Reply to: Doomed part 1 - The Spanish banks

[Diver]

Was this the bank that had the flying pig in its adverts?

That would be Zurich Bank

[PorkPie]

Yes. The part of the bank that operates in the UK runs as an 'autonomous subsidiary of the Santander Group', meaning that its British bank should be shielded from problems coming from other parts of the company. Santander has stated that this is a 'firewall' and money borrowed and lent in the UK stays in the UK.

Head of Santander UK's retail bank Steve Pateman, said: 'Customers of Santander UK have absolutely nothing to be concerned about. We operate entirely separately from Spain and we are, financially, one of the strongest banks in Britain. Additionally our exposure to Europe amounts to less than 1 per cent of our total assets.
What protection do my savings have? - Are my savings safe? - Savings & investments - Which? Money

Was this the bank that had the flying pig in its adverts?

[Diver]

Yeah right.

It's all true you dim crustacean. It says so in the Santander customer service announcement.
and it also says that they are so confident that they are the safest bank in the world that they would encourage you to place all your money with them. ASAP.

[DimPrawn]

Yes. The part of the bank that operates in the UK runs as an 'autonomous subsidiary of the Santander Group', meaning that its British bank should be shielded from problems coming from other parts of the company. Santander has stated that this is a 'firewall' and money borrowed and lent in the UK stays in the UK.

Head of Santander UK's retail bank Steve Pateman, said: 'Customers of Santander UK have absolutely nothing to be concerned about. We operate entirely separately from Spain and we are, financially, one of the strongest banks in Britain. Additionally our exposure to Europe amounts to less than 1 per cent of our total assets.
What protection do my savings have? - Are my savings safe? - Savings & investments - Which? Money

Yeah right.

[Diver]

Ditto, but aren't Santander UK a separate subsidiary?

Yes. The part of the bank that operates in the UK runs as an 'autonomous subsidiary of the Santander Group', meaning that its British bank should be shielded from problems coming from other parts of the company. Santander has stated that this is a 'firewall' and money borrowed and lent in the UK stays in the UK.

Head of Santander UK's retail bank Steve Pateman, said: 'Customers of Santander UK have absolutely nothing to be concerned about. We operate entirely separately from Spain and we are, financially, one of the strongest banks in Britain. Additionally our exposure to Europe amounts to less than 1 per cent of our total assets.
What protection do my savings have? - Are my savings safe? - Savings & investments - Which? Money

[OwlHoot]

Mine's with Cater Allen (also Santander). Just keep the balance under £85k.

Ditto, but aren't Santander UK a separate subsidiary?

[Old Hack]

This will only increase the pace of the bank runs on struggling sovereigns. It will hit a point where the whole banking system will need to be bailed out...........AGAIN!!!!!

I think theyc an't afford a bank run in Spain, Portugal, Greece and italy; the whole shebang will then see runs in france. Contagion, where will it stop...

I have oodles of dosh in a spanish bank too, must start mixing it about...

[BrilloPad]

I Just took a look at the house prices in spain. we were considering buying a place in Catelonia.

There is a major rush to sell and a lot of repossessed properties.

1/2 the price they were going for 2 years ago.

May hang on and pick up a bargain and I'm not being facetious.

Do what sassy did and buy 2 years ago at the peak.

[Diver]

It won't happen here. I mean, Spain's problems are due to a massive house price bubble, right?

I Just took a look at the house prices in spain. we were considering buying a place in Catelonia.

There is a major rush to sell and a lot of repossessed properties.

1/2 the price they were going for 2 years ago.

May hang on and pick up a bargain and I'm not being facetious.

[BrilloPad]

Spanish banks starting to collapse, this is the start of the end.

BBC News - Bankia shares suspended amid bailout request reports

The sooner they kick Greece out the sooner they can start printing money and save the PIIS banks.

[Bunk]

Business account is with Alliance & Leicester (Santander)

Mine's with Cater Allen (also Santander). Just keep the balance under £85k.

[Sysman]

As a small business you should be ok, protection in place.

Just that I am no longer in the UK, better to close the account soon, avoid the paperwork.

Does the protection apply if you are non-resident?

[Sysman]

It's so bad I think Santander might even go. They were ok, until they were forced to take over a couple of other banks.

Must close my Santander account.

I got cold feet about them when they had flashy TV ads offering 6 odd per cent if you locked up your money for several years. It had a whiff of "too good to be true" about it when I compared it to what other banks were offereing.

[alreadypacked]

Business account is with Alliance & Leicester (Santander)

As a small business you should be ok, protection in place.

Just that I am no longer in the UK, better to close the account soon, avoid the paperwork.

[FiveTimes]

I have said for a long time that the Spanish bank were in deep sh1t, I just didn't know why it was taking so long for them to admit it. Or should I say forced to admit it.

It's so bad I think Santander might even go. They were ok, until they were forced to take over a couple of other banks.

Must close my Santander account.

Business account is with Alliance & Leicester (Santander)