{"id":7349,"date":"2023-03-15T08:57:59","date_gmt":"2023-03-15T08:57:59","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=7349"},"modified":"2023-05-19T11:41:34","modified_gmt":"2023-05-19T11:41:34","slug":"well-revolut-that-to-you","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2023\/03\/15\/well-revolut-that-to-you\/","title":{"rendered":"\u201cWe\u2019ll Revolut that to you\u201d"},"content":{"rendered":"

If there\u2019s one country where Revolut is an indispensable part of the payments landscape, it\u2019s the Republic of Ireland. But Revolut\u2019s Irish success comes at the expense of uncertainty regarding the protection of client funds.<\/p>\n

Revolut is a hit in Ireland<\/strong><\/p>\n

\u201cIn Ireland people say, \u2018We\u2019ll Revolut that to you\u2019 because it\u2019s the quickest and cheapest way to move money,\u201d an Irish payments expert told me last week.<\/p>\n

Faster payments schemes, usually operated by central banks, more or less eliminate settlement risk: the whole payments process, from the transmission of the payment message to the arrival of funds in the payee\u2019s account, occurs in real time and 24\/7.<\/p>\n

\u201cIt\u2019s the quickest and cheapest way to move money\u201d<\/p><\/blockquote>\n

At the latest count<\/a>, 55 countries have faster payments schemes. But Ireland doesn\u2019t and Revolut is filling the gap: the country has seen over 3.5 million downloads of the financial technology (fintech) firm\u2019s app, according to Statista.<\/p>\n

Revolut downloads by country (Feb 2023, Statista)<\/em><\/p>\n

\"\"<\/p>\n

When compared to Ireland\u2019s 5 million population, this represents the highest penetration rate for Revolut in any single country. Revolut has more than doubled its Irish client base in less than a year.<\/p>\n

It also now claims over 25 million retail users worldwide, up from 1.5 million in 2018, as well as over 500,000 business users.<\/p>\n

Legal manoeuvring<\/strong><\/p>\n

But the payment app\u2019s rise to prominence in Ireland has involved some complex legal manoeuvring, with implications for the way Irish clients\u2019 money is protected.<\/p>\n

Initially, Revolut operated in Ireland under a \u2018passported\u2019 UK e-money licence<\/a>, obtained in 2018 from the Financial Conduct Authority.<\/p>\n

This left Revolut\u2019s Irish clients\u2014like its UK ones\u2014reliant on the \u2018safeguarding\u2019 procedures for client money at UK electronic money institutions<\/a> (EMIs).<\/p>\n

As EMIs are not banks, they do not offer deposit insurance. Safeguarding is an approach whereby customer funds are supposed to be kept separate from the financial product provider\u2019s own money at all times.<\/p>\n

Brexit meant that, from the end of 2020, Revolut\u2019s UK\u2019s e-money licence could no longer be passported to Ireland. So during that year the firm said it was migrating its Irish customers to a Lithuanian entity<\/a> with a Lithuanian e-money licence.<\/p>\n

This move would be temporary, though, Revolut said.<\/p>\n

\u201cOur plan is that once the business in Ireland is authorised by the Central Bank of Ireland, we will migrate our Irish Revolut customers to the Irish entity and, in due course, many of our other western European customers,\u201d the firm said in October 2020<\/a>.<\/p>\n

Revolut got an Irish e-money licence in December 2021<\/a>, having waited a year and a half. But in the same month Revolut extended and supplemented a banking licence it had earlier obtained in Lithuania<\/a>.<\/p>\n

And in February 2022 the fintech said it was going to migrate its Irish clients again, this time to Revolut Bank UAB, that Lithuanian banking entity.<\/p>\n

As a result of these legal changes, anyone with a Revolut account in Ireland is now a client of the Irish branch of a Lithuanian bank.<\/p>\n

The same applies to Revolut clients in Belgium, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Lichtenstein, Luxembourg, Netherlands, Poland, Romania, Spain and Sweden.<\/p>\n

UK-based Revolut users remain clients of the local e-money institution, Revolut Limited.<\/p>\n

Revolut users in the US have a relationship with Revolut Technologies Inc., a technology services provider. This firm is the administrator of a Visa card program issued by a separate entity, Metropolitan Commercial Bank.<\/p>\n

On Monday this week, Metropolitan Commercial Bank\u2019s share price fell by 44 percent<\/a> amidst a rout in US regional bank shares following Friday\u2019s insolvency of Silicon Valley bank. Metropolitan Commercial’s share price recovered on Tuesday but is still down 41 percent this year.<\/p>\n

If you\u2019re unsure which Revolut entity you\u2019re dealing with, check the small print at the bottom of the Revolut website in your own country.<\/p>\n

