Bank of Scotland competes for Dutch savers

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.