If you deposit money into a savings account with any of the above organisations you can sleep easily at night knowing that not one of these organisations have gone into liquidation for 150 years. Recently a British building society had problems and was slipping towards liquidation. The Bank of England mounted a rescue operation for the bank and guaranteed all savers that their money was safe and can be withdrawn at any time. This action was necessary by the bank of England as the financial ramification of a financial institution of this kind going bankrupt would have had far reaching consequences.Read more... |
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Last Updated on Saturday, 16 February 2008 01:37 |