The new bank bail in law?

[Richyboy]

So which banks are unlikely to need to be bailed in by their customers? Already lost 10k with Tesco crooks through my ISA, certainly don't want to be responsible for bailing out more crooks.

[MW-M5]

Richyboy said:

So which banks are unlikely to need to be bailed in by their customers? Already lost 10k with Tesco crooks through my ISA, certainly don't want to be responsible for bailing out more crooks.

Huh?

[Simpo Two]

Bailing in or bailing out?

IIRC HSBC escaped the last crisis quite well by not being greedy graspers.

[Twin1]

Assuming you mean the change in the FSCS compensation limit down to £75k, I'm not sure who's being bailed in/out or why anyone is a crook?

[ringram]

+1

Sounds like ignorance of the facts...

[CorbynForTheBin]

And how did you lose £10k on a single ISA?!

[sidicks]

CorbynForTheBin said:

And how did you lose £10k on a single ISA?!

Based on the tone of his original post, it seems he's only after a rant rather than a sensible discussion, so don't expect a reply!

[Welshbeef]

Richyboy said:

So which banks are unlikely to need to be bailed in by their customers? Already lost 10k with Tesco crooks through my ISA, certainly don't want to be responsible for bailing out more crooks.

Is that a stocks and shares ISA?

[mph1977]

CorbynForTheBin said:

And how did you lose £10k on a single ISA?!

rant based on the FSCS limit change ...

rather than ' how can a move some of the funds to a different provider / group with minimal losses ...? '

[Richyboy]

http://www.telegraph.co.uk/finance/economics/12076...

[sidicks]

Richyboy said:

http://www.telegraph.co.uk/finance/economics/12076...

And? How has this change cost you anything? How many banks do you have over €100k deposited with?

And how did you lose £10k on an ISA with Tesco?

[Welshbeef]

sidicks said:

Richyboy said:

http://www.telegraph.co.uk/finance/economics/12076...

And? How has this change cost you anything? How many banks do you have over €100k deposited with?

And how did you lose £10k on an ISA with Tesco?

I think he means IF the bank where has his £85k ISA went bust he would lose £10k

[sidicks]

Welshbeef said:

I think he means IF the bank where has his £85k ISA went bust he would lose £10k

Except of course that's highly unlikely, so no loss has currently been incurred and he can mitigate the impact by spreading the assets across deposit takers etc.

So it's actually a non-issue.

Edited by sidicks on Saturday 2nd January 10:13

[Welshbeef]

sidicks said:

Welshbeef said:

I think he means IF the bank where has his £85k ISA went bust he would lose £10k

Except of course that's highly unlikely, so no loss has currently been incurred and he can mitigate the impact by spreading the assets across deposit takers etc.

So it's actually a non-issue.

Edited by sidicks on Saturday 2nd January 10:13

Unless he has >£75k X all separate banks? In which case there is elevated risk - actually maybe worth buying an E46 M3 or similar with the remainder as an appreciating or at worst fun car to drive.

[sidicks]

Welshbeef said:

Unless he has >£75k X all separate banks? In which case there is elevated risk - actually maybe worth buying an E46 M3 or similar with the remainder as an appreciating or at worst fun car to drive.

Anyone that has £75k in case across each of numerous banks is hardly worthy of sympathy (and they have plenty of other options!)

[markcoznottz]

sidicks said:

Welshbeef said:

I think he means IF the bank where has his £85k ISA went bust he would lose £10k

Except of course that's highly unlikely, so no loss has currently been incurred and he can mitigate the impact by spreading the assets across deposit takers etc.

So it's actually a non-issue.

Edited by sidicks on Saturday 2nd January 10:13

No one has ever lost a penny in a UK bank, and they never will, would be political suicide.

[mph1977]

sidicks said:

Welshbeef said:

Unless he has >£75k X all separate banks? In which case there is elevated risk - actually maybe worth buying an E46 M3 or similar with the remainder as an appreciating or at worst fun car to drive.

Anyone that has £75k in case across each of numerous banks is hardly worthy of sympathy (and they have plenty of other options!)

to have so many 75 k + deposits across all the various banking groups / building societies (ETA) that you can;t diversify (/ETA) in the FSCS scheme is fairly ridiculous even by the fantasy PH standards

if you've more than 85 / 75 K on deposit with one organisation then maybe you ought to think aobut a bit of diversification even if it is just the 'same' types of products with different providers ...

Edited by mph1977 on Saturday 2nd January 17:51

[markcoznottz]

mph1977 said:

sidicks said:

Welshbeef said:

Unless he has >£75k X all separate banks? In which case there is elevated risk - actually maybe worth buying an E46 M3 or similar with the remainder as an appreciating or at worst fun car to drive.

Anyone that has £75k in case across each of numerous banks is hardly worthy of sympathy (and they have plenty of other options!)

to have so many 75 k + deposits across all the various banking groups / building societies in the FSCS scheme is fairly ridiculous even by the fantasy PH standards

if you've more than 85 / 75 K on deposit with one organisation then maybe you ought to think aobut a bit of diversification even if it is just the 'same' types of products with different providers ...

Absolutely. Also just to say there have been UK bank runs before 1900, but given the education of the populace it was not widely known. With Twitter etc nowadays, it just cannot be allowed period.

[The original Nick the Greek]

Stupid is, as stupid does.....

[Welshbeef]

sidicks said:

Welshbeef said:

Unless he has >£75k X all separate banks? In which case there is elevated risk - actually maybe worth buying an E46 M3 or similar with the remainder as an appreciating or at worst fun car to drive.

Anyone that has £75k in case across each of numerous banks is hardly worthy of sympathy (and they have plenty of other options!)

So for those who are multimillionaires let's say they have just won the Euro lottery and cash goes into your bank account - then on that same day bank goes under you lose the lot except £75k?

What about if you sell your home and buy another but the lag in between means you've lost the lot excluding the £75k

What about Apple with what $100billion in Cash. Or any company with big cash reserves (maybe before payday or simply building reserves to pay VAT or Corporation tax etc) practically what happens? Clearly Apple would be bust but then so would it's employees