Savers with cash in Bank of Cyprus UK now fall under FSCS - just as the island applied for EU bailout

Savers with cash in Bank of Cyprus UK now fall under FSCS - just as the island applied for EU bailout
 

Savers with cash held in the British arm of Bank of Cyprus were moved under the UK's savings safety shelter on Monday - just as the struggling island applied for a European Union bailout.
Until then, the 50,000 people in Britain who hold £1billion in Bank of Cyprus cash Isas and fixed-rate bonds were not protected by the UK safety net should the bank have gone bust.
But this week it signed up to the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 per person and £170,000 for joint accounts.
More... 'Junk' Cyprus joins Spain in cry for emergency aid to boost ailing... read more

 
27 June 2012 in Business, Views: 5
Source: Daily Mail
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