London Scottish Bank files for protection
Posted on: Monday, 1 December 2008, 08:06 CST
London Scottish Bank filed for court protection Monday after the Financial Services Authority declared it could no longer accept deposits.
The British Treasury claimed all of the bank's retail accounts would be covered.
The Chancellor (of the Exchequer) has put in place arrangements to ensure that all eligible retail depositors in London Scottish Bank will receive their money in full, including those with balances above the current $74,960 FSCS (Financial Services Compensation Scheme) limit,
the Treasury said in a statement.
The bank, which specializes in making loans to people with poor credit histories, has about 10,000 depositors and 700 employees, The Times of London reported.
The firm Ernst & Young was put in charge of overseeing the bank's operations.
London Scottish Bank's unsecured consumer credit program lost $33.5 million last year, The Times reported.
Source: United Press International
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