Tuesday, Sep 25, 2007
Britain's deposit protection scheme currently holds funds of just £4.4m, it emerged yesterday as banks warned that consumers face sharp price rises to pay for the Chancellor's plans to offer a £100,000 guarantee
independent.co.uk: Only £4.4m left to protect UK's bank deposits
The Financial Services Compensation Scheme took control of a £9m fund from its predecessor scheme but that has been gradually whittled down through payouts to depositers with collapsed credit unions.
The scheme's meagre resources are in stark contrast to America's Federal Deposit Insurance Corporation which has a $49bn (£24bn) fund and the power to take control of the deposits of failing banks.
Posted by chris @ 02:23 AM (119 views) Add Comment
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