Scottish Referendum / Independence - Vol 5

[Moonhawk]

Garvin said:

I'm not sure that Zaphod used any lemon! Getting hold of Arctuan Maga-Gin may also be a challenge!

I didn't say you could actually make one, that would be silly - but you can experience what it's like:

"The effect of a Pan Galactic Gargle Blaster is described as "like having your brains smashed out by a slice of lemon, wrapped 'round a large gold brick."

[tangerine_sedge]

toppstuff said:

I think this will start to happen now.

The lack of any financial compensation scheme is reason enough for money to leave Scotland.

There could be queues outside the banks on September 19th.

You do realise that the vote is just to see whether Scotland should go independent, dont you? The actual date of independence (and the date to get your currency into a British bank) will be much later. In fact you might well find that your banks HQ nominally moves to London before then anyway.

[toppstuff]

tangerine_sedge said:

toppstuff said:

I think this will start to happen now.

The lack of any financial compensation scheme is reason enough for money to leave Scotland.

There could be queues outside the banks on September 19th.

You do realise that the vote is just to see whether Scotland should go independent, dont you? The actual date of independence (and the date to get your currency into a British bank) will be much later. In fact you might well find that your banks HQ nominally moves to London before then anyway.

I realise that. A lot of people may not.

Better safe than sorry etc etc..

Imagine when it becomes apparent that iScotland would not have a currency union, that perhaps exchange controls are put in place to stop a run on the banks. It would be too late then to move your money.

Without being too hysterical about it, if I had money in Scotland, I would move it while I can.

[Einion Yrth]

tangerine_sedge said:

toppstuff said:

I think this will start to happen now.

The lack of any financial compensation scheme is reason enough for money to leave Scotland.

There could be queues outside the banks on September 19th.

You do realise that the vote is just to see whether Scotland should go independent, dont you? The actual date of independence (and the date to get your currency into a British bank) will be much later. In fact you might well find that your banks HQ nominally moves to London before then anyway.

But if there's going to be a run on the banks you'd do well to be at the head of the queue.

[Moonhawk]

tangerine_sedge said:

You do realise that the vote is just to see whether Scotland should go independent, dont you? The actual date of independence (and the date to get your currency into a British bank) will be much later. In fact you might well find that your banks HQ nominally moves to London before then anyway.

That's the problem with panics though - they are rarely driven by rational thought.

People might think "i'll do it sooner rather than later to avoid the rush", or "if I don't do it soon and there is a run on the banks - I may not get my money".

Obviously such actions tend to be self fulfilling. As people see others withdrawing cash - they panic and do the same thinking they may get caught out - this snowballs and leads to a run on the bank. People panicking precipitates the very scenario they were hoping to avoid.

[anonymous-user]

Einion Yrth said:

But if there's going to be a run on the banks you'd do well to be at the head of the queue.

For sure

https://www.youtube.com/watch?feature=player_detai...

[toppstuff]

It must be said - given that in the UK the Gov guarantees the first £85000 of your money and in Scotland there is no such scheme, there is no harm in moving it out now. At least you can bring it back to Scotland once / if they sort it out, of course assuming the vote is Yes. It will probably still be No.. but it does no harm to make plans.

[James P]

tangerine_sedge said:

toppstuff said:

I think this will start to happen now.

The lack of any financial compensation scheme is reason enough for money to leave Scotland.

There could be queues outside the banks on September 19th.

You do realise that the vote is just to see whether Scotland should go independent, dont you? The actual date of independence (and the date to get your currency into a British bank) will be much later. In fact you might well find that your banks HQ nominally moves to London before then anyway.

This is exactly the conversation I had with my mother a lunchtime today. If the vote is Yes - she will be moving money out of any bank that is at risk of not having a compensation scheme.

[Borghetto]

I shifted a cash ISA out of Nat West early in the year. I only just remembered an account I have with Inteligent Finance is part of HBOS. It's only a few grand - but feck that - just transferred it to Barclays.

[Garvin]

James P said:

tangerine_sedge said:

toppstuff said:

I think this will start to happen now.

The lack of any financial compensation scheme is reason enough for money to leave Scotland.

There could be queues outside the banks on September 19th.

You do realise that the vote is just to see whether Scotland should go independent, dont you? The actual date of independence (and the date to get your currency into a British bank) will be much later. In fact you might well find that your banks HQ nominally moves to London before then anyway.

This is exactly the conversation I had with my mother a lunchtime today. If the vote is Yes - she will be moving money out of any bank that is at risk of not having a compensation scheme.

Well, that might just be a tad too late. Why not move it now . . . . can always move it back if the vote is no!

