My one concern with banks covered by a UK guarantee is currency movement. Suppose Northern Rock go under (unlikely). The UK government guarantee is called upon. They convert the outstanding euro balance to sterling. A laborious claims and payout procedure ensues and eventually I get a sterling cheque for 100% of my euro amount. But in the meantime sterling has devalued significantly and when I convert back to euro I've lost a quarter of my balance. Is this possible?
as soon as I am convinced otherwise my money will be heading for better rates (from Rabo)
In the highly unlikely event that Northern Rock goes under then the British Government will refund your EUR deposit in EUR.
I don't agree that the refund will be in EUR
Anyway, I don't think it matters too much since I agree with you it's fairly unlikely we'll ever need to worry about the exact compensation mechanics (or, if we do, then the world economy will be so even more messed up that it won't really matter.).?
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