Entrepreneurs look offshore in ‘mad state of panic’
The lack of bank deposit guarantee is driving some entrepreneurs to look offshore
Concerns about the safety of deposit accounts to the millions held in
self-invested personal pension plans or in insurance-based accounts in companies
such as AIG, have driven some entrepreneurs to look offshore in a ‘mad state of
panic’.
‘They want to know if there are any other banks in danger of going under and
where they should move their money. It’s easy to say ‘keep calm’ but there are a
lot of worried people out there,’ one adviser told The Daily
Telegraph.
Many entrepreneurs have been tempted by the Irish government’s decision to
protect all bank deposits as the British ceiling of £50,000 holds little
attraction for the ‘heavy hitters’, according to the adviser.
‘We have seen quite a few of our perfectly normally level-headed clients
suddenly starting to get more stressed. It’s taken us by surprise, but the vast
majority are just looking for enlightenment,’ Peter O’Sullivan, head of
financial services at Tenon, said.
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