Northern Rock Guarantee
Published / Last Updated on 09/02/2010
Northern Rock 100% Guarantee to be Removed
by Ashley Clark, Director
A Government report has suggested that in order to make the nationalised bank Northern Rock viable for sale this year, the 100% savings guarantee will shortly be removed.
Savers have benefited from a 100% savings guarantee since the bank was nationalised in 2008, to generate confidence. The report suggests that the guarantee will be removed before Northern Rock publishes its annual report on 10 March.
When the 100% guarantee is removed investors will have 3 more months of the guarantee but will then fall upon the Financial Services Compensation Scheme, which guarantees up to £50,000.
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