. The governemnt will be careful about 100% guarantees due to the current fragile situation as this could potentially cause a run on the remaining banks if depositors run for cover as recently happened with Northern Rock.

Whether or not ICICI is in danger, you would still be protected upto 50k. It's a question of how much assurance is necessary.

Zammo

Anyone keeping their money in ICICI must be seriously deranged. All the evidence is pointing towards the bank going tits up by Tuesday at the latest.

Steve_xx

Zammo wrote: »

Anyone keeping their money in ICICI must be seriously deranged. All the evidence is pointing towards the bank going tits up by Tuesday at the latest.

It doesn't seem that way to me, but who knows? But in any case, your deposit upto 50k is protected.

Zammo

Steve_xx wrote: »

It doesn't seem that way to me, but who knows? But in any case, your deposit upto 50k is protected.

Have you ever experienced Indian bureaucracy Steve? That 50k could take years to get back. The paper work alone would probably result in the deforestation of much of Chhattisgarh.

Andrew64

ICICI UK is meant to be covered by the FSCS.

At least you'll only have to wait 4 months.