Triodos internet banking

expatasia

A lot of people have spoken highly of Triodos but has anyone used their internet banking service? Do they require the use of 'secure key', 'card readers' or 'PINsentry' devices? Thanks.

innovate

Afraid, I don't know the answer to your questions - - but I know that they are not covered by the FSCS £85K protection, which would keep me away from them.

They are covered by a "passport scheme" (Dutch scheme, same as ING). I still remember the drama with the passport scheme offered (or not offered, as it turned out) by the Icelandic banks. Whilst the Netherlands aren't Iceland, I would not put my trust into their passport scheme - or any country's passport scheme for that matter.

northerner77

Holland isn't Iceland.
How many people on the UK mainland lost money after the last fiasco? Only those with offshore savings did...

Dexters_Indignation

They are dodgy


just look at them....

innovate

northerner77 wrote: »

How many people on the UK mainland lost money after the last fiasco? Only those with offshore savings did...

You are right, all UK retail customers did get all their money back - - I was one of them but I don't want to live through an uncertainty like that again if I can help it.

People didn't get their money back courtesy of the passport scheme, but because the UK Government stepped in. AFAIK, as of now, no money came ever from the passport scheme.

I'd say it is far from certain that the UK Government would step in in the same way in a similar crisis. Therefore I now stay clear of any passport scheme, but others may be more risk tolerant.

Sam_Malone

northerner77 wrote: »

How many people on the UK mainland lost money after the last fiasco? Only those with offshore savings did...

And that was a warning.

Next time ?

expatasia

innovate wrote: »

I'd say it is far from certain that the UK Government would step in in the same way in a similar crisis. Therefore I now stay clear of any passport scheme, but others may be more risk tolerant.

Aye.

Triodos Bank NV maintains a strong, sustainable financial position: We do not lend out more than we have on deposit, nor do we trade in the wholesale money markets. Likewise we do not trade in derivatives or other abstract financial instruments. We have not invested in sub-prime debt. Our capital and liquidity is significantly above that of the majority of banks operating in the UK and Europe.
So, the chances that you will ever have cause to revert to the deposit guarantee scheme are remote.

innovate

expatasia wrote: »

Aye.

Triodos Bank NV maintains a strong, sustainable financial position: We do not lend out more than we have on deposit, nor do we trade in the wholesale money markets. Likewise we do not trade in derivatives or other abstract financial instruments. We have not invested in sub-prime debt. Our capital and liquidity is significantly above that of the majority of banks operating in the UK and Europe.
So, the chances that you will ever have cause to revert to the deposit guarantee scheme are remote.

You'd expect them to use words to that effect to attract customers. Looking at their last published financials, I'd be very interested to see how they substantiate that their "capital and liquidity is significantly above that of the majority of banks operating in the UK and Europe".

But anyway, fact remains that they are not part of the FSCS protection. You need to ask why they aren't - many other non-UK headquartered banks (e.g. Bank of Cyprus, Santander, Bank of Ireland, ICICI, Punjab National Bank, Yorkshire Bank etc) are part of FSCS, so there is no legal reason for any bank not to be in it.

System

Dexters_Indignation wrote: »

They are dodgy


just look at them....

Lol! The Tripods! I have fond memories of this BBC series! It's available on DVD :-)

RetiredInThailand

innovate wrote: »

I'd say it is far from certain that the UK Government would step in in the same way in a similar crisis. Therefore I now stay clear of any passport scheme, but others may be more risk tolerant.

I think that the EU/ECB would step in very quickly and go to any lengths to support any EU country that was having any difficulty supporting a bank that was part of its deposit protection scheme, in order to avoid a domino effect which (of course and understandably) is the one thing that all bankers and politicians are terrified of.

However, if the worst came to the worst then it is indeed possible that the only way of supporting EU banks might be to devalue the EUR massively, and this would have an effect on the protection level of deposits held in the UK under the passport scheme assuming that the GBP didnt also devalue massively at the same time (which it probably would).

All that aside, my faith in the deposit protection schemes of the offshore depositors is minimal to say the least. They and the countries they are in have little or no resources, and little or no option for generating cash to pay out with. So they would be helpless either way.

expatasia

RetiredInThailand wrote: »

my faith in the deposit protection schemes of the offshore depositors is minimal to say the least. They and the countries they are in have little or no resources, and little or no option for generating cash to pay out with. So they would be helpless either way.

They would be obliged to take out a big loan in order to pay out imo.

What has Mr :money: said in the past about offshore protection schemes? I'd be interested to know.