Are your savings safe? article discussion

chris1

dunstonh wrote: »

Perhaps B&B are holding out for a better offer. We know that they have funding in place to see them through to late 2009. So, there is no hurry...

...or perhaps not...

dunstonh

chris1 wrote: »

...or perhaps not...

quite so. However, we do know the funding was in place just as it was with the Halifax. These decisions seem more political looking at the consumer nerves rather than actual financial viability. However, unlike HBOS, B&B was a ticking time bomb potentially. So, I guess the view was to deal with it now rather than later.

EalingSaver

dunstonh wrote: »

Perhaps B&B are holding out for a better offer.We know that they have funding in place to see them through to late 2009. So, there is no hurry and they may be hoping to get better value over the current share price.

Regardless of what has now transpired...
If someone had seriously wanted them then they just had to make the offer. The board may have chosen to recommend or not recommend, but they would be duty bound to notify shareholders/market. Hence why it was clear no serious offer had been made, and with the actual capitalistoin at effectively small change no doubt the point had been reached where if it hadn't happened, it never was going to be (at least for the whole entity - unless it came with injection of some form from the govt.

You're right they had funding in place, but for how much longer could they sustain that crucial confidence? With them downgraded to one level above junk status a few days ago, the share price continuing to fall, how long before a genuine substantive withdrawl of depositors funds occurred ? The board did themselves nor the shareholders any favours; deny a rights issue required, then do one a month (?) later, and continually announcing more and more deterioation of the their loans book.

BTW, you put up some good & useful posts on these forums.

WilliamB

Ive done a search with no luck as yet , so I hope some one could please comment on my questions below ..

I am a retired expat living in Asia, and I have all my savings in an Alliance & Leicester eSaver online account
( The Alliance & Leicester - Isle of Man ) like many people I am concerned at the current Banking situation. I have read about the FSCS
and the £35k protection rule , and especially the part about ........The limit's doubled in a joint account.

( Money saved in an account registered in two names receives twice the protection; that's therefore the first £70,000. Don’t get too excited though, this isn’t an extra allowance; it’s simply the same protection as if each account holder had a separate account )

My first question is , If my Alliance & Leicester eSaver online account is in Two names ( myself and my wife )
but me being the first account holder's name , would the above apply (Two names receives twice the protection ) to my account ..IE

£ 35,000 protection for my self
£ 35,000 protection for my wife

Total £70,000 '' protected '' .... in my one account ... would this be correct ?

My second question is , as I have not been back to the UK for over 10 years now and considered a non UK resident for tax purposes would my non UK resident status make any differences to the FSCS ?

And my last and may be the most important question ..

As my Alliance & Leicester eSaver online account is with the A&L on the Isle of Man , would this off shore account be covered by
the £35k protection rule .?

Any comments on the above would be most welcome and appreciated

Thanks

Baldur

WilliamB wrote: »

As my Alliance & Leicester eSaver online account is with the A&L on the Isle of Man , would this off shore account be covered by
the £35k protection rule .?

The FSCS does not apply to offshore accounts, making your first two questions irrelevant.

The IOM has its own scheme, which has a maximum compensation limit of £15,000 per depositor and the product information for each of the A&L offshore eSaver accounts says "Protected by the Isle of Man Depositors' Compensation Scheme" - see HERE for details of the scheme.

According to the underpinning legislation, Section 9.3(b), "deposits in joint names shall be divided equally between the parties" - so jount account depositors would be compensated up to £15,000 each.

sportypics

I am a bit confused between the different levels of protection. I pay regular premiums into a flexible investment plan operated by Prudential (formerly M&G policies). I can cash in the policies at any time. Can anyone please tell me what level of protection I have?

WilliamB

Baldur , Thanks for your reply, I am also trying to find the answer for a friend
who is living here in Cambodia , who has an online saver internet account with HSBC
and the account is registerd at his home address on Guernsey where he was born and has a
Guernsey passport, my question is this ..

As he has an online account with HSBC , and this account is registered on an offshore domain ( Guernsey ) does this mean that his online saver account registered at this home local branch of HSBC , would not be covered for the FSCS £35k protection rule even though he was born on the offshore Island of Guernsey ?

Many Thanks

dunstonh

sportypics wrote: »

I am a bit confused between the different levels of protection. I pay regular premiums into a flexible investment plan operated by Prudential (formerly M&G policies). I can cash in the policies at any time. Can anyone please tell me what level of protection I have?

If they are unwrapped investments then its 100% of the first £30,000 and 90% of the next £20,000.

If they are investments wrapped in the life or pensions tax wrapper than its 100% of first £2000 and 90% of the rest with no upper limit.

Baldur

WilliamB wrote: »

Baldur , Thanks for your reply, I am also trying to find the answer for a friend
who is living here in Cambodia , who has an online saver internet account with HSBC
and the account is registerd at his home address on Guernsey where he was born and has a
Guernsey passport, my question is this ..

As he has an online account with HSBC , and this account is registered on an offshore domain ( Guernsey ) does this mean that his online saver account registered at this home local branch of HSBC , would not be covered for the FSCS £35k protection rule even though he was born on the offshore Island of Guernsey ?

If the account is an HSBC offshore account it would, presumably, be covered by any scheme operated by Guernsey - i.e. not mainland UK, so not covered by the FSCS.

DocProc

The Americans have George Bush, Johnny Cash, Bob Hope and Stevie Wonder.

We have Gordon Brown, no cash, no hope and no ~~~~~ wonder.