Cyprus government raiding bank accounts : Santander.

TheBanker

jumperabv3 wrote: »

Is this the same assurance that was given by Kaupthing that crashed and its Isle of Man branch completely got bankrupt and the UK branch almost had the same thing?

No, as Kauthpthing wasn't a British bank. The UK branch was a UK branch of an Iclandic bank. This is not the same as Santander. Santander UK plc is a British Bank. It is owned by a Spanish bank but is fully regulated and supervised by the UK regulators.

pmduk

opinions4u wrote: »

Our government could pass similar legislation to raid our bank accounts.

Whilst I wouldn't put anything past the bunch we have in power now, they'd be shooting themselves in the foot, as it would kill the UK banking industry. I'm not convinced Osborne is capable of seeing past an easy option however.

grumbler

pmduk wrote: »

Remember Santander UK is part of the UK compensation scheme,

I guess they had some compensation scheme there in Cyprus as well

Such schemes may work if some individual banks collapse, not the entire financial system.

NFH

It's quite possible that panic will spread throughout the weaker Eurozone countries and depositors will move their savings to safer jurisdictions such as Germany and the Netherlands. Another good idea is to open euro bank accounts in non-Eurozone countries such as Switzerland and the UK, although interest rates and charges tend to be worse, especially in the UK. This would escape any potential pan-Eurozone haircuts on bank deposits.

System

alggomas wrote: »

Will Spain be allowed to raid Santander bank accounts in Europe and UK?

Spain could only raid/tax accounts subject to Spanish law.

This would basically be banks registered in Spain and the local elements of foreign banks operating in Spain. The only other option would be to apply it to bank accounts of all Spanish citizens wherever they may be; either are unlikely to affect you.

KTF

alggomas wrote: »

Will Spain be allowed to raid Santander bank accounts in Europe and UK?

No. (filler to 10)