rantnrave Posted January 20, 2017 Share Posted January 20, 2017 FYI The Prudential Regulation Authority (PRA) has confirmed this week that the Financial Services Compensation Scheme (FSCS) protection level for deposits will be returning to £85,000 per person, per banking licence from 30th January this year. According to the FSCS, following this increase, 98% of savers will have full protection on their savings. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 20, 2017 Share Posted January 20, 2017 People must have been taking their money out the banks. I suspect thats more to do with low IRs than limits. How long till we see a bank run/crisis caused by the low IRs ? Quote Link to comment Share on other sites More sharing options...
Jugador Posted January 20, 2017 Share Posted January 20, 2017 Probably more to do with the big shift in Sterling vs. Euro. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted January 20, 2017 Author Share Posted January 20, 2017 23 minutes ago, TheCountOfNowhere said: People must have been taking their money out the banks. I suspect thats more to do with low IRs than limits. How long till we see a bank run/crisis caused by the low IRs ? Isn't it an amount denominated in Euros, and this update reflects the lower value of GBP? Quote Link to comment Share on other sites More sharing options...
honkydonkey Posted January 20, 2017 Share Posted January 20, 2017 2 minutes ago, rantnrave said: Isn't it an amount denominated in Euros, and this update reflects the lower value of GBP? Yep, 100,000 euros as of right now: 86,350.84 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 20, 2017 Share Posted January 20, 2017 6 minutes ago, rantnrave said: Isn't it an amount denominated in Euros, and this update reflects the lower value of GBP? Yes, I'm surprised they bothered tho. Quote Link to comment Share on other sites More sharing options...
Wayward Posted January 20, 2017 Share Posted January 20, 2017 Yes definitely linked to 100,000 Euros...there is an EU wide agreement to cover depositors to 100K Euro or equivalent - I forget the detail but I have checked this before. Quote Link to comment Share on other sites More sharing options...
prodigal sheeple Posted January 20, 2017 Share Posted January 20, 2017 8 hours ago, TheCountOfNowhere said: People must have been taking their money out the banks. I suspect thats more to do with low IRs than limits. How long till we see a bank run/crisis caused by the low IRs ? This. All the peer to peer sites have seen interest rate falls of 2 to 3 per cent in the last few months. Some have had to completely change their business models.There's a lot of money coming into what used to be regarded as risky investments. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 20, 2017 Share Posted January 20, 2017 Hilarious Quote Link to comment Share on other sites More sharing options...
Ah-so Posted January 21, 2017 Share Posted January 21, 2017 23 hours ago, TheCountOfNowhere said: People must have been taking their money out the banks. When the limit was reduced to £75k the argument from some on these pages went: "They'very lowered the deposit protection amount - this must mean that people are withdrawing money and the government is seeking to reduce its losses" The truth is always so much duller. Quote Link to comment Share on other sites More sharing options...
nuts Posted January 21, 2017 Share Posted January 21, 2017 So an increase....and presumably the FSCS funding obligations have also been adjusted accordingly ? Quote Link to comment Share on other sites More sharing options...
Ah-so Posted January 21, 2017 Share Posted January 21, 2017 15 hours ago, prodigal sheeple said: This. All the peer to peer sites have seen interest rate falls of 2 to 3 per cent in the last few months. Some have had to completely change their business models.There's a lot of money coming into what used to be regarded as risky investments. You take money out of a bank account and give it to a p2p lender (who puts it in their bank account ) and then you lend it to someone, who also places it in their bank account. No money ever left the banking system. All 3 transactions might even have taken place within the same bank and the money just been shunted from account to account. Quote Link to comment Share on other sites More sharing options...
giggler000 Posted January 21, 2017 Share Posted January 21, 2017 On 20/01/2017 at 8:48 AM, rantnrave said: FYI Wait til BREXIT is signed. Back to Brown's 2K and then pop, ho, ho, we don't owe anyone money... Quote Link to comment Share on other sites More sharing options...
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