Bank of England considers bolstering protection for savers
by Kalyeena Makortoff Banking correspondent from on (#6ARGY)
Governor reveals review of payout policy after failures of Silicon Valley Bank and Credit Suisse in March
The Bank of England is considering raising the amount of savers' money that is guaranteed if their bank goes bust, after a crisis of confidence that led to the failures of Silicon Valley Bank and Credit Suisse last month.
Its governor, Andrew Bailey, said the Bank was considering improvements" to the way customers of smaller lenders were paid out in the event of a collapse, after the US announced it was reviewing its own deposit insurance scheme.
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