[Garvin]

Moonhawk said:

Garvin said:

I'm not sure that Zaphod used any lemon! Getting hold of Arctuan Maga-Gin may also be a challenge!

I didn't say you could actually make one, that would be silly - but you can experience what it's like:

"The effect of a Pan Galactic Gargle Blaster is described as "like having your brains smashed out by a slice of lemon, wrapped 'round a large gold brick."

So it could turn out that most Scots may experience similar effects of a PGGB if the yes voters carry the day!

[Borghetto]

I remember the messing about I had to go through to get my money out of Icesave and this was a couple of months before the sh#t hit the fan. They never refused to transfer it, their website just wouldn't let me do it. Eventually the money was transferred, but it was a lesson to me that when in doubt, just act.

[Edinburger]

toppstuff said:

It must be said - given that in the UK the Gov guarantees the first £85000 of your money and in Scotland there is no such scheme, there is no harm in moving it out now. At least you can bring it back to Scotland once / if they sort it out, of course assuming the vote is Yes. It will probably still be No.. but it does no harm to make plans.

Woah!!! You're talking about the Financial Services Compensation Scheme and that covers deposits to £85K - per deposit (defined as per institution).

Scotland is covered by this at the moment and certainly at least until the date of independence.

But for crying out loud, what a lot of scaremongering I've just read from you lot! Get a grip there will be no run on banks and you don't need to buy bullion gold. Dear of hear.

[Troubleatmill]

Edinburger said:

Get a grip there will be no run on banks and you don't need to buy bullion gold. Dear of hear.

There will be a run on the banks. Bank of England believes so too - and says it is ready to implement measures to quell it.

http://www.telegraph.co.uk/news/uknews/scottish-in...


Note the point on UBS also.
The consensus is that there will be capital flight.

Ed - you work in finance don't you?

Edited by Troubleatmill on Thursday 4th September 16:58

[Edinburger]

doogz said:

toppstuff said:

It must be said - given that in the UK the Gov guarantees the first £85000 of your money and in Scotland there is no such scheme, there is no harm in moving it out now. At least you can bring it back to Scotland once / if they sort it out, of course assuming the vote is Yes. It will probably still be No.. but it does no harm to make plans.

This is something I hadn't considered, however given that if the result is a YES, we won't actually become independent for another 18 months at least, is there any point whatsoever in 'moving it out now'?

No, you don't.

People who say you do are just scaremongering

[Edinburger]

Troubleatmill said:

Edinburger said:

toppstuff said:

Get a grip there will be no run on banks and you don't need to buy bullion gold. Dear of hear.

There will be a run on the banks. Bank of England believes so too - and says it is ready to implement measures to quell it.

Your formatting is out but what's your source for those BoE measures?

[Troubleatmill]

Edinburger said:

Troubleatmill said:

Edinburger said:

toppstuff said:

Get a grip there will be no run on banks and you don't need to buy bullion gold. Dear of hear.

There will be a run on the banks. Bank of England believes so too - and says it is ready to implement measures to quell it.

Your formatting is out but what's your source for those BoE measures?

Formatting fixed - thank you.

Here's a source. Plenty more out there.

http://www.telegraph.co.uk/news/uknews/scottish-in...

"It is understood four of Scotland’s major financial institutions are worried about a “flight” of capital to England if there is a Yes vote next month but Mr Salmond blamed the Westminster parties for causing uncertainty by refusing to agree to his plans."


Ed - You work in finance - don't you?

Edited by Troubleatmill on Thursday 4th September 17:08

[Sway]

http://m.bbc.co.uk/news/business-28777246

BBC, and he's not saying what they are, but Carney confirming that the BoE is prepared for all eventualities of the referendum - deposit flight being mentioned as one of the top two concerns...

[Troubleatmill]

And another one- from a local rag
http://www.scotsman.com/news/how-likely-would-run-...

"Lord McFall of Alchuith was reacting to Carney’s announcement that “contingency” plans had been drawn up to deal with the threat to the economy caused by Alex Salmond’s currency policy."



The Daily Ranger
http://www.dailyrecord.co.uk/news/politics/yes-vot...

The report said: "We would not be surprised if the Bank of England's contingency preparations, which (bank governor) Mark Carney highlighted two weeks ago, included capital controls on the Scottish financial sector to prevent a run on Scottish banks immediately after the referendum result was announced."

Edited by Troubleatmill on Thursday 4th September 17:11

[Moonhawk]

I dread to think what the final cost of all this Independence malarkey will be - even if it doesn't happen.

It must be well into double figure £ millions already what with all the contingency planning, debates, discussions etc.

Just what the country needs at the particular juncture.

Edited by Moonhawk on Thursday 4th September 17:31