filippos wrote:That was my first thought, too, Bob.
What was your second Phil?????? B
filippos wrote:That was my first thought, too, Bob.
Kilkis wrote:What I don't understand is why they need to restrict other people from opening bank accounts? If an ex-pat, whose income arises outside Greece but who is living in Greece, needs an account to have money transferred into from abroad so that they can live, how does that pose a threat to the Greek economy? What purpose is served by stopping them opening a bank account?
Warwick
Carolina wrote:...According to my son, who is working at NBG for the summer, many Greek people are spreading their money amongst different banks and accounts in fear of a bail in of deposits at some time in the near future, hence the current restrictions on opening new bank accounts. Which is worrying!
The Financial Services Compensation Scheme (FSCS) is a scheme provided by the UK Government. It gives a level of cover for your money if anything happens to your bank, building society or credit union.
Their deposit protection limit is changing from 1 January 2016. This change applies to all banks, building societies and credit unions in the UK.
What's changing
• For individuals: the level of cover is reducing from £85,000 to £75,000 per bank, building society or credit union
• For joint account holders: each account holder will have a level of cover up to £75,000
Kilkis wrote:.......For example, if the stress tests, due to start shortly, show the banks need extra capital then that capital will be taken from depositors accounts before there is any external bail out. I think that money in depositors accounts will be compulsorily converted into shares in the bank.
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