Hi,
I guess you could say its a "punt" (excuse the pun) on what will happen in worst case scenario since UK banks don't hold Euros.
Now Barclays and HSBC do offer offshore banking which would be a different product to just setting up a Euro account. I've asked HSBC to confirm (though I doubt I'll ever receive any confirmtion) on what would happen these Euros in worst case scenario.
My advisor reckons/guesses, if cards all came crashing down, its quite probable that the Euros in the HSBC case would be in Frankfurt thus a conversion to DM.
Barclays Euro accounts Isle of Man but the question remains in the Isle of Man scenario, who knows what would happen there if Euro crumbled?
Quote:
Originally Posted by
hand_m http://www.askaboutmoney.com/showthread.php?p=1116267#post1116267
What is likely to happen to Euro deposit accounts in Northern Ireland if.:
1. Ireland leaves the Euro and goes to an Punt Nua.?
2. The Euro itself breaks up.?
It depends on where the Euro is actually held.
Normally, a UK bank does not hold Euro in the UK, even if they offer a Euro account.
The UK bank holds Euro via a sub custodian or via an agent or via another bank that is based somewhere inside the Euro Zone.
The bank should be able to tell them who their bank is inside the Euro Zone and where they are based.
For the record, I'm not a money expert. Just a nervous punter who doesnt want to stand idly by wishing I'd done something (anything!) if worst scenario comes.