Your money and the Eurozone
At Bank of Scotland, we know it’s important to keep you informed about your finances.
You may have questions about how events in Cyprus and the wider Eurozone might affect your money, or you may be looking for reassurance, so here’s an update on our position and the steps we’re taking.
We are strengthening our bank.
We’ve already taken action to make Bank of Scotland a safer and stronger place to bank by increasing the amount of money we keep to protect us in the event of an emergency.
We are reshaping our business.
We are reducing risk across our business by selling some assets, taking a more cautious approach to projects that might expose us to greater risk and by continuing to focus primarily on our core UK operations.
We are planning for market changes.
With nearly 250 years of banking experience, we have experienced market uncertainty before. We are planning for a range of different financial scenarios.
We are tracking developments in the Eurozone.
We will stay on top of and monitor events as they unfold and continue working closely with the banking regulators, so that where appropriate whatever happens, we’ll keep you updated.
Is your money safe with Bank of Scotland?
As a UK focused bank most of our business takes place within the UK. The Group has limited exposure to Cyprus, Greece, Italy, and Portugal and although we have higher exposure in Spain, due primarily to the Group’s small branch network, our Spanish exposure represents less than 1% of the total Group assets.
Is the money in your account(s) protected?
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details.
Bank of Scotland, as part of Lloyds Banking Group, is authorised by the Financial Conduct Authority (FCA) and therefore our customers will have access to the FSCS.
We want to make sure you have all the information you need, so if you have any questions please visit us in branch or call us on 0345 721 3141. We’re here to help.