Deposit Protection Unit Closes Book On 2008 Banking Crisis

Law360, London (September 22, 2020, 9:03 PM BST) -- The Financial Services Compensation Scheme has received the final recovery payment from the 2008 banking crisis, as it wraps up its work from an era when economies crashed and banks dramatically collapsed.

The FSCS, which can pay account holders their money back if a bank fails, said it has received the payment through the administration of Heritable Bank, one of five banks that failed during the crisis.

"The financial crisis of 2008 saw the unthinkable happen: Long-established banks that were household names collapsed overnight. … FSCS protected these customers by transferring their accounts or paying them compensation," the FSCS said....

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