by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Expat Investor : November 2007
NEWS expatinvestor.com 2 EXPAT INVESTOR November 2007 SCI entices 'silver' savers Fast Facts 99110 Fast Facts 99111 Fast Facts 99112 SCARBOROUGH Channel Islands (SCI) has launched an easy access savings account aimed specifically at over-60s. The Lifestyle Sixty-Plus account is available to investors aged 60 or over. The account can be opened with a minimum investment of £5,000, and depositors can invest up to a maximum of £1 million. Many savers concerned about the security of their deposits following the credit-crunch fallout want to know more about the market used by the banks to borrow and lend to each other. And, so here's a guide to The British Bankers' Association London Interbank Offered Rate (BBA LIBOR). Investors should take note that 'LIBOR' is a generic term, which refers to an individual bank's rate. BBA LIBOR is the benchmark index of London interbank lending. BBA points out the term LIBOR has been used erroneously to describe this industry standard, but as individual banks may calculate their own Libor rates, the term BBA BBA LIBOR explained Halifax launches first multi-currency ATMs BBI launch online savings account Halifax has launched multi- currency ATMs that will allow customers in the UK to withdraw euros and US dollars. The ATMs, believed to be the first of their kind Withdrawals are allowed without notice or loss of interest, subject to a minimum withdrawal of £1,000. The account's interest rate tracks and matches the Bank of England Base Rate (base rate less 0.20% for monthly interest accounts). SCI confirms Lifestyle Sixty-Plus can be opened by post and then operated and managed by post, telephone, fax or e-mail. Details of the account, together with an application form, can be obtained online. To ny Burdin, Managing Director, tells Expat Investor he is keen to appeal to the growing population of British expatriates, as well as people approaching retirement who are looking to maximise their savings returns. "The number of people in this age group who are choosing to live abroad is growing, and we are trying to cater for their needs with this dedicated account." LIBOR should be used to distinguish them. What is BBA LIBOR? The British Bankers' Association London Interbank Offered Rate closely reflects the real rates of interest being used by the world's big financial institutions. Central banks (such as the Bank of England, the US Federal Reserve and the European Central Bank) may fix official base rates monthly, but BBA LIBOR reflects the actual rate at which banks borrow money from each other. BBA LIBOR figures are issued daily on more than 300,000 screens around the world. Rates are quoted for a range of borrowing periods, ranging from overnight loans to 12 months, and a range of world currencies. How is it calculated? The BBA uses Reuters to fix and publish the data daily, usually before 12 noon UK time. It assembles the interbank borrowing rates from 16 contributor panel banks at 11am, looks at the middle 50 per cent of these rates and uses these to calculate an average, which then becomes that day's BBA LIBOR rate. This process is followed 150 times to create rates for all 15 maturities (ranging from overnight to 12 months) and all 10 currencies for which a BBA LIBOR rate is quoted. What should I be looking for? Dramatic changes in the overnight BBA LIBOR rate mean that there is short-term volatility in the markets. The overnight rate is the rate which is most often quoted in the financial press. The banks' longer-term expectations for the markets are more clearly evident in the 12- month figures. from a high street bank in the UK, will accept Visa and MasterCard debit and credit cards and will dispense euro and US dollar banknotes. Brits' top holiday destinations are Europe's holiday crime hotspots Nearly one in six Brits (14%) has been a victim of theft while holidaying in Europe. Research by online insurer swiftcover.com reveals that over a third (37%) of those who had their possessions stolen were in Spain, and nearly a fifth (19%) in France. The warning from swiftcover.com comes as many Brits are reportedly fleeing the rain soaked UK in search of sunnier climes. Craig Staniland, Director of Underwriting, comments, "For years Spain and France have been the top holiday destinations for Brits, but unfortunately they are also the top holiday theft hotspots. "Who says that holidays are relaxing? On top of possible flight delays, lost baggage and double- booked rooms, our research shows that nearly one in six (14%) Brits have been a victim of theft while holidaying in Europe." HOLIDAY CRIME HOTSPOTS RATING Country Percentage of Holidaymakers Spain (and Spanish Islands) 37% France 19% United Kingdom 9% Italy 8% Greece (and Greek Islands) 5% Mr Staniland adds, "Most of us now holiday abroad frequently, so it is possible that we are becoming too relaxed about looking after our possessions properly. How many times, for example, have you gone for a swim, leaving your bag with all your valuables in full view on the beach or by the pool? "Try and make sure your possessions aren't on display in your car or hotel room, and keep an eye on your belongings at all times. Try not to take valuables with you on holiday, but if you do, most hotels have a safe you can use. Sometimes, despite taking all possible precautions, you can just be unlucky, so it is important to make sure you have the right insurance to cover you for all eventualities." The first multi-currency ATM has been installed at Halifax's Old Broad Street branch in the City of London, and more machines are to be rolled out across the UK before the end of this year. Halifax and non-Halifax customers will be able to use the machines, which offer euro and US dollar banknotes in denominations of 20. The ATMs will charge 0% commission. Nigel Turkington, Head of Travel Money, says, "Our customers have told us that the immediate availability of foreign currency would be a valuable addition to the wide range of services we already offer, and we plan to roll out more of these multi-currency ATMs in the near future." BRADFORD & Bingley International (BBI) has launched a new online savings account. The eSaver account offers an interest rate of 6.50% gross pa for savings offers the same attractive rate to everyone regardless of their balance. "It's ideal for regular savers or people wanting to put aside a lump sum, for expatriates or those in the Isle of Man or Channel Islands. When you compare the eSaver account to other accounts in the offshore market no notice category, the combination of the attractive interest rate and low opening balance makes it a market leader." from just £1. This rate includes a 0.50% premium for making no more than three withdrawals in the year (1st April -- 31st March). The rate is guaranteed until 31st December 2008. BBI confirms that eSaver is available exclusively online. Lynette Byrne, Acting Managing Director of BBI, tells Expat Investor, "The eSaver account is a great savings product. It's easy to open, has a very low opening balance, can be accessed and managed 24 hours a day from anywhere in the world, and