Anyone got money in Abbey B+B A+L

Smiley

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You probably all know this already but just in case you are fortunate enough to have more than £50k saved up - if you have it in the above three then it all counts as one lot of £50k protection - they are now all owned by the Spanish bank Santander.
It is much more stable than the Icelandic banks - appears to be run on traditional conservative style according to the press so should not be cause for immediate concern.
 

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Cripes - I didn't know Alliance and Leicester were in this too - both my kids have money in there!
 

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Thought these all had different registrations with the FSA and have stated that this was to continue? In other words they would remain separate banks for compensation purposes? In marketing terms this would be a shrewd move if this was the case. However in todays climate I would like to see this in writing from the banks in question.;)
http://www.moneysavingexpert.com/savings/safe-savings#whatcounts
Correction:- looking at the above again it would appear Abbey and Alliance & Leicester are destined to remain separate but Alliance & Leicester and Bradford & Bingley are to merged and thus considered one organisation.

Rumour has it that Santander is stable because much of its overseas investment is in the South American Markets.
 
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Dieselman

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Cripes - I didn't know Alliance and Leicester were in this too - both my kids have money in there!
I don't think you have anything to worry about with A&L as it's not owned by Santander.

My understanding of the whole situation is that banks that have traded in traditional conservative fashion have sufficient funds to weather the storm, whereas some of the newer banks have borrowed too much on the wholesale market. In some cases, such as HBOS, they only had 40% funds and the rest was borrowed. Now the borrowing has gone up and the bad debts have come in they are left exposed.

Being taken over by a much larger Conservatively run bank gives them safety, although that can alter their own position, if the situation is bad enough. For example TSB will be left with funds of only 60% so will be weaker than they were.
 

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Hmm .. my mortgage is with Alliance & Leicester, I thought they were still part of Lloyds TSB!
 

Dryce

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You probably all know this already but just in case you are fortunate enough to have more than £50k saved up - if you have it in the above three then it all counts as one lot of £50k protection - they are now all owned by the Spanish bank Santander.
It is much more stable than the Icelandic banks - appears to be run on traditional conservative style according to the press so should not be cause for immediate concern.
It's not ownership that is the issue but banking licences.

B&B and A&L still have separate banking licences.
 

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