Concerned

acrossthesea

I have some money in Anglo Irish bank offshore in the Isle of man, is the money safe up to the 35K mark? as I noticed this passage on the FSCS website so i want to know if I am covered

6. Are offshore deposits covered?

We do not cover deposits outside the European Economic Area (EEA), or in the Channel Islands or Isle of Man.

Baldur

acrossthesea wrote: »

I have some money in Anglo Irish bank offshore in the Isle of man, is the money safe up to the 35K mark? as I noticed this passage on the FSCS website so i want to know if I am covered

See HERE, under the Passport Exception the first €20,000 is covered by the Irish scheme, with the balance up to a total of £35,000 being covered by the FSCS.

barak

acrossthesea wrote: »

I have some money in Anglo Irish bank offshore in the Isle of man, is the money safe up to the 35K mark?

No, it isn't; deposits in the IOM are only covered up to 75% of the first £20,000

The process referred to by Baldur applies to deposits in UK branches of certain foreign banks.

Meltdown_2

Baldur wrote: »

See HERE, under the Passport Exception the first €20,000 is covered by the Irish scheme, with the balance up to a total of £35,000 being covered by the FSCS.

No.
The Passport scheme only applies to EEA-based financial institutions (banks) when they are operating in another EEA country.
The Isle of Man (and the Channel Islands) are not part of the EEA.

As barak says, for IoM deposits you are covered for only 75% up to £20,000 (and no further compensation beyond that). So maximum payable is £15,000. There might also be a very long wait for all of that if a bank with large amounts of deposits in the IoM fails.
See :
http://www.gov.im/fsc/investor/dep_comp.xml