Anglo Irish - FCSC Covered or not?

malik999

http://www.moneysavingexpert.com/savings/safe-savings#whatcounts

The above page is confusing. The table shows:

Anglo Irish listed
"This table was compiled by checking the FSA registration number of each bank on their websites, and is based on the FSCS definition that each independently registered institution receives the £50,000 protection."

However further down that page

Banks Using the Passport Exception - Anglo Irish bank

So which is it?. Is Anglo Irish covered 100% under the FCSC £50k ?

noh

Passport scheme.
It's an Irish bank covered by the Irish deposit protection scheme.

http://www.angloirishbank.co.uk/Personal_Savings/Regulation_Details/

Nigel

soulsaver

This another area where the Gov/FSA/FSCS is remiss: They fail to make clear that if a passport scheme fails that you can rely on the UK scheme as a guarantor of last resort. I suspect that is the case but you wish they'd make it explicit.
Here is the perception of the Irish deposit protection: They (Irish Govt) say 100% protected. Then a little later you find it '...yet to be ratified by EU' leaving you with 'better be on the safe side and stay within the broader EU guarantees' so euro100k as stated on the Anglo Irish webby which says nowt about the 100% guarantee. Then you find well argued rumours that the Irish GDP couldn't afford to bail the smallest of the big 6 Irish deposit takers... (probably started by AD/LLoyds etc but...). So now you better stay within the UK £50 k but aren't sure your covered & if you are, now that you find that they do cover interest, best to leave some headroom for accrued interest.. Then you hear that soon UK cover will be Euro 100k (equiv) too, to level the playing field. Or maybe its a rumour ....
A few more years more practice and they'll achieve amateur status...

How is Joe Public supposed to make an informed decision on how to protect his life savings on innuendo, rumour and statements made by politicians who would need short memories if they think the public trust them not to an about turn - Pensions dividend grab, zero % on 10k starting rate for smaller ltd co's, residential prop in pension funds, Equitable Life pensions etc.
Its a shambles and a chuffing disgrace. :mad:

Reaper

European banks only need to be covered by their home schemes, though they can opt to "top up" to £50,000 with the FSCS if their home scheme provides less than that.

Anglo Irish have opted to top up BUT as the Irish government now offer more than £50,000 protection the fact they have done so is completely irrelevent.

As far as I can see the FSCS does not even have to help out if the Irish government defaults. Why do I think that? Because of this phrase from the FSCS website with regards to top up schemes:

the home state scheme would have lead responsibility for claims, and would be responsible for paying the first part of any compensation. FSCS is only responsible for paying compensation for the topped up element

As there is no top up the FSCS is obliged to contribute nothing.

Why does Anglo Irish belong to the FSCS if they get no benefit from it? Beats me. Probably just so they can put those reassuring letters on their web site to falsely reassure UK savers.

I hope my cynicism is misplaced and somebody can correct me.