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FSCS declares Havant credit union in default

The Financial Services Compensation Scheme has declared the Havant Area Savers Credit Union in default.

The FSCS says it will aim to pay compensation to members of the union, who have been unable to access their savings since December 31, 2010, within seven days “in the vast majority of cases”.

It emerged earlier this week that the FSA had cut the credit union’s permissions at the end of last year.

The FSCS says the credit union has 260 members with accounts totalling £86,000.

FSCS chief executive Mark Neale says: “Those members will be entitled to compensation of up to £85,000 each, and they will not need to complete an application form to make a claim. Once we have the information we need about their account, we’ll be able to pay them compensation automatically.”


EU GDP grows 0.5% in Q3 2010

European Union GDP increased by 0.5 per cent while Euro area GDP increased by 0.3 per cent in the third quarter of 2010, according to Eurostat, the statistical office of the EU. In the second quarter of 2010, growth rates were 1 per cent in both zones. In comparison with the same quarter the year […]

US Federal Reserve to continue with QE2 plan

The Federal Reserve is set to continue with the second round of its quantitative easing programme as it is not convinced by the signs of improvement in the US economy. According to the Fed minutes from December 14, 2010, the Fed did acknowledge the improving outlook but said the $600bn programme would continue with “the […]


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