What happens in the case of bank insolvency?<\/strong><\/p>\n

If Revolut\u2019s Lithuanian bank (Revolut Bank UAB) were to become insolvent, the fintech\u2019s Irish clients would have to turn to the Lithuanian state deposit insurance fund<\/a> to get back any money they had on their cards.<\/p>\n

According to the firm<\/a>, the Lithuanian insurance fund promises to guarantee individual deposits of up to \u20ac100,000 and to pay compensation for deposits at a failed bank within ten working days.<\/p>\n

But is this promise reliable? According to Hungary\u2019s central bank, it\u2019s not.<\/p>\n

On Monday the Hungarian National Bank (HNB) published a press release<\/a> urging Revolut to set up a subsidiary in Hungary, where it would be subject to local regulations and capital requirements, rather than passporting its services into the country from the Lithuanian bank. The HNB made a similar request last year.<\/p>\n

The HNB referred to Revolut’s recently qualified accounts, saying:<\/p>\n

“According to British and domestic press reports published in recent days, Revolut Ltd.’s auditor indicated that there is a risk that the British company’s 2021 income statement contains material errors. The lack of auditor approval of the data in the company’s books is considered a significant risk element for any economic company, but especially for a multinational financial institution.”<\/p>\n

Hungary\u2019s central bank also said that Revolut had put Hungarian clients in a disadvantageous position.<\/p>\n

\u201cShould a Hungarian customer incur any settlement, consumer or deposit insurance problem, he may essentially seek legal remedy in connection with the dispute only in Lithuania (subject to international arbitration procedure), presumably in Lithuanian or English,\u201d the HNB said<\/a>.<\/p>\n

The central bank said that Hungarian customers would be better off if they could fall back in an emergency on their own country\u2019s deposit insurance scheme\u2014something that would happen automatically if Revolut set up a local banking subsidiary.<\/p>\n

Hungary\u2019s central bank says it\u2019s not against new fintech innovations that enable simpler, cheaper financial services, \u201cbut only if they guarantee financial stability and customer safety\u201d.<\/p>\n

the fund does not have agreed credit lines in place<\/p><\/blockquote>\n

Lithuania\u2019s insurance fund\u2014operating out of a country with a 2.8 million population\u2014also underwrites the deposits of Revolut Bank UAB\u2019s customers in Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Lichtenstein, Luxembourg, Netherlands, Poland, Romania, Spain and Sweden\u2014where aggregate downloads of the app have now exceeded 20 million.<\/p>\n

According to the European Banking Authority<\/a>, the Lithuanian fund held \u20ac153m at the end of 2021, 0.8 percent of the total insured deposits covered by the scheme. The deposit insurance fund is funded by a levy on local banks, including Revolut<\/a>.<\/p>\n

As at March 2023, the fund’s size had grown to \u20ac287m. However, the EBA said, the fund does not have agreed credit lines in place and would need to borrow from other countries\u2019 deposit guarantee schemes, the Lithuanian government or commercial banks if it got into trouble.<\/p>\n

Home\/host supervision<\/strong><\/p>\n

In 2008, the failure of Icelandic bank Landsbanki<\/a>, showed the inherent weakness of a reliance on supervision in a single home country for a financial institution operating cross-border.<\/p>\n

Landsbanki had marketed high-interest online savings accounts under the name \u2018Icesave\u2019 in the UK and the Netherlands, using a branch network to do so, rather than separately capitalised subsidiaries.<\/p>\n

The bank\u2019s collapse forced governments in both the UK and the Netherlands to intervene and guarantee their citizens\u2019 lost deposits in full.<\/p>\n

In 2014, the Bank of England outlined a new supervisory regime<\/a>, under which foreign banks operating in the UK market would generally have to operate as subsidiaries, putting them on the same footing as banks that are run from Britain. It\u2019s this approach that\u2019s now being called for by Hungary\u2019s central bank for Revolut.<\/p>\n

During the recent collapse of Silicon Valley bank, the existence of the bank\u2019s UK operations as a separate subsidiary enabled British authorities to organise a rapid sale of SVB UK<\/a> separate from the insolvency proceedings taking place in the US.<\/p>\n

After a week in which three US banks failed, there are likely to be many new questions about the safety of client money.<\/p>\n

Revolut\u2019s spectacular success in Ireland shows how quickly new payments technology can take root. But the complex cross-border exposures involved in the company\u2019s expansion show that these questions are hard to answer with any certainty.<\/p>\n

*Article updated after publication to include Hungarian central bank’s comment about Revolut’s qualified accounts<\/em><\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from New Money Review<\/em><\/span><\/p>\n

Revolut blocked large Friday withdrawal, says VC firm<\/a><\/p>\n

No clarity on Revolut safeguarding<\/a><\/p>\n

Silicon Valley bank run depegs USDC<\/a><\/p>\n

Revolut faces an existential choice<\/a><\/p>\n

How safe is e-money?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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