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MSE News: Euro crisis - How safe is Santander?

This is the discussion thread for the following MSE News Story:

"The eurozone crisis threatens to destabilise Europe's banking system, so what does that mean for the Spanish giant? ..."
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Comments

  • Bell98
    Bell98 Posts: 16 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    My company has a Pension Scheme and through it I (and a considerable number of other staff ) invest in Santander. Am I still covered by the personal safety net of £85,000 by the government or because it's a company scheme are all the staff who contribute only entitled to one payment of £85,000 ?
  • gozomark
    gozomark Posts: 2,069 Forumite
    do you mean the pension scheme invests in their shares, or saves in their savings accounts ?
  • I have some shares in Santander, from when it used to be Abbey National and issued shares to its members. I pay Spanish Tax on my dividends, so although the UK arm is meant to be ring-fenced in the event of problems in Spain, I presume that if Santander go down, I would lose my shares?

    Already lost my shares when Bradford and Bingley went down..:mad:

    Don't want to lose out again!
  • dunstonh
    dunstonh Posts: 118,551 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    My company has a Pension Scheme and through it I (and a considerable number of other staff ) invest in Santander. Am I still covered by the personal safety net of £85,000 by the government or because it's a company scheme are all the staff who contribute only entitled to one payment of £85,000 ?

    it is unlikely you personally invest in Santander shares in a company pension. However, the funds you utilise may hold santander shares in them.

    Shares are not covered by the FSCS protection scheme (for logical reasons). Funds are. However, the underlying assets of the funds are not (for the same logical reasons).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • bubbles0169
    bubbles0169 Posts: 6,230 Forumite
    Part of the Furniture Combo Breaker
    does anyone know if it were to go how long would it take to get my savings back through compensation? it an ISA being used to save for my wedding!
    I am not bossy I just have better ideas:p
  • dunstonh
    dunstonh Posts: 118,551 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    does anyone know if it were to go how long would it take to get my savings back through compensation? it an ISA being used to save for my wedding!

    2 months to 2 years.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • bubbles0169
    bubbles0169 Posts: 6,230 Forumite
    Part of the Furniture Combo Breaker
    oh carp! would it be too drastic to close it? how much warning would we get it was going bust?
    I am not bossy I just have better ideas:p
  • DanJo
    DanJo Posts: 9 Forumite
    Part of the Furniture First Post Combo Breaker
    Eeeks.... what about my Santander mortgage...! :(
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Santander has a better credit rating than Barclays, Lloyds or RBS. So unsure why an article has been written specifically on them.
  • split_second
    split_second Posts: 2,761 Forumite
    must have been because they got downgraded, barclays are in the same article and a lower rating
    Who remembers when X Factor was just Roman suncream?
This discussion has been closed.
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