Wednesday, 10 June 2009

FSCS will continue to penalise sound small building societies

In the wake of the Icelandic banking crash, and that of building-societies-turned-speculators, I added my signature to a petition calling for the Financial Services Compensation Scheme to be recast. As you will see, no concessions at all have been made by the government.


Anonymous said...

Cllr Little

I understand that the Icelandic Banks have been bailed out by the UK government, specifically in the light that NPTCBC had some £20million in one of the Icelandic Banks. One assumes that the £20 million came from Council Tax payers, and the money the UK government used to bail out the Icelandic Banks so they can pay the Local Authorities comes from Ordinary Tax payers, so we pay for NPTCBC to have money in the bank TWICE??

Frank H Little said...

The bail-out you refer to was to protect small savers, I believe. The NPT deposits are different.

We should be receiving an update on the local authority situation shortly.