Bank of Cyprus Deposit Protection.

andrit

I have savings in the Bank of Cyprus UK who are no longer covered by British Banking Protection but now come under the Central Bank of Cyprus Deposit Protection Scheme. As Cyprus is a member of the EU would the European Central Bank compensate investors if the Central Bank of Cyprus failed ? Similarly would the European Central Bank Compensate British investors if the Irish banks failed ?

gozomark

I'm assuming you mean savers/depositors, not investors.

Answers to both are unknown - officially its no, but in reality, probably

Investors would not be compensated

theGrinch

I doubt it.

moneylover

I am considering a 15 month bank of cyprus bond 3.85% but am not sure how secure the bank is at present - I appreciate its outside the UK compensation scheme

Altarf

After Iceland you must be insane if you are considering placing substantial sums of money on deposit outside the UK savings protection scheme.

meunier

Just wondering: ... How secure is the 'UK coverage protection' against a change of governing party after the next election? Is this coverage written in stone ... or could it be reversed quite quickly? (Apologies if this question has been answered many times over in other forums).

RayWolfe

There is not one statute in this country that cannot be changed by an incoming OR incumbent government .... maybe some EU ones would be slightly more difficult, but not impossible.

Reaper

The £50k limit is covered by the FSCS - that is not funded by the government but by its members. So a change of government will not make any difference. If the FSCS changes its rules it would not be instant, you would have months of warning.

What might change is the current unwritten rule that the government will cover everything over £50k. You may also not be told when the unwritten rule is withdrawn. Once again that is not dependant on a change of government and could happen before or afterwards.

bryanb

Altarf wrote: »

After Iceland you must be insane if you are considering placing substantial sums of money on deposit outside the UK savings protection scheme.

I'm still receiving almost 7% on a 3 yr bond I placed with Icesave.

moneylover

back to my original question - can I see in any way how safe the Bank of Cyprus is at present?

td_007

moneylover wrote: »

back to my original question - can I see in any way how safe the Bank of Cyprus is at present?

Have a look here

Google for S&P, Moody & Fitch ratings - keep in mind the ratings are specific for particular elements e.g. "A Fitch rating is an opinion as to the creditworthiness of a company or a security. The rating does not address the risk of loss due to risks other than credit risk....." as per their definition.