• Depositor Preference

  • Important information about deposits, the UK Financial Services Compensation Scheme and US depositors

    It is important to note that if SVB were to go into liquidation, deposits maintained in the UK Branch would not have the benefit of deposit insurance of the US Federal Deposit Insurance Corporation. In addition, UK Branch deposits would not have the same preferred status over non-deposit creditors as do deposits payable in the US. This means that depositors of the UK Branch would receive payment from the liquidated SVB assets only after all uninsured US deposits were fully paid. In that case, you would be an unsecured creditor of SVB and would be repaid only to the extent that assets remain available after repaying all other secured creditors. SVB is covered by the UK Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if SVB is unable to meet its financial obligations. Most individual and small business depositors are covered by the FSCS.

    In respect of deposits, an eligible depositor is entitled to claim up to £85,000. 

    For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). 

    The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with SVB, including foreign currency accounts and any share in a joint account, and not to each separate account.

    The compensation limit applies per customer per authorised bank. This information is correct as at 1 January 2011. Claims under the FSCS are subject to your specific circumstances, the nature of your claim, the specific rules of the FSCS and maximum limits on compensation, as published from time to time on the FSCS website. For further information about the FSCS (including the amounts covered and eligibility to claim) please ask us, refer to the FSCS website www.FSCS.org.uk, or call the FSCS on 020 7892 7300.

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