Gold – the final bubble, page-135

Hi once again Biggles and all,

Just thinking out loud. Maybe I could modernise that old saying and replace it with “an ounce of Gold in the hand is worth more than two in the bank.”

Those words may one day show just how profound I was once the Cyprus banking flu bug spreads and more and more people discover their paper wealth was merely an illusion!

Of course as we know a lot of the bank deposits are fully or partly insured. I’m not so sure about the Poms feeling all warm and fuzzy with this statement:

“This is an independent fund set up by UK financial bodies and regulated by the FCA, which promises that, in the event of a bank collapsing, you get some of your money back, though it's likely you'll lose access to the cash while compensation is being dished out.”

http://www.moneysavingexpert.com/savings/safe-savings

I was wondering where the UK money to cover any banking failure is stored away; it must be someplace safe particularly if it can all be dished out (soup style) in seven days!

Cheers and very best regards: Andy