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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 25th Jun 12, 4:23 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Bank of Cyprus UK savers get UK protection
    • #1
    • 25th Jun 12, 4:23 PM
    MSE News: Bank of Cyprus UK savers get UK protection 25th Jun 12 at 4:23 PM
    "The bank's 50,000 UK savers are now protected by our compensation scheme, as Cyprus asks for a bailout..."

Page 1
    • Thrugelmir
    • By Thrugelmir 25th Jun 12, 5:44 PM
    • 63,452 Posts
    • 56,266 Thanks
    Thrugelmir
    • #2
    • 25th Jun 12, 5:44 PM
    • #2
    • 25th Jun 12, 5:44 PM
    Savers will bear the cost with the bank having to pay fees to the FSA.

    Seems as if banks are contracting across Europe with ever decreasing exposure outside their own country of domain.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
  • squatlover
    • #3
    • 25th Jun 12, 5:59 PM
    • #3
    • 25th Jun 12, 5:59 PM
    Well, its good that Cyprus asked for a bailout in that case, because they will have the money in a bank run.
    • Glen Clark
    • By Glen Clark 25th Jun 12, 6:01 PM
    • 4,306 Posts
    • 3,329 Thanks
    Glen Clark
    • #4
    • 25th Jun 12, 6:01 PM
    • #4
    • 25th Jun 12, 6:01 PM
    Like taking out medical insurance after they have fallen ill.
  • innovate
    • #5
    • 25th Jun 12, 6:06 PM
    • #5
    • 25th Jun 12, 6:06 PM
    Well, its good that Cyprus asked for a bailout in that case, because they will have the money in a bank run.
    Originally posted by squatlover
    Que?

    Like taking out medical insurance after they have fallen ill.
    Originally posted by Glen Clark
    You mean, a bit like what Northern Rock, RBS and Lloyds did?
    • talexuser
    • By talexuser 25th Jun 12, 7:02 PM
    • 2,693 Posts
    • 2,120 Thanks
    talexuser
    • #6
    • 25th Jun 12, 7:02 PM
    • #6
    • 25th Jun 12, 7:02 PM
    We had an interesting thread about the request not so long ago where the eventual bailout may have been predicted. It sure has been arranged super fast. Being jokingly cynical I wonder how many of our top people had money stashed there out of HMRC which needed super fast protection?
    • OneADay
    • By OneADay 25th Jun 12, 7:06 PM
    • 8,652 Posts
    • 6,624 Thanks
    OneADay
    • #7
    • 25th Jun 12, 7:06 PM
    • #7
    • 25th Jun 12, 7:06 PM
    Cyprus only wants about 1 billion euro .

    Couldn't Greece lend Cyprus the 1 billion and make a small profit on the 100s of billions its had from EU and IMF.

    Greece could be the new IMF Mark 2.

    God I am a financial wizard!
    • Pincher
    • By Pincher 25th Jun 12, 7:26 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #8
    • 25th Jun 12, 7:26 PM
    • #8
    • 25th Jun 12, 7:26 PM
    My Greek Cypriot barber said Cyprus was doing great, not affected by the Greece situation at all, a few months ago.

    Now let's see whether the Cypriot bond holders suddenly get a "haircut" they didn't expect.

    Beware of Greeks bearing bonds.
    • oldvicar
    • By oldvicar 26th Jun 12, 4:28 AM
    • 1,068 Posts
    • 944 Thanks
    oldvicar
    • #9
    • 26th Jun 12, 4:28 AM
    • #9
    • 26th Jun 12, 4:28 AM
    Savers will bear the cost with the bank having to pay fees to the FSA.

    Seems as if banks are contracting across Europe with ever decreasing exposure outside their own country of domain.
    Originally posted by Thrugelmir
    Today its savers are eligible for FSCS protection. But how much has Bank of Cyprus UK actually handed over to the FSCS so far - I'm guessing that its nowt.

    Savers generally, with their money in banks which survive, bear most of theFSCS's costs.

    Savers with banks that are more likely to go bust, or actually go under, don't pay anything like the true cost or even a proper share of the 'insurance premium'. But they may unfairly enjoy unsustainably high rates of interest until the bank collapses or is rescued.
    • bigadaj
    • By bigadaj 26th Jun 12, 7:44 AM
    • 10,828 Posts
    • 7,162 Thanks
    bigadaj
    Today its savers are eligible for FSCS protection. But how much has Bank of Cyprus UK actually handed over to the FSCS so far - I'm guessing that its nowt.

    Savers generally, with their money in banks which survive, bear most of theFSCS's costs.

    Savers with banks that are more likely to go bust, or actually go under, don't pay anything like the true cost or even a proper share of the 'insurance premium'. But they may unfairly enjoy unsustainably high rates of interest until the bank collapses or is rescued.
    Originally posted by oldvicar
    Yup, very true, I had money in Kaupthing, got the best rates up to and beyond the bust and then all my money back, though think there were a few weeks when I couldn't get hold of it.
  • pqrdef
    Savers with banks that are more likely to go bust, or actually go under, don't pay anything like the true cost or even a proper share of the 'insurance premium'. But they may unfairly enjoy unsustainably high rates of interest until the bank collapses or is rescued.
    Originally posted by oldvicar
    But the FSCS cover is only a side-effect of obtaining a UK banking licence. So presumably Bank of Cyprus UK, like Santander UK, must now conform to the UK's regulatory regime, for what it's worth, whatever the parent group might be up to.
    • oldvicar
    • By oldvicar 26th Jun 12, 8:21 AM
    • 1,068 Posts
    • 944 Thanks
    oldvicar
    The UK's regulatory regime hasn't stopped banks going bust though. From Kaupthing to the scottish banks and a few tiddlers since.
  • pqrdef
    But that was light-touch regulation. We don't still do that, do we, they won't get away with anything now.
    • oldvicar
    • By oldvicar 26th Jun 12, 9:19 AM
    • 1,068 Posts
    • 944 Thanks
    oldvicar
    That's good to know.

    Heard the latest Reith lecture?
  • pqrdef
    Heard the latest Reith lecture?
    Originally posted by oldvicar
    Today? Forgot. Will have to catch the repeat.
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