Unique Deposit Scheme 100,00 Euros

socrates

One of the largest Greek Cypriot Banks - Laiki Bank - part of Marfin Popular Bank Co Ltd.

Are pleased to inform that with effect from 24.7.09 Cyprus Deposit Protection Scheme for the UK branches of the bank has been increased to 100,000 Euros (around £85-86k).

This is one of the reasons that in Cyprus billions upon billions of Russian money has flooded in - as they were only protected for around 15,000 Euros in their own country.

I am not sure if this has been listed elsewhere - and I am very surprised that their marketing department has not shouted this from the roof tops.

They have various postal options, internet and branch based accounts,

Only around 6 branches mainly London - i know they have links with Australia as well and the Middle East.

http://www.laiki.com/web/w3uk.nsf/ContentDocsByCountry/English

I am sure this will prove to be an interesting thread

withnell

2.55% is their highest rate - for a 12m notice account!!!

gozomark

its not unique, several other EU countries offer € 100,000 deposit insurance - indeed, Ireland offers 100% for the next year...

socrates

gozomark wrote: »

its not unique, several other EU countries offer € 100,000 deposit insurance - indeed, Ireland offers 100% for the next year...

Is that for accounts in UK?

gozomark

depends on the bank

shaunrc

Hi Guys

Just a word of warning.When you consider a deposit protection scheme you have also consider its ability to pay if there is a major default.

If money has flooded into Cyprus one needs to remember that it is a relatively small island and how much could it pay in total. Look at the mess Iceland got into...

socrates

shaunrc wrote: »

Hi Guys

Just a word of warning.When you consider a deposit protection scheme you have also consider its ability to pay if there is a major default.

If money has flooded into Cyprus one needs to remember that it is a relatively small island and how much could it pay in total. Look at the mess Iceland got into...

Incidentally Cyprus is the only country within EU with a positive GDP.

gozomark

that's positive GDP growth , not GDP - the crisis might be bad, but no EU country has negative GDP :-)

Whilst reassuring, there is still the issue of whether the country of Cyprus could really pay up if the crunch came.

soulsaver

It's not unique in Cyprus either (obviously?)- Bank of Cyprus UK has also informed depositors of the revised €100k guarantee. I had a very nice 7.15% with 'em for a relaxed year to August, too.
It's another thing the UK are starting to look skinny on, Broon... when will we enjoy depositor guarantees on a par with the most of Europe? Or USA?