Does anyone know exactly how pension funds are protected in the event of a combined bank / life assurance organisation having financial difficulty.
We all know about the depositor protection schemes - but what pension fund protection schemes exist - there are well documented examples of stock brokerage firms collapsing and the clients (fund holders) being stung badly
The company I am thinking about is most exposed to the FTB / 100% mortgage sub-prime lending that took place in Ireland in the last 3 years, and has only recently divulged that it has a 15 billion euro line of credit from the ECB as a "lender of last resort" and has drawn down over five billion of this already as it cannot get the funds at a suitable wholesale rate due to its own credit default swap ratings / collateral being offered.
We all know about the depositor protection schemes - but what pension fund protection schemes exist - there are well documented examples of stock brokerage firms collapsing and the clients (fund holders) being stung badly
The company I am thinking about is most exposed to the FTB / 100% mortgage sub-prime lending that took place in Ireland in the last 3 years, and has only recently divulged that it has a 15 billion euro line of credit from the ECB as a "lender of last resort" and has drawn down over five billion of this already as it cannot get the funds at a suitable wholesale rate due to its own credit default swap ratings / collateral being offered.