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Bank Guarantee scheme relating to the Jock referendum



drew

Drew
Oct 3, 2006
23,007
Burgess Hill
Some of the comments relating to the banks in Scotland and the guarantee of up to £85,000 of investors money seem to suggest that if the banks relocate registered head office to London then the Scottish accounts are protected. That raises the question as why the Bank of England (or in fact government money) indemnify the accounts of overseas investors?

The point being, should our money indemnify Scots just because the banks have relocated their head office to London?
 
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beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,264
as i understand, the compensation or indemnity, is based on the banks licence to operate in the UK. who owns the account is immaterial as long as everything within the bank is done with the rules and guidance of the BoE and other regulators.

the relocation of the banks head office doest change this in the immediate term, as they remain UK banks after the vote until the actual independence goes through in a couple years time. they are moving office to reassure the markets and punters that they intend to base operations in England, under BoE cover. they have a while to work out what parts of the business need to move south to comply with rules, regulations and laws.
 


Chicken Runner61

We stand where we want!
May 20, 2007
4,609
Effectively moving the bank to London is moving the assets of that bank to London isn't it . Its no different to Santander having a Uk wing that indemnifies savers holding money there. The question is whether Scots will be able to hold accounts as they would become foreign accounts unless they are allowed in the EU won't they?
 



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