3 ms·
IIRC, The UK FSCS covered individuals in the case of the Icelandic bank crash. Only people who didn't claim it would have lost money (up to the guarantee, whic
by frobozz 11y ago
IIRC, The UK FSCS covered individuals in the case of the Icelandic bank crash. Only people who didn't claim it would have lost money (up to the guarantee, which was lower back then). Not only that, but back then, interest rates on current accounts being at least 3% (and savings accounts being around 4-6%). Nowadays, the difference in interest between stuffing cash in your mattress and putting it in a bank account is negligible.
I don't know what happened to individuals' money in Cyprus. I know there have been problems accessing money held in bank accounts, and the economy is broken after the collapse, but are you sure that money has actually evaporated?
- spacecowboy_lon 11y agoFSCS only covers UK Banks the Uk and Dutch Government steped in to cover the shortfall when Iceland defaulted on their own protection scheme.
- frobozz 11y agoSo the pensioners didn't lose money in the Icelandic bank collapse, because the combined provisions I mentioned above protected them. http://www.fscs.org.uk/industry/determinations/icesave/ http://www.fscs.org.uk/industry/determinations/icesave/ Looks like FSCS paid out. In fact, they may even have paid out without being asked (8.1)