FAQs
Is my money still safe?
Yes, Yorkshire Guernsey Ltd is a wholly owned subsidiary of, and therefore protected by, the Yorkshire Building Society Group, which is well funded, has strong capital and liquidity levels and remains one of the UK’s strongest financial institutions.
Yorkshire is the UK’s second largest building society with assets of over £30bn. It has successfully merged with Barnsley and Chelsea building societies (31/12/08 and 01/04/10 respectively) and has recently announced its intention to merge with Norwich & Peterborough Building Society and to acquire Egg mortgage and savings balances. The ratings agency, Moody’s, recently recognised Yorkshire’s strong financial position by upgrading its Bank Financial Strength Rating.
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I have a fixed term account that doesn’t mature for some time, what will happen to my money?
If you have a Rollover/Fixed Rate Account we wrote to you on 21 September 2011. This letter provided details of whether any compensation is due to you for the early repayment of your investment and how this will be calculated.
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When will YGL close?
We anticipate the wind-down of YGL will be sometime towards the end of 2011.
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What are the changes to the treatment of offshore funds that have impacted this review?
There have been numerous changes in regulation that impact our offshore operation. One of the key changes is that the UK regulator requires the parent society - Yorkshire Building Society - to hold an equivalent amount of liquid assets against any deposits that are placed with it by Yorkshire Guernsey Limited. This effectively means that the Group as a whole suffers a substantial loss from the Guernsey operation - as the interest received on the liquid assets (usually cash held at the Bank of England earning the base rate) is much lower than the rate we pay to our depositors.
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What other options did you consider?
As part of the strategic review we considered many options including potential change in status, sale to a third party and an orderly wind-down of the business.
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