MSE News: Bank of Cyprus boosts savings safety protection

edited 22 September 2009 at 2:17PM in Savings & Investments
5 replies 1.4K views
Former_MSE_DanFormer_MSE_Dan Former MSE
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edited 22 September 2009 at 2:17PM in Savings & Investments
This is the discussion thread for the following MSE News Story:

"Protection for savers with money held in the Bank of Cyprus has been boosted from €20,000 to €100,000.

This is the maximum amount of money each saver would be able to claim in the event that the bank went bust..."
Former MSE team member

Replies

  • wizk1wizk1 Forumite
    911 Posts
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    Just like the Icelandic banks' protection scheme then. I would assume that Cyprus' economy is a little more stable than Iceland's considering it is not so heavily reliant upon financial institutions. It makes its money from Tourism, exports and the likes.

    But being a victim of the Icelandic "incident" myself, I'd rather not chance it again unless the UK Government promises to intervene like it did before.
  • cos69cos69 Forumite
    413 Posts
    I suppose one difference is they are in the Euro so are not going to suffer a sudden collapse in the value of their currency. Does not mean they have the funds to cover the protection scheme, but certainly very different to Iceland. I think €100,000 is going to become the norm in Euroland
    "How could I have been so mistaken as to trust the experts" - John F Kennedy 1962
  • My worry is that we've switched from a situation where the second ~£30,000 was protected by the FSCS to being protected by the Cypriot regulator. I'd have more confidence in the FSCS paying out than in Cyprus paying out.
  • I think you really need to gauge the ability of the cypris govt to repay rather than the bank.Iceland as already mentioned is still fresh in memories , all those savers should remember whne it comes voting time that it was hmg that paid it out not iceland , nor the financial protection scheme in the uk neither.

    The eu would drop cyprus like a hot brick if its banking went under , its not that big a contributor to the eu , its only form of income being tourism and finite size for income from that itslef means economical stasis.

    Unless they up their rates , and have deposit protection in the uk scheme I would not risk my cash.
    Have you tried turning it off and on again?
  • sdooleysdooley Forumite
    918 Posts
    and with all the problems in Greece, Cyprus is bound to be affected....
This discussion has been closed.
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