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Expat Investor : August 2009
EXPAT SAVINGS this, Yorkshire Guernsey advises its investors that although they have this cover the best rates on offer may still hold a risk. Zurich Bank International Limited YORKSHIRE GUERNSEY Peter Symes, Managing Director, says: Yorkshire Guernsey is currently letting the dust settle after an extended period of turbulence within the worldwide banking sector. Since the nationalisation of Northern Rock, Bradford & Bingley and the collapse of the Icelandic banks – amongst others – it has prompted many investors to look more closely at the strength of the institution with whom they entrust their deposits. The impact of the failure of Landsbanki was particularly noticeable in the offshore savings market, with customers becoming much more concerned about the ultimate security of their deposit-taker. Because of this customers are looking for the strength of the parent organisation when deciding where to invest money locally. The strength and support provided by Yorkshire Guernsey’s parent, Yorkshire Building Society, is a major benefit to both existing and new customers. A further key point was that, following the G20 summit, it was made clear that offshore centres need to be squeaky clean. Guernsey was confirmed on the White List as an internationally transparent low tax compliant and well-regulated jurisdiction within some of the top financial sectors, which can only be good news. Best buy rates tables used in isolation are a poor method of selecting the most attractive deal. It has always been the case that risk drives return and so it is with interest rates. Because markets are very efficient at pricing risk, higher savings rates almost always mean high risk. “Guernsey was confirmed on the White List as an internationally transparent low tax compliant and well regulated jurisdiction within some of the top financial sectors which can only be good news. ” So the message for people who are seduced by the headline savings rates is, ‘caveat emptor’! Finally, in November last year, Guernsey’s government introduced a Depositor Compensation Scheme covering all retail depositors up to £50,000 per person per licensed bank. Despite July/August 2009 ? EXPAT INVESTOR 5 ZURICH BANK INTERNATIONAL With interest rates at an all-time low, the rates being offered to customers wishing to save have reduced. Customers are looking for products which provide the potential of a higher return but at the same time offer capital guarantees. Customers are, therefore, turning more and more to Capital Guaranteed Structured Deposits. (ZBI), based in the Isle of Man, offers a wide range of products to personal customers, third party introducers, companies, trusts, charities and clubs and is a popular destination for savers within the British expatriate market. ZBI specialises in Capital Guaranteed Structured Deposits and is a very popular choice of deposit- taker within this market due to its experience and attractive product offering. By placing funds in a Capital Guaranteed Structured Deposit customers can benefit from the increases in an underlying market without putting their capital at risk. If the market decreases the original capital investment is guaranteed to be returned at the end of the term. The FTSE 100 is currently a popular choice of index for this product. The return is linked to the rise in the index and therefore there is potential for a significant return on capital. ZBI also offers a bespoke Capital Guaranteed Structured Deposit service. also offer the chance to save in other currencies with our Euro and US Dollar Bespoke Capital Guaranteed “ZBI is known not only for its great rates and personal customer service, but also for its financial strength. ” It can tailor products to an individual’s need. Graham Sheward, Managing Director of ZBI, comments, “If customers have a particular savings goal we will work with them to use this bespoke service to help meet it, including allowing the customer to choose the underlying index and term of the savings product.” “Individuals need to have the equivalent of GBP 1 million to gain access to a bespoke Capital Guaranteed Structured Deposit.We Structured Deposits.We are willing to work with groups of like-minded private clients or institutions with significant pooled funds that need a safe home and real growth potential,” continues Mr Sheward. ZBI is known not only for its great rates and personal customer service, but also for its financial strength. ZBI’s ultimate parent is Zurich Financial Services Limited, one of the largest insurance based financial services providers in the world.
May June 2009
September October 2009