Brexit vote sparks rush to secure gold and cash in Glasgow

The owner of a safe deposit vault in Dublin said new clients from Northern Ireland had trebled in recent weeks amid uncertainty surround Brexit.

 

Séamus Fahy, founder of Merrion Vaults at Merrion Square in the city said fears over the UK’s exit from the European Union and the impact of negative interest rates across were driving factors behind the growth.

 

He said there was increased demand for safe deposit boxes to store cash and gold at the Merrion Vaults and another facility in Glasgow in recent weeks.

 

“However, following the referendum result favouring Britain to leave the EU, we are inundated with calls from new clients in Northern Ireland who are either storing cash in the vaults or investing in gold,” he added.

 

“The bank service charges cost more to keep the cash in bank accounts compared to putting the cash in safe deposit boxes.”

 

Among fears to arise from the shock outcome of the EU referendum was a possible lowering in interest rates – already at a historic low of 0.5 per cent in the UK.

 

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Brexit vote sparks rush to secure gold and cash in Glasgow

NICOLA STURGEON MSP OFFICIALLY OPENS SCOTLAND’S FIRST SAFE DEPOSIT BOX SERVICE

Nicola Sturgeon MSP has officially opened Scotland’s first independent safe deposit box service in Glasgow.

Based in the city’s southside, Glasgow Vaults has been introduced in response to the major banks withdrawing the service that safeguards people’s valuable possessions.

The venture is being led by David Walsh and Seamus Fahy, who have invested in the region of £1m equipping the vault with the latest state-of-the-art surveillance technology, including seismic shock sensors, 24/7 monitoring and biometric identification technology.

Employing five staff, the Glasgow facility is part of a strategy to expand the model across the UK and Ireland, following the successful launch of its first site in Dublin in 2013. The business is expected to grow its staff numbers in Glasgow to 15 by the middle of 2017.

Speaking at the officially opening today, Friday 19^th, Nicola Sturgeon, the MSP for Glasgow Southside, said: “………………..”

 

Seamus thanked the MSP for her attendance, as he revealed that Glasgow Vaults is already growing a strong customer base with both homeowners and the local business community.

He said: “Firstly I would like to thank Nicola Sturgeon MSP for her attendance and support as we launch a new service in Scotland, it is very much appreciated.

“We launched in Dublin three years ago, very much in response to demand from people who had either lost confidence in the banking system or were looking to keep possessions safe amidst rising crime figures.

 

“The business has delivered consistent growth and we have been exploring opportunities to grow our footprint across other UK regions.

“After considerable due diligence we identified Scotland as a key growth region, mainly due to the fact that the banks no longer offer the service and there are no other providers in the market place.

“We have already witnessed a strong demand for our service with homeowners and the business community, and our client footprint stretches as far as Aberdeen, where oil & gas workers are keen to keep their valuables safe when working offshore.”

Typical items stored in a safe deposit box include cash, jewellery, family heirlooms, gold bullion, Title Deeds for a property, memory devices, watch collections and passports.

With latest Police Scotland figures showing that there were 20,607 reported housebreakings in Scotland in 2014/15, Seamus expects demand for the service to grow.

 

To meet this demand, Glasgow Vaults has in the region of 10,000 boxes, which come in ten different sizes and start from £150 a year. Client have unlimited access seven days per week and there is no appointment necessary.

Seamus added: “While crime overall is falling, figures show that housebreakings remain high and thieves are certainly becoming more and more sophisticated in their efforts to target properties – making it vital for individuals and business owners to safeguard their valuables and money.

“Complete peace of mind can only be given through the use of a safe deposit box, which is why an increasing number of people across Scotland are turning to us to provide a convenient and affordable way to protect valuable possessions.

“We have built in capacity to meet this increasing demand and will grow our staff numbers to ensure we provide a comprehensive and personal service to our customers.”

The vault is open 362 days a year, and was designed in partnership with security consultants working on behalf of insurer Lloyd’s of London.

NICOLA STURGEON MSP OFFICIALLY OPENS SCOTLAND’S FIRST SAFE DEPOSIT BOX SERVICE

Safe deposit box provider locks down Glasgow deal

What is being billed as “Scotland’s first independent safe deposit box service” has been launched following an investment of more than £1 million.

Glasgow Vaults said it had made the move in response to the major banks withdrawing the service that safeguards people’s valuable possessions.

The venture is being led by David Walsh and Seamus Fahy, who have invested in equipping the vault with state-of-the-art surveillance technology, including seismic shock sensors, making a Hatton Garden-style heist impossible, it has been claimed.

Employing five staff, the Glasgow facility is part of a strategy to expand the model across the UK and Ireland, following the successful launch of an initial site in Dublin, in 2013. The business is expected to grow its staff numbers in Glasgow to 15 by the middle of 2017.

Fahy said: “We identified Scotland as a key growth region, mainly due to the fact that the banks no longer offer the service.”

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Read more: http://www.scotsman.com/business/companies/retail/safe-deposit-box-provider-locks-down-glasgow-deal-1-4023675

Safe deposit box provider locks down Glasgow deal

Banks No Longer Offering Safety Deposit Boxes in Scotland

Many banks have stopped offering safety deposit boxes in the recent past. This has been going on in Scotland and all over the world as more and more banks withdraw the service completely. People who rely on these boxes to keep their valuables safe have been left with few options in ensuring their items are safe and protected.

