Moving banks accounts from Scotland

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  • [Deleted User][Deleted User] Posts: 2,017
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    barky99 wrote: »
    Lloyds group HQ is 25 Gresham Street in the City of London!

    But its registered office is: The Mound in Edinburgh

    http://en.wikipedia.org/wiki/Lloyds_Banking_Group
  • clinchclinch Posts: 11,574
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    barky99 wrote: »
    Lloyds group HQ is 25 Gresham Street in the City of London!

    Makes you wonder why they have to announce plans to move. ;-)
    BANKING GIANT LLOYDS has put in place contingency plans to register itself in England if Scotland votes for independence in next week’s referendum.
    A Lloyds spokesman said the group - which also includes Scottish Widows, where Prime Minister David Cameron made his emotional plea for the union to remain - had been contacted by concerned customers, staff and stakeholders about its plans in the event of a Yes vote.

    The spokesman said: “While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England.

    http://www.scotsman.com/business/scottish-independence-lloyds-would-move-after-yes-1-3537976
  • [Deleted User][Deleted User] Posts: 14,922
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    clinch wrote: »

    Because Cameron and co wanted them to.

    'Contingency plans in place' does not equate definitive action. ;-)
  • TUCTUC Posts: 5,105
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    How shallow and lacking in basic understanding can people be? Move your bank account if you want when/if independance takes place in 18 months time but moving it tomorrow just shows a basic lack of common sense and knowledge.
  • twingletwingle Posts: 19,322
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    I am on the other side of the coin. Live up here but bank with HSBC and my two private pensions come from down south ( I lived there for a long time) I just presumed whatever I would be alright Jack but as a friend pointed it out if we have a different currency everything will have to be exchanged and you can bet your bottom dollar I will lose out

    Fingers crossed the nay's beat the aye's!
  • clinchclinch Posts: 11,574
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    Whatever people say about should or shouldn't, it is happening.
    Whilst most of the people of the UK are focused on the increasing frenzy of the too and fro politicking going on in Scotland in the build up to September 18th referendum, unbeknown to most including the mainstream media is that there is already a bank run underway not only in terms of flight of capital from Scottish banks but that is hitting the whole of the UK hard in terms of capital outflows.

    Understand this - It does not matter what the Bank of England states following a YES vote on September 18th - There will be a run on Scottish Banks by panicking depositors just as there was on Northern Rock.

    http://www.marketoracle.co.uk/Article47337.html
  • TUTV ViewerTUTV Viewer Posts: 6,236
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    MTUK1 wrote: »
    I'd still like to know what this rUK is?

    It's an abbreviation of "remnant of The United Kingdom of Great Britain and Northern Ireland".

    It's all terribly confusing...

    IS - Islamic State
    IS - Independent Scotland.
  • clinchclinch Posts: 11,574
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    IS - Islamic State
    IS - Independent Scotland.


    That could prove awkward. Cameron could quite easily order the wrong place to be bombed. :D
  • mRebelmRebel Posts: 24,882
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    WindWalker wrote: »
    It makes no sense. It just shows how excitable, and gullible, the public really are. I expect the people were talking about have got no more than a thousand or two in savings, if even that. I very much doubt any of them are anywhere near £85,000. I'd be more wary of all banks full stop, not whether it was Scottish or not; but that's another discussion... ;-)

    Gullible or not, if enough people, and maybe businesses, transfer their cash to banks in England it could snowball and cause a full scale run on Scottish banks. No doubt most who queued up at branches of Northern Rock to close their accounts in 2007 didn't know enough to make an informed judgement but still acted to be on the safe side. Given the repercussions there'll be if the SNP say they'll carry out their mad plan not to pay Scotland's debt, in the event of Yes having won, we could see a run on Scottish banks that would exceed their ability to cope. That would, as Scotland would not yet be independent, mean depositors are still covered by the guarantee of up to £85,000. But imagine the fury it would cause if Scottish depositors had to be bailed out by UK taxpayers because of the folly of the SNP. I wouldn't put it past the Coalition to refuse to pay up, and tell the SNP that they caused the problem so they can fix it.
    Moving your savings out of Scotland is just a precaution, if all goes well you can move them back.
  • [Deleted User][Deleted User] Posts: 14,922
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    mRebel wrote: »
    Gullible or not, if enough people, and maybe businesses, transfer their cash to banks in England it could snowball and cause a full scale run on Scottish banks. No doubt most who queued up at branches of Northern Rock to close their accounts in 2007 didn't know enough to make an informed judgement but still acted to be on the safe side. Given the repercussions there'll be if the SNP say they'll carry out their mad plan not to pay Scotland's debt, in the event of Yes having won, we could see a run on Scottish banks that would exceed their ability to cope. That would, as Scotland would not yet be independent, mean depositors are still covered by the guarantee of up to £85,000. But imagine the fury it would cause if Scottish depositors had to be bailed out by UK taxpayers because of the folly of the SNP. I wouldn't put it past the Coalition to refuse to pay up, and tell the SNP that they caused the problem so they can fix it.
    Moving your savings out of Scotland is just a precaution, if all goes well you can move them back.

    But surely we are talking about money within banking groups? Which too big to fail bank falls under solely Scotland jurisdiction anyway? RBS is tax payer owned, more or less, as is Lloyds. Are people moving money from say RBS to Barclays? Or from Lloyds to HSBC or Santander? One has to ask why given the status of RBS and Lloyds? :confused:

    I might understand moving from smaller Scottish banks or building societies, but even then, the idea that customers would lose their money is out there on the fringes. The biggest irony is people thinking banks are trusted places anyway, wherever they are. ;-)
  • MTUK1MTUK1 Posts: 20,077
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    WindWalker wrote: »
    But surely we are talking about money within banking groups? Which too big to fail bank falls under solely Scotland jurisdiction anyway? RBS is tax payer owned, more or less, as is Lloyds. Are people moving money from say RBS to Barclays? Or from Lloyds to HSBC or Santander? One has to ask why given the status of RBS and Lloyds? :confused:

    I might understand moving from smaller Scottish banks or building societies, but even then, the idea that customers would lose their money is out there on the fringes. The biggest irony is people thinking banks are trusted places anyway, wherever they are. ;-)

    Lloyds is 25% owned by the taxpayer. RBS is 88% owned by the taxpayer. Lloyds is in a far better position.
  • [Deleted User][Deleted User] Posts: 14,922
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    MTUK1 wrote: »
    Lloyds is 25% owned by the taxpayer. RBS is 88% owned by the taxpayer. Lloyds is in a far better position.

    But if any Lloyds customer lost money, blame would be be levelled at the UK government as having a say and being partly responsible. If anyone loses money over a democratic vote and the resulting transitionary process to self rule, then all hell will break loose. Government and banking won't come out of it well and could trigger uncertainty in the banking industry again, irrespective of location.

    There's actually no real reason for anyone to lose money, if they do, it's deliberate by tptb. It would also show up the fragility of banking in general which is nothing more than creating money out of thin air for their own gain anyway. All money is issued as interest bearing debt; the country, any country, pays a high price just for the medium of exchange required to actually operate. That's a much bigger issue than whether you are in Scotland or not or with a Scottish bank. The public are largely oblivious to it though. Until the debt based money supply leaves the country with nothing but debt...
  • plateletplatelet Posts: 26,363
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    Today will be a good day to buy Euros
  • [Deleted User][Deleted User] Posts: 14,922
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    So is everyone moving their money back today or was it all scaremongering to endear a sense of fear in the population... ;-)
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