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  • FIRST POST
    • MSE Guy
    • By MSE Guy 10th Feb 10, 10:15 AM
    • 1,628Posts
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    MSE Guy
    MSE News: Northern Rock 100% savings protection likely to go
    • #1
    • 10th Feb 10, 10:15 AM
    MSE News: Northern Rock 100% savings protection likely to go 10th Feb 10 at 10:15 AM
    This is the discussion thread for the following MSE News Story:

    "The state-owned bank has confirmed the full guarantee was never supposed to be permanent..."



Page 1
    • alanq
    • By alanq 10th Feb 10, 1:27 PM
    • 4,154 Posts
    • 2,732 Thanks
    alanq
    • #2
    • 10th Feb 10, 1:27 PM
    • #2
    • 10th Feb 10, 1:27 PM
    The article fails to mention that

    "HM Treasury will ensure that all fixed term retail deposits, and any accumulated interest on them, will be guaranteed to the maturity of the fixed term."
    http://www.hm-treasury.gov.uk/d/northernrockplc_guarantee_agreement.pdf
    Last edited by alanq; 10-02-2010 at 1:30 PM.
    • web ferret
    • By web ferret 10th Feb 10, 9:47 PM
    • 248 Posts
    • 71 Thanks
    web ferret
    • #3
    • 10th Feb 10, 9:47 PM
    • #3
    • 10th Feb 10, 9:47 PM
    I see that fixed rate bonds are covered.
    What if I have two separate fixed rate bonds that combined go over the 50k?

    • alanq
    • By alanq 11th Feb 10, 12:47 AM
    • 4,154 Posts
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    alanq
    • #4
    • 11th Feb 10, 12:47 AM
    • #4
    • 11th Feb 10, 12:47 AM
    All banks covered by FSCS guarantee 50K. The point about the government's guarantee for Northern Rock is that it currently provides additional cover for any amount.

    As posted previously
    "HM Treasury will ensure that all fixed term retail deposits, and any accumulated interest on them, will be guaranteed to the maturity of the fixed term."
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