The Gibraltar Financial Services Commission (FSC) has been moved to remind depositors in the jurisdiction's banks that they are protected by a deposit protection arrangement in existence in the jurisdiction.
The FSC said that whilst the Rock is well placed to withstand most of the current banking crisis striking Europe and the United States, savers should nevertheless be made aware of these deposit protection arrangements.
"With the present financial situation being so prominent in world news events, it is normal for depositors to show a level of concern about the security of their deposits," the FSC said in a statement.
The Gibraltar Deposit Protection Scheme covers 90% of a bank's total liability to a depositor, subject to a maximum payment to any one individual of GBP18,000 (or EUR20,000, if greater). A bank's total liability to a depositor is the aggregate of all accounts in the name of that depositor, including the depositor's share in a joint account or a client account. Joint accounts are normally divided equally between account holders.
However, a number of deposit-takers operating in Gibraltar do so as branches of UK banks or building societies. In these cases, the deposits are covered by the UK Financial Services Compensation Scheme, which, as of October 7, guarantees deposits up to a limit of GBP50,000. These branches include Barclays Bank PLC, Leeds Building Society, Lloyds TSB Bank plc, Newcastle Building Society, and Norwich & Peterborough Building Society
Deposits with all other banks are covered by the Gibraltar scheme.
"The FSC would like to reassure the general public that it is closely monitoring developments in the financial markets and does not expect these arrangements to have to be brought into effect," the statement said.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment