Is the Halifax a Scottish Bank - time to move savings ?

Fly_Guy

Given the increasing likelihood of collective insanity north of the border it has been suggested that capital controls may well be imposed immediately after a yes vote to protect the Scottish financial industry from a run of people moving cash to the security of English /rUK banks.

Although I appreciate that this may well not happen, its obviously a possibility and could lock out savers from their money for some time whilst the two countries argue over the divorce arrangements.

Given this background, could anyone shed any light on whether the Halifax (and other Lloyds group institutions) count as Scottish banks and if it might be prudent to move any savings elsewhere until the situation is clarified ?

Wikipedia seems to suggest that Lloyds Banking Group (who own The Halifax) are registered in Edinburgh....

Thoughts ?

eskbanker

Is Halifax Scottish?
Yes - http://www.halifax.co.uk/helpcentre/legal-information/ states:

Halifax is a division of Bank of Scotland plc. [...] Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ

Time to move savings? No!

Fly_Guy

Just out of interest... why wouldn't you move liquid savings currently in the Halifax ?

If there is no direct cost and a tiny marginal cost of your time to open an alternative, wouldn't moving money be a sensible hedge against the [low] risk of a serious meltdown should Scotland vote yes ?

Maybe I'm getting a bit flustered, but isn't it better safe than sorry given the unknowns the whole of the UK is facing ?

FG

2010

If they vote yes a week tomorrow it won`t happen overnight.
It all has to be negotiated which could take well over a year.

Fly_Guy

I appreciate that it'll take years for everything to be sorted. But the shorter term worry is that capital controls will be imposed to prevent a run on Scottish institutions that results in their illiquidity.

This would obviously have sever knock on effects...

And would also be something that will be strenuously denied until the moment its imposed.