Not sure on this one really, however
Some 50,000 UK savers with the Bank of Cyprus may soon have their savings protected by the UK authorities.
The bank has moved closer to creating a subsidiary for its UK banking business that would be regulated by the Financial Services Authority (FSA).
In doing so, UK customers' savings of up to ?85,000 per person would be protected by the UK's deposit protection scheme.
At present they are covered for up to 100,000 euros each by a Cypriot scheme.
This relies on the government in Cyprus covering the cost were the bank - part of the largest financial services provider in Cyprus - to go bust.
BBC News - Bank of Cyprus seeks UK safety net for savers
This seems to indicate that the UK taxpayer, you and I, will foot the bill if the Bank of Cyprus goes bust? If that's not taking the mick I don't know what is. More so since Cyprus seems to be looking for a bailout itself.
Country going bust, bank needing money? move it to the UK we're stupid enough to pay...
Some 50,000 UK savers with the Bank of Cyprus may soon have their savings protected by the UK authorities.
The bank has moved closer to creating a subsidiary for its UK banking business that would be regulated by the Financial Services Authority (FSA).
In doing so, UK customers' savings of up to ?85,000 per person would be protected by the UK's deposit protection scheme.
At present they are covered for up to 100,000 euros each by a Cypriot scheme.
This relies on the government in Cyprus covering the cost were the bank - part of the largest financial services provider in Cyprus - to go bust.
BBC News - Bank of Cyprus seeks UK safety net for savers
This seems to indicate that the UK taxpayer, you and I, will foot the bill if the Bank of Cyprus goes bust? If that's not taking the mick I don't know what is. More so since Cyprus seems to be looking for a bailout itself.
Country going bust, bank needing money? move it to the UK we're stupid enough to pay...
