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BBC News: Q&A: Are my savings safe?
If you have an account with a UK bank, building society or credit union then your deposits are covered up to £50,000.

Banks from outside Europe are required to set up a UK subsidiary if they wish to operate in the UK and those subsidiaries have to be members of the FSCS, so your deposits there would also be covered.

A more complicated situation arises if you have an account with a bank from somewhere in the European Economic Area (EU members plus Iceland, Norway and Liechtenstein) in which case your bank may be covered by their home scheme.

Icesave apparently didn't have a UK subsidiary, though Kaupthing did. I don't know whether this situation is due to EEA rules (I would expect so) or due to English banking rules.

The 'poor little Icelander' frame is ridiculous given that Iceland was just recently praised to high heavens for being one of the richest western countries, and the people who made their money running these scams are still sitting on it. The British and Dutch should ask for a share of expropriations from the Joly investigation...

by nanne (zwaerdenmaecker@gmail.com) on Mon Aug 17th, 2009 at 07:07:08 AM EST
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