British Government WITHDRAWS Northern Rock guarantee

In order that the run on NR be stopped the UK government stepped in to ’ guarantee’ the funds …although I warned yiz I had not seen it in writing. This was seemingly unlimited.

The government has now reduced the guarantee , **only UKP35k is now covered and we have not even got that much in writing **. Thats E50k or so.

I advise everyone to reduce their exposure to NR below that limit forthwith .

Details Here

telegraph.co.uk/money/main.j … ngs101.xml

Our central bank has a far far mangier deposit ’ protection ’ scheme than the UK does .
**
If an Irish bank goes splat with E50k of your cash you get E20k back** ( in a year or two maybe )

If a UK bank goes splat with your E50k you get E50k back …probably sooner and all .

so emmm Run !!!

I’ve withdrawn what little saving I had with them and closed the account.
Its currently earning nothing in my current account whilst I gather up all the neccessary documentation needed for a Rabodirect account(car insurance certificate,original ,not a copy), to show my worth and prove I’m a genuine reasonably upstanding member of the community.
The irony of it :confused:

As far as I can see he’s talking about the statutory deposit insurance scheme, and this is unrelated to the guarantee he gave to Northern Rock savers a week or two ago.

I’ve heard all sorts off stories about people having trouble with opening a Rabo Account. I can’t say I had any trouble. Mrs daltonr and i each opened an account, and we also opened a joint account.

I gave them a recent current a/c statement, and a letter from Revenue (showing tax credits for the year). Basically just something to show the address was valid.

Can’t say I love the little digipass though.

-Rd

The facts here are that the only guarantee Irish savers can rely on is the statutory protection scheme. If you have more than that schemes limits in NR you are now relying on the word of a UK politician to recompense you. I would consider to be an unacceptable level of risk.

Me too. I withdrew all my NR savings except the last €2.5k during the bank run (UK deposit insurance only covers 100% of the first £2k stg.) Once they resolve their current uncertainty, I’d be willing to put more cash back in, but only up to the £35k deposit insurance limit.

Until then I’m in the same boat as hi5, waiting for my Rabobank account details…