Another Little Gem From The Eu

[youngmafbog]

So now because the UK is doing well and the Euro is not our compensation value has to drop.

Why cant they set the limit at 'minimum' 100K EUR ?

http://www.bbc.co.uk/news/business-33384284

[ToraToraTora]

what I cannot understand is, why is this in any way relevant? I mean what do seriously rich people do to insure their wealth? As far as I can tell if we ever get into this game then money is irrelevant anyway.

[youngmafbog]

Well at times I have more than 75K slushing around. I'm not rich!

[Svejk]

Hopefully they won't be around to dictate to us much longer.

[Gromit]

The real scandal is that the British Government did not set up a scheme to make our banks compensate depositors for their incompetence.

It was left to the EU set up a scheme and so its limits are in €uros.

[Svejk]

Er, we already had a scheme. They've just made us lower the amount you can get.

[Gromit]

// Why cant they set the limit at 'minimum' 100K EUR ? //

The problem is not what the limit is set at. The problem is that the limit is in €uros so are affected by the exchange rate between that and £Sterling. They haven't physically lowered the limit. The exchange rate has changed so we get less.

[youngmafbog]

The current scheme was setup in 2001, but schemes existed before then.

As we are in the EU it was dictated we follow their scheme, which is in Euros.

Regardless of who came first though the EU could have made it a minimum, but of course their arrogance of how great the Euro was goign to be took over.

[Gromit]

The problem is the echange rate not the limit set. The amount of compensation is going down because of the exchange rate. The limit is unchanged and in Euros, which means the amount of compensation in pounds is reduced.

Amusingly, you are arguing for a single currency.

[youngmafbog]

It's not really amusing Gromit.

I think you will find I have said before the only way the EU will work is if we all have the same fiscal and social policies (tax, retirement, NHS etc).

Indeed, I wold go further. If the referendum votes for a big 'IN' then I think we should go for it, give up our sovereignty and push others in the EU to do the same. Then the EU will be what is envisaged (as Hitler did) one big powerful body.

I however would prefer not to be part of this so I would vote out, but we are in a democracy so I will accept majority verdict.

[bazwillrun]

"Hopefully they won't be around to dictate to us much longer. "

we can but hope..

"because the UK is doing well"
which is why they are so so desperate to get their hands on us ....bet theyre glad theyve gor greece though !...wonder who theyd prefer ? hmmm

[Old_Geezer]

It's not an argument for a single currency, it's an argument for limits to be set in each currency used by those in the scheme and it being updated on a regular basis to ensure equal treatment for all.