HSBC Greece

symbiosis01

Hi all

I have a HSBC account in Greece that is protected under the UK FSC compensation levels. My question is what would happen to my cash in that account if Greece was to exit the Euro

Its a Euro account

Cheers

colsten

symbiosis01 wrote: »

Hi all

I have a HSBC account in Greece that is protected under the UK FSC compensation levels.

Are you sure?

symbiosis01

Yep - absolutely sure...I have a letter confirming this from HSBC

symbiosis01

Sorry, it wont let me post the whole link but just wack www. in front of this hsbc.gr/1/2/gr/en/useful-information/fscs

grumbler

https://www.hsbc.gr/1/2/gr/en/useful-information/fscs

antrobus

symbiosis01 wrote: »

Sorry, it wont let me post the whole link but just wack www. in front of this hsbc.gr/1/2/gr/en/useful-information/fscs

Your eligible deposits with HSBC Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with HSBC Bank plc and first direct.
Any total deposits you hold above the £85,000 limit between these brands are not covered.
Your deposits with HSBC Bank plc, Greece are not covered by the Ηellenic Deposit and Investments Guarantee Fund.

https://www.hsbc.gr/1/2/!ut/p/b1/pctNCsIwEEDhs_QEmTSTZFyGxGRi_Ssi2GwkKynUuhHPr-7cKbh88D5RxKCUVYRojTiJMtfHeKn38TbX6d3FnDVtPGMHmbBHyNsFae6yTF6-huFz2KU-QF6FZdyzbsHbPz3-5n1yjHYNQJokZMdHaw6hBae--WuZYnRN8wQs5crL/

Clearly HSBC operates in Greece through branches of its UK operation, rather than having a separate Greek bank.

antrobus

symbiosis01 wrote: »

Hi all

I have a HSBC account in Greece that is protected under the UK FSC compensation levels. My question is what would happen to my cash in that account if Greece was to exit the Euro

Its a Euro account

Cheers

My best guess would be that your Euro account with HSBC will remain a Euro account with HSBC. The Greek government might try (in some way) to restrict you ability to withdraw such funds. But I imagine they would fail.

symbiosis01

So would I be protected from my funds being "converted" into new Drachma and then devaluing (probably by 50%) overnight??

PeacefulWaters

symbiosis01 wrote: »

So would I be protected from my funds being "converted" into new Drachma and then devaluing (probably by 50%) overnight??

It depends how the Greeks go about it.

I'd say there's no guarantees to protect you against devaluation.

symbiosis01

So my funds would still be converted from Euros into whatever the new Greek currency becomes - even though the Euro as a currency still exists everywhere else, and even though HSBC is not operating as a Greek bank?

PeacefulWaters

symbiosis01 wrote: »

So my funds would still be converted from Euros into whatever the new Greek currency becomes - even though the Euro as a currency still exists everywhere else, and even though HSBC is not operating as a Greek bank?

The Greeks could nationalise the operations of overseas banks.

Nobody knows what's going to happen or how it will happen.

Speculation is all you can get in answer to your questions.