This is additional material for the non sterling depositors who have applied / want to apply for the EPS. It shows how much money are lost due to the October 9, 2008 FX date.
| Attachment | Size |
|---|---|
| EPS Variance on FX.pdf | 75.56 KB |
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EPS Variance based on FX rate
This was raised yesterday under another post.
We are unsure exactly, but believe that the rate used for the EPS payment will only be relevant if the value of your non sterling deposit is close to the £10,000 mark.
If you have more than £10,000 irrespective of which exchange rate is used them IOMG will recover £10,000 from your account under either liquidation or SOA at the rate used by these schemes.
If you have close to £10,000 they will decide how much to pay you under EPS2 based on a rate of the 9th October.
You will then recover the balance under the other schemes when decided and at there exchange rate.
Thats is the current thinking anyhow.
eg: $17,000 under EPS2 would not get you a full £10,000 payout now using there rate but the extra would be returned under liquidation/SOA , you would receive $17,000 coverted at 9/10/08 rate for the time being.
$170,000 is more than £10,000 under any exchange rate so you get this from EPS2 and they then recover £10,000 from your account once converted under SOA/liquidation rate, so the EPS2 rate has no relevance.
We could do with clarifying this issue though