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Bank of Scotland competes for Dutch saversThursday 03 June 2010 Bank of Scotland has become the first foreign bank to try to attract savers without a Dutch central bank guarantee since the collapse of Icesave, the Volkskrant reports on Thursday. This means that if Bank of Scotland fails, savers will have to try to recover their money from the British authorities. Bank of Scotland says it has not applied for Dutch central bank approval to operate because it is a very lengthy and expensive process. ‘We would have to pass those costs on to customers,' spokesman Michiel van der Linde told the paper. The British guarantee covers savings of up to €50,000, the Dutch €100,000. The European Commission hopes to introduce standard coverage throughout the EU this year. © DutchNews.nl
After RBS, Bank of Scotland is now entering the market to deprive Dutch investors of their savings. Stay in Scotland, PLEASE By Outraged | June 3, 2010 4:19 PM Hang on a minute. The Bank of Scotland was all over the news in the UK 6 months ago because of the UK credit crunch. Weren't they in financial trouble with all the other UK Banks???? By James | June 3, 2010 4:30 PM I note the editor's note, but surely as one pound is currently work more than one euro, then a 50,000 guarantee would at the moment work out to just under 60,000 euros at the current exchange rate. So if you put 60,000 euros in now, as they are worth 50,000 pounds then presumably your full 60,000 would be covered? By lovethenetherlands | June 3, 2010 6:33 PM
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The British Bank covers 50,0000 POUNDs not Euros, but don't u have to be a resident in the UK to earn this right? I think, yes! Be aware!
[Editors note: this is technically correct, but according to the Volkskrant, should the pound devalue strongly, EU rules will require the bank to pay out €50,000]
By kp | June 3, 2010 10:18 AM