Bank Savings Guarantee Increase Demands

Published / Last Updated on 30/09/2008

Bank Savings Guarantee Increase Demands

There is increasing pressure on the UK Government to increase the protection offered by the Financial Services Compensation Scheme from £35,000 per person per banking institution to £50,000 following the Irish Government’s move last week to guarantee deposits 100% and the potential moves in the US to guarantee deposits up from $100,000 to $250,000.

The move in Ireland has been well received by the people but is not popular throughout the rest of Europe as it is seen to contravene European law on state protection and possibly giving Irish Banks a distinct advantage.

This puts he government in a difficult given that our protection system is funded by the finance industry by subscription i.e. we pay in, whereas overseas they are offering government protection.

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