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