 

Safe deposit facilities have been used in storing valuables for many years. Some items most commonly stored include legal documents, cash, artwork, or jewellery. It is a much safer method for keeping expensive items as the boxes, or lockers, are kept under 24 hours CCTV surveillance and behind vault doors. Clients are given a set of keys, or sometimes a swipe card, and can easily access their boxes when they want, during the working hours of the facility.

There has been a push by banks to make people put their wealth into cash, and the cash put into banks in the form of deposits. In this effort, they are assisted by many of the world’s governments, which have been rapidly increasing the level of legislation that controls what individuals and companies are allowed to do with their own wealth.

 

The banks are saying that the cost of operation for safe deposit boxes is high, and they have to do away with them. There has been an increasing demand for this service from the public as Banks leave them with no secure custody facilities. There have been some banking institutions that have stopped the service for new clients but continue to cater for already existing clients. Many banks have already reduced or completely removed their safe deposit services. Most of the banks are saying that the service is not their core businesses and have started considering it an ‘irritant’.

 

Although there is a freedom to have anything in the box customers will have to sign a document stating that it does not contain anything illegal like drugs, laundered money or guns. The contents should also be covered by the customer’s home insurance policy or the facility’s block insurance policy.

 

One surprising thing for many people is the speed in which the banks have curtailed or totally withdrawn offering this service. There are a number of banks that have given their clients a timeline to withdraw their valuables and seek alternative options.

 

There is also another theory as to why banks have withdrawn the service. There has been a lack of confidence in the financial sector and more customers have started switching to private sector safe deposit providers. This has seen many solicitors storing important documents such as trusts, wills or house deeds with such companies.

 

People have limited alternatives to safe deposits by the banks. There are a number of private companies offering this type of service, but their pricing varies widely. They are more expensive than the banks, but they offer a purpose-built service.

 

The demand for safety deposit boxes will continue to rise, and more alternatives will continue to come with time.

Banks No Longer Offering Safety Deposit Boxes in Scotland

Top Tips for Insuring your Valuables and how to Reduce your Insurance Premiums.

Being the victim of a burglary can be a very stressful time in a persons life. As a jeweller (Voltaire Diamonds), I am constantly asked for advice on insuring Jewellery and other valuables stored at home. I hope this blog offers some practical advice that will help you avoid the many pitfalls associated with home contents insurance.

 

As we all know insurance companies like all other companies are in the business of making profits for their shareholders. In the event of a loss or theft of your valuables, the insurance company will employ the services of a Loss Adjuster. The sole purpose of the loss adjuster it to reduce as much as possible the amount the insurance company has to pay out in the event of an insurance claim.

 

CSO statistics for last year showed a rise in the number of burgalries to 27,000 in Ireland. Secure your own Peace of Mind with MerrionVaults from only €199 per year.

Independent Insurance Valuations

In recent times there has been an increase in fraudulent claims due mainly to the harsher economic environment we are currently experiencing. As a result of these fraudulent claims, most insurance companies now replace the item that has been lost or stolen and do not write a cheque for the insured value of the item. It is therefore imperative that you have an accurate up to date description of all valuables that are specified on your insurance policy. I recommend that you have your valuables assessed every two years by a registered valuer and provide these to the insurance company. The valuer will provide you with a comprehensive report which includes an accurate description and images of the item. Therefore, in the event of a loss, the insurance company has to replace the item exactly as described in the independent valuation report. Bear in mind that an accurate up to date valuation also protects you in the event the item has increased in value over the years. Eg Gold prices have risen substantially in last 10 years. You do not want to be underinsured! The only time an Insurance company will generally offer a cash settlement is when the item is underinsured.

Terms and Conditions of Insurance Policies – The Small Print!

Check the small print on your insurance policies. Does the policy cover the valuables when outside the home? Does the policy cover the items when at home but not being worn or in a home safe? Does the policy cover cash stored at home? If you travel abroad, are the items insured? These are all questions you need to ask your insurance provider.

I recently heard of a case where a house was burgled during the day. The victim was upstairs at the time and had left her engagement ring on the kitchen table. The ring was stolen and the insurance company refused to compensate the victim. Why? Because her insurance policy only covered the engagement ring when it was being worn or in a home safe. My advice is to consider an All Risks Policy that covers you against such an eventuality.

Reducing your Insurance Premiums

We now have several clients in Merrion Vaults who have reduced their home contents insurance premiums by storing their valuables in one of our Safe Deposit Boxes. For example, if you have several pieces of jewellery and do not wear them all at once, consider storing the items you do not wear with us. By informing your Insurance company of this, the likelihood is they will reduce your premium.

In many cases, storing your valuables with Merrion Vaults will result in your home contents premium reducing by more than the cost of the Safe Deposit Box. Result is a net saving and Peace of Mind.

If you are interested in a Safe Deposit Box with Merrion Vaults please contact us on 01-2547900

Séamus Fahy

Director

Top Tips for Insuring your Valuables and how to Reduce your Insurance Premiums.