Which offshore bank?

iilg

(I mean in the British Isles) would you most trust to put your savings in or expect the compensation schemes in existence to be satisfactory for if the worst came to the worst? Nationwide or Clydesdale would be too big for the scheme to cope with?

I cannot find an update on these fora about the failed Icelandic one and how its victims were compensated in the end.

I live outside Europe so am prevented from opening a UK mainland bank account.

Jonbvn

There is one bank that was never in trouble over the last few years.....

HSBC.

Baldur

iilg wrote: »

I cannot find an update on these fora about the failed Icelandic one and how its victims were compensated in the end.

From memory, websites were created specifically by Icelandic banks' offshore investors/action groups.

There's a September 2009 Times report on the state of play regarding Kaupthing, Singer & Friedlander at that time here - http://www.timesonline.co.uk/tol/money/investment/article6822938.ece

iilg

The depositors’ action group said: “The Isle of Man is the only jurisdiction affected by the Kaupthing collapse not to have found a way to rescue depositors in full. The Isle of Man Treasury is still not taking responsibility for the failures of its regulator, the Financial Supervision Commission, that led to the demise of the bank.


Scary!

withnell

Just assume no protection, and decide if you think the rate is worth it for the risk. The offshore havens just don't have enough cash to pay compensation up front, so while you may eventally get back the capital amount that you lost, it will take many many years and its value will have been eroded by inflation by then!