Triodos internet banking

innovate

expatasia wrote: »

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

You can read what he/his team say on http://www.moneysavingexpert.com/savings/safe-savings. Pretty balanced and current IMO.

RetiredInThailand

innovate wrote: »

You can read what he/his team say on http://www.moneysavingexpert.com/savings/safe-savings. Pretty balanced and current IMO.

The only reference I could find to offshore protection was this:

"Any savings held offshore, ie, particular types of savings accounts, not any money held in a non-UK bank, are usually regulated by the local financial authority, rather than the FSA. As the FSCS protection only applies to companies regulated with the FSA, if your savings are held offshore check with your lender where it is regulated. For example, the FSCS does not cover savings outside the European Economic Area (the EU plus Iceland, Noway and Liechtenstein), nor does it cover the Channel Islands or Isle of Man."


which isn't exactly reassuring.

RetiredInThailand

expatasia wrote: »

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

Or, to put it another way, the UK government would step in and bail them out.

My problem with the likes of the IOM and the CI is that, just like Iceland, they have financial sectors that vastly outweigh everything else in their entire economy. So if the financial sector topples there is nothing left to foot the bill. Look at Iceland which is in a worse mess than could possibly be imagined, in spite of both having defaulted on its obligations and having been bailed out by the UK and the international community. They will probably never pay off their debts and I wonder what they will do as a nation to earn an income in the future. Knit sweaters maybe?

expatasia

RetiredInThailand wrote: »

Or, to put it another way, the UK government would step in and bail them out.

My problem with the likes of the IOM and the CI is

Correct. Otherwise it'd be the start of the end for the (CI/IOM) offshore banks.

innovate

expatasia wrote: »

Correct. Otherwise it'd be the start of the end for the (CI/IOM) offshore banks.

Why should the UK Government care about CI/IOM offshore banks? They didn't in 2008, and they had less of a budget deficit then, i.e. could have 'afforded' it better then than they could today, or in the future.