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Citibank transferring to Ireland
Legacy_user
Posts: 0 Newbie
Essentially Citibank are merging their European operations and are planning to run them all out of Dublin, Ireland.
The biggest change is that UK accounts will no longer be covered by the UK deposit protection scheme but by the Irish version. The coverage is similar at €100,000 v. £85,000 but will be back by the Irish state.
Coverage here
The biggest change is that UK accounts will no longer be covered by the UK deposit protection scheme but by the Irish version. The coverage is similar at €100,000 v. £85,000 but will be back by the Irish state.
Coverage here
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Comments
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WOW. The first bank to move an HQ out of the UK. They are relatively small but I bet this is giving George Osborne a gigantic headache.0
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It's late but I can't find any reference to
The biggest change is that UK accounts will no longer be covered by the UK deposit protection scheme but by the Irish version. The coverage is similar at €100,000 v. £85,000 but will be back by the Irish state.
Doesn't affect me anyway.0 -
jonesMUFCforever wrote: »It's late but I can't find any reference to
The biggest change is that UK accounts will no longer be covered by the UK deposit protection scheme but by the Irish version. The coverage is similar at €100,000 v. £85,000 but will be back by the Irish state.
Doesn't affect me anyway.
Might not effect you but there are people out their that might be affected by it!!Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:0 -
Essentially Citibank are merging their European operations and are planning to run them all out of Dublin, Ireland.
The biggest change is that UK accounts will no longer be covered by the UK deposit protection scheme but by the Irish version. The coverage is similar at €100,000 v. £85,000 but will be back by the Irish state.
Coverage here
From where did you get this information? Link?
From what I can see the FSCS compensation scheme still applies to all accounts from Citibank International including Citibank, Citi Private Bank, Citi International Personal Bank and Citibank International Limited - Greece Branch.
https://www.citibank.co.uk/personal/fscs.do0 -
The UK subsidiary [Citibank International] will transfer to Citibank Europe based in Ireland and then 'passport' into the rest of the EU / EEA using Ireland's depositor protection.
There was already a Reuters link on my initial posting
Citi have already sent out a mailing also.From where did you get this information? Link?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
The spokeswoman denied that the decision to rebase in Dublin was influenced by the possibility of the UK leaving the European Union following the referendum on EU membership which is due to be held in the next two years.
Also, although Ireland has become a magnet for international financial institutions thanks to its low tax rate, the spokeswoman said the restructuring was not tax driven.
Yeah right !!!0 -
The UK subsidiary [Citibank International] will transfer to Citibank Europe based in Ireland and then 'passport' into the rest of the EU / EEA using Ireland's depositor protection.
There was already a Reuters link on my initial posting
Citi have already sent out a mailing also.
But there is nothing at all about the FSCS and moving to the Irish scheme so that must be pure speculation on your part. Where's the evidence?0 -
Apologies, I wasn't aware I have to prove facts to you
Contact Citibank yourself (or wait for them to update on their website) if you think I'm making it up
But there is nothing at all about the FSCS and moving to the Irish scheme so that must be pure speculation on your part. Where's the evidence?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
this is nothing like the importance that losing HSBC would be, but it's still bad news for the UK.:(0
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