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PRESS DIGEST - Financial Times - July 2

Tue Jul 1, 2008 9:36pm EDT

Wednesday, 2 July 2008

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Financial Times

TREASURY LINES UP PROTECTION FROM BANK FAILURES

The Treasury said on Tuesday that new legislation covering failing banks, depositor protection and financial stability should be on the statute books by February. A new guarantee scheme will see depositors in a failing bank having their first 50,000 pounds covered, compared with only 90 per cent of the first 35,000 pounds under the current system. The Treasury, Financial Services Authority and Bank of England hope to reduce the chances of bank failures with tighter regulation of liquidity and specific powers for the Bank to provide temporary liquidity covertly. It is hoped the plans will help avoid a repeat of the Northern Rock NRK.L crisis.

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