Savings backed up to £85k by Government

Our situation is very different to Cyprus, says Finance Minister Sammy Wilson. And Londonderry deposits in any bank with a subsidiary incorporated in the UK are guaranteed up to £85k.

Thus said Finance Minister Sammy Wilson when asked what assurances he had received from HM Treasury that customer deposits in Northern Ireland banks, which operate both in Northern Ireland and the Irish Republic, are guaranteed.

Mr Wilson replied: “I have not sought nor received any assurances recently from HM Treasury on this matter.

“Depositors with banks that are incorporated or have incorporated subsidiaries in the UK, including the Allied Irish/First Trust Bank, Bank of Ireland, Danske/Northern Bank, and Ulster Bank are covered by the UK’s Financial Services Compensation Scheme up to a limit of £85,000.”

He said there was no expectation the Government would consider making deductions from UK deposits and said the situation in Cyprus was far removed from our own.

“The situation in Cyprus in this regard is very much different to ours and is in the context of an agreement on a future EU/IMF bailout programme to address the exceptional financial challenges the authorities there are currently facing,” he said.