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Fscs Scheme - Who Owns Who?

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Guys,

Sorry to make my second post today asking for answers without hitting the search button in earnest. I've been asked to put together a list of several banks / building societies who are independently covered by the FSCS guarantee - in other words, a list of who owns who.

I've had a quick search but it's not yielded the results I was hoping for. Does anyone have a reasonably up to date list of places to invest which would each be covered by the scheme? I guess someone here probably has the info at their fingertips, so it makes sense to ask rather than spend all night trawling.

Also, I'd really appreciate a link to anything outside of this site (ie not given the "nutters" label) pointing out just how shit the scheme would actually be if it were called upon.

Many thanks :)

Mods - if you could leave this here for an hour or two I'd be extremely grateful.

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Guys,

Sorry to make my second post today asking for answers without hitting the search button in earnest. I've been asked to put together a list of several banks / building societies who are independently covered by the FSCS guarantee - in other words, a list of who owns who.

I've had a quick search but it's not yielded the results I was hoping for. Does anyone have a reasonably up to date list of places to invest which would each be covered by the scheme? I guess someone here probably has the info at their fingertips, so it makes sense to ask rather than spend all night trawling.

Also, I'd really appreciate a link to anything outside of this site (ie not given the "nutters" label) pointing out just how shit the scheme would actually be if it were called upon.

Many thanks :)

Mods - if you could leave this here for an hour or two I'd be extremely grateful.

http://www.timesonline.co.uk/tol/money/sav...icle4351974.ece

In evidence to the Treasury Select Committee on Wednesday a spokesman for the Financial Services Compensation Scheme (FSCS), the UK scheme, said 12 banks based in the European Economic Area (the 27 EU countries, plus Iceland, Norway and Liechtenstein). had signed up for the savings top-up.

They were: Bank of Ireland, Anglo Irish Bank, Merrill Lynch International Bank (from Ireland), TD Waterhouse Bank, ING Direct, Triodos Bank and Akbank (from the Netherlands), Bank of Cyprus and Marfin Popular Bank (from Cyprus), Landsbanki Islands and Kaupthing Bank (from Iceland) and Fortis Bank (from Belgium).

Savers with these 12 banks would, in the event of a default, seek initial compensation from the schemes operating in the bank’s country of origin. For example savers with Landsbanki, which holds more than £5 billion of UK savers’ money, would first apply to the Icelandic Depositors’ and Investors’ Guarantee Fund, which covers the first £16,500 of deposits. Only after receiving that would they be entitled to seek a top-up from the FSCS, with a maximum payout of £18,500 to bring them up to the FSCS’s ceiling of £35,000. Confusingly, although Kaupthing has signed up for the top-up it is already fully covered by the FSCS scheme through its UK-based company Kaupthing Singer & Friedlander.

Savers with other EEA-based banks which have not signed up for the top-up would receive nothing from the FSCS but would have to rely solely on the deposit guarantee scheme in the bank’s home state.

The Times has already raised the question of how solid these deposit guarantee schemes are. For example the Icelandic scheme has just £88 million in the kitty to cover deposits totalling £13.6 billion. Although many schemes don’t have much tucked away and rely on the prospect of additional contributions from member banks or a top-up from the Government there is the possibility that some might be overstretched in the event of a default. To put it in perspective, the value of deposits covered by the Icelandic scheme, at £13.6 billion, is about twice Iceland’s entire Gross Domestic Product (GDP).

In principle, savers with banks based outside the EEA should be in a simpler position. If the banks are on the list of those authorised to operate here by the Financial Services Authority, the City watchdog, they qualify for the full FSCS scheme and so savers are covered for the maximum £35,000. However some banks may try to operate without authorisation so before depositing any money with them savers should check the credentials of any bank with the FSA. The FSA holds a list of authorised banks on its website at www.fsa.gov.uk and you can also ring the FSA helpline on 0845 606 1234.

hope that helps.

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Guys,

Sorry to make my second post today asking for answers without hitting the search button in earnest. I've been asked to put together a list of several banks / building societies who are independently covered by the FSCS guarantee - in other words, a list of who owns who.

I've had a quick search but it's not yielded the results I was hoping for. Does anyone have a reasonably up to date list of places to invest which would each be covered by the scheme? I guess someone here probably has the info at their fingertips, so it makes sense to ask rather than spend all night trawling.

Also, I'd really appreciate a link to anything outside of this site (ie not given the "nutters" label) pointing out just how shit the scheme would actually be if it were called upon.

Many thanks :)

Mods - if you could leave this here for an hour or two I'd be extremely grateful.

MSE has a table here:

http://www.moneysavingexpert.com/savings/s...ings#whatcounts

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Guys,

Sorry to make my second post today asking for answers without hitting the search button in earnest. I've been asked to put together a list of several banks / building societies who are independently covered by the FSCS guarantee - in other words, a list of who owns who.

I've had a quick search but it's not yielded the results I was hoping for. Does anyone have a reasonably up to date list of places to invest which would each be covered by the scheme? I guess someone here probably has the info at their fingertips, so it makes sense to ask rather than spend all night trawling.

Also, I'd really appreciate a link to anything outside of this site (ie not given the "nutters" label) pointing out just how shit the scheme would actually be if it were called upon.

Many thanks :)

Mods - if you could leave this here for an hour or two I'd be extremely grateful.

Why on earth could it matter? The FSCS scheme currently has £100m in the pot, and failure is meant to be supported by a levy on an industry that is in such dreadful shape that they are having to carry out humiliating rights issues to try to stay solvent. Plus the scheme is capped at £4bn - which is about 2% or less of the deposits at most major institutions.

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Why on earth could it matter? The FSCS scheme currently has £100m in the pot, and failure is meant to be supported by a levy on an industry that is in such dreadful shape that they are having to carry out humiliating rights issues to try to stay solvent. Plus the scheme is capped at £4bn - which is about 2% or less of the deposits at most major institutions.

That's precisely the point I'm trying to make.

The table aac linked to shows Sainsburys as being independent - I thought they were owned by HBOS?

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That's precisely the point I'm trying to make.

The table aac linked to shows Sainsburys as being independent - I thought they were owned by HBOS?

It's a 50:50 joint venture with HBOS, not sure how that works with the FSCS scheme.

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So unless I'm colour blind, numerically dyslexic or just plain stupid, Nat West and RBS are classed as separate entities. Is that correct ?

Well, based on acc's comments on the 50:50 state of Sainsbury's:HBOS, it might be correct. The table appears to have been compiled based on unique registration numbers, so I guess it's possible that "owned" institutions might have a unique reg #

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It's a 50:50 joint venture with HBOS, not sure how that works with the FSCS scheme.

It works exactly as you'd expect. Given that the scheme only works as a way of keeping the public happy, and so long as it never pays out, then it doesn't matter if all the banks are owned by the same entity. If it ever had to pay out, it would fail completely, so it makes no difference whether HBOS and Sainsburys are joint owner, or, separate, or whatever. It can't pay out, simple as that.

Please everyone, spread the word, make it clear that £100m and a levy on HBOS and B&B is worthless.

If people get the idea that the scheme is a fiction, they'll put their money in safe institutions that don't lend 6 times salary, and we won't have to face any more house price bubbles, and accompanying misery of crashes. The FSCS scheme is a big pillar in supporting the current nonsense financial regime. Spread the word! You know it makes sense.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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