FSCS pays out £21bn in 6 months to UK savers
July 31, 2009 by James Hale · Leave a Comment
UK savers suffering from a spate of bank collapses received more than £21
billion in compensation in just six months as the banking crisis deepened.
The Financial Services Compensation Scheme (FSCS), which pays out up to
£50,000 to savers if a bank goes under, said in its annual report this
evening that it paid out the astronomical sum in the six months following
the collapse of US investment bank Lehman Brothers in September, as the
global financial crisis started to hit UK savers. It had to compensate a
total of 3.5 million bank accounts.
In the previous seven years, the scheme, which is run by the Financial
Services Authority, had paid out just £1 billion.
ING bank accepts €10bn Dutch cash injection
October 28, 2008 by admin · Leave a Comment
ING, the Dutch savings bank which has more than a million savers in the UK, is to get a €10bn capital injection from the Netherlands authorities, the latest bank to be affected by the global credit crisis.
ING is the Netherlands’ largest listed bank, with 85m customers worldwide, and is one of the world’s top 20 financial institutions. It operates under its own name in this country, and recently took control of 180,000 accounts from failed Icelandic banks Kaupthing Singer & Friedlander and Heritable Bank.
