sfc1971 Posted 18 May, 2012 Share Posted 18 May, 2012 It`s looking more and more as if the Euro is doing a pompey and dying a slow death. My question is should those of us who use European Banks think about moving funds to a UK based Bank ? I use Santander and there is a few Quid in it and rumour is they are about to collapse with the Spanish Gov unable to afford a bail out if this were to happen. Thoughts please. Link to comment Share on other sites More sharing options...
Scummer Posted 18 May, 2012 Share Posted 18 May, 2012 Santander UK is a UK-based bank and is covered by the UK Government guarantees (covering £85k of savings). If the Spanish bank went under they wouldn't be able to take the money out of the UK bank anyway, so nothing to worry about. More details here: http://www.bbc.co.uk/news/business-18114153 Link to comment Share on other sites More sharing options...
buctootim Posted 18 May, 2012 Share Posted 18 May, 2012 It`s looking more and more as if the Euro is doing a pompey and dying a slow death. My question is should those of us who use European Banks think about moving funds to a UK based Bank ? I use Santander and there is a few Quid in it and rumour is they are about to collapse with the Spanish Gov unable to afford a bail out if this were to happen. Thoughts please. According to this you are covered by the UK government (unless you mean you actually have an off shore account, in which case local rules apply). http://www.moneysavingexpert.com/savings/safe-savings Link to comment Share on other sites More sharing options...
ecuk268 Posted 18 May, 2012 Share Posted 18 May, 2012 Santander UK is a UK-based bank and is covered by the UK Government guarantees (covering £85k of savings). If the Spanish bank went under they wouldn't be able to take the money out of the UK bank anyway, so nothing to worry about. More details here: http://www.bbc.co.uk/news/business-18114153 True, the ordinary customer shouldn't be affected but banks lend to each other so, if Spanish banks go under, it could affect UK banks profitability (if they've got any). Link to comment Share on other sites More sharing options...
Thedelldays Posted 18 May, 2012 Share Posted 18 May, 2012 so much for joining the Euro As said before...how very ironic that the germans are over seeing Europe tearing itself apart again. Link to comment Share on other sites More sharing options...
dune Posted 18 May, 2012 Share Posted 18 May, 2012 i'm off to Spain at the end of August, I hope they are still in the Euro then. Link to comment Share on other sites More sharing options...
dune Posted 18 May, 2012 Share Posted 18 May, 2012 As for Spanish banks they are now in the same vicious spiral as Greece with people withdrawing their cash. It's the same as happened with Northern Rock. http://www.economist.com/node/21555567 Link to comment Share on other sites More sharing options...
Lord Duckhunter Posted 18 May, 2012 Share Posted 18 May, 2012 If investors in Greek and Spainish banks start to pull their money out of their banks and put it into German & Dutch banks, then the Euro as we know it is over. It's not the ordinary people, as most haven't got a pot to **** in, but institutional investors and the wealthy who are in a position to shift cash overnight from Greece to Germany. For all the political will to keep the Euro together, no matter how much the people themselves want to stay in the Euro, the markets will decide it's fate. And it's not looking good. Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 19 May, 2012 Share Posted 19 May, 2012 All deposits in banks in the EU are protected up to €100,000. This is why the UK protection increased to £85,000, which was based on the exchange rate at the time of the rule change. I'm not sure who backs the guarantee. If it's the ECB within the Eurozone, then there's no problems, but I suspect that it's actually the national government. Ultimately, I can't imagine a situation in which the ECB would allow depositors to lose money, there would be a bailout. Link to comment Share on other sites More sharing options...
hamster Posted 19 May, 2012 Share Posted 19 May, 2012 Blimey. Question. My dad is soon to sell a Spanish property. Not a lot of equity but should he change it to sterling ASAP ? Link to comment Share on other sites More sharing options...
hamster Posted 19 May, 2012 Share Posted 19 May, 2012 Can you still buy Deutschmarks ? Maybe that is the objective? Who won the war again? Link to comment Share on other sites More sharing options...
hamster Posted 19 May, 2012 Share Posted 19 May, 2012 What about gold? Any good deals about ? Link to comment Share on other sites More sharing options...
John Boy Saint Posted 20 May, 2012 Share Posted 20 May, 2012 Tia quite funny really, there are a few on here who slag Maggie Thatcher. Well for the misguided Labour supporters and Maggie slaggers A) If Labour were in power we would have signed up to this Euro wheeze and for want of a better term been staring into the Abyss on the verge of being F u c k e d. B) she always believed that all the nations of Europe were so different that a single Europe and Currency would not work, just like the Socialist ideal of the wonderful Soviet Socialist Republic was a real winner when it started to collapse in 1989. And whilst on the subject of Maggie if you live in a mining community ( or in a militant docker Southampton household) you might have an axe to grind, whereas if live in the south you have chuff all to moan about in reality about Maggies tenure of the Country. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now