0 minute readDepositors in the United Kingdom (UK) could lose money if their bank fails, under proposals by one of Britain’s most prominent banking chiefs. Peter Sands, chief executive of Standard Chartered, said that people with savings above any sum guaranteed by law — £50,000 [US$71,731] in the UK — should be hit with other providers of capital if a bank fails. Sands aired the idea yesterday when Northern Rock, which was nationalized in 2008, lifted a guarantee on deposits put in place in September 2007 by Alistair Darling to stop a run on the bank.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio