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Off Shore Banks

Volume 482: debated on Wednesday 5 November 2008

To ask the Chancellor of the Exchequer what his Department's obligations are in respect of guarantees to depositors in off shore banks in (a) UK dependent territories, (b) UK overseas territories and (c) Crown dependencies; and if he will make a statement. (232204)

[holding answer 3 November 2008]: The Treasury has no obligations in respect of deposits with banks in UK dependent territories, UK overseas territories or the Crown dependencies.

The Financial Services Compensation Scheme does not cover deposits with banks in UK dependent territories, UK overseas territories or the Crown dependencies. Deposits in these jurisdictions would be covered by any locally operated schemes.