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Are your savings safe? article discussion

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Are your savings safe? article
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I can understand the time (and my situation is that I can afford to wait for the machinations of the FSCS) but why effort or stress? The FCCS surely does not expect the individual investor to assist in recovering monies available in the event of failure by a foreign bank operating under the scheme?
It's quoted on the UK stock market anyway (among others!)
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
I do not follow your logic that investing in British banks is safer than foriegn ones, assuming of course the foriegn banks conform to the FSCS.
It could be argued that the economies in China and India are far stronger than the UK, so ICICI looks a safer bet in comparison to Alliance and Leicester.
If a bank did go under, then the saver may have a wait to recover his/her money via the FSCS, regardless of the location of the bank in question.
From your other posts on this forum, you seem to be averse to investing outside the UK.
Without competition from foriegn banks, do you think those in the UK would still be competing at the same level of 6% - 6.5% for savers?
I think the USA and British banks have been quite reckless with their investments/risks. They seem to be meeting target levels in order to sustain their high bonus payouts. Common sense and risk assessment seemed to be well down their check list. They seemed to be totally removed from the real world and their glass bubble has finally broken.
Clearly not theoretical (nor hypothetical).
Northern Rock was a British bank, bailed out by the government, and then nationalised. Depositors with NR have retained all their savings, and received a bonus to their interest rate for staying put.
It's when a bank goes completely bust (bankrupt), and isn't taken over lock stock and barrel, that the compensation scheme will kick in.
(Ludwig von Mises)