Gordon Brown faces intense pressure today to guarantee all bank saver deposits following Germany's surprise back-flip to safeguard 100% of public money.
German Chancellor Angela Merkel moved to shore up public confidence in the country’s banking system last night, after renegotiating a €50bn package to save its second largest commercial property lender Hypo Real Estate. The unlimited guarantee pledge is up from its previous €20,000 protection. The UK Government is being urged to take similar action, with industry heavyweights wanting guarantees for the full £2trn of UK depositor money. From tomorrow, the Financial Services Compensation Scheme safeguards increase from £35,000 to £50,000. Germany, which reversed its earlier decision not t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
