# Banking Guarantees



## robc (Jul 17, 2008)

Here is one to conjure with, I am sure someone knows the answer.
We are about to commence (within the next 3 months) with the building of our 2nd home near Alcobaca. 
Given that we will be transferring monies out to Portugal to pay the builder then we are keen not to expose ourselves to the Portuguese equivalent of Northern Rock or Landisbank (Iceland).
So can anyone tell me what is the size of the deposit guarantee scheme operating in Portugal? Or maybe where I can obtain information about this. 
I am considering "splitting" the monies between several banks as funds are likely to be sent out in quite large lumps and may sit around for a while as well.

Thanks in advance.

Rob


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## Catx (Apr 15, 2009)

robc said:


> Here is one to conjure with, I am sure someone knows the answer.
> We are about to commence (within the next 3 months) with the building of our 2nd home near Alcobaca.
> Given that we will be transferring monies out to Portugal to pay the builder then we are keen not to expose ourselves to the Portuguese equivalent of Northern Rock or Landisbank (Iceland).
> So can anyone tell me what is the size of the deposit guarantee scheme operating in Portugal? Or maybe where I can obtain information about this.
> ...



Up to €100,000 is guaranteed , by the Portuguese Central Bank, for each account in each bank. That is each bank, not each branch. If you are holding more than that here at any one time, open accounts with a number of different banks. There is, at present, no proposed end or review date to this guarantee.


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## robc (Jul 17, 2008)

Catx said:


> Up to €100,000 is guaranteed , by the Portuguese Central Bank, for each account in each bank. That is each bank, not each branch. If you are holding more than that here at any one time, open accounts with a number of different banks. There is, at present, no proposed end or review date to this guarantee.


Thanks for the information.

Rob


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