if a bank goes bust

jl45

if a bank goes bust how much compensation will I receive from the government? I have the figure 20k per person per bank in my head, is this correct?

DavidHayton

If the bank is registered in the UK, then HM government have undertaken to compensate you - in full - for any losses up to 100,000 euro if your bank fails (I forget the actual value in sterling, but it is comfortably in excess of £20k).

David

Yorkie1

I think it's £85K per person per institution - not necessarily the same as per bank.

Reaper

Yes it's £85k per institution group per person (so double that for a joint account).

Full explanation here

dunstonh

if a bank goes bust how much compensation will I receive from the government?

None. The protection is provided by the FSCS. Not the Govt.

The FSCS is funded by FSA regulated companies. The Govt only loans money to the scheme if there is not enough in the pot (which needs to be repaid).

jl45

Thanks for replies