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Could the money ever run out?
dandy-candy
Posts: 2,214 Forumite
I know (at least hope) it isn't likely to happen, but if all the major banks/building societies came unstuck this year could the goverment afford to support them all? If any were actually allowed to go bust would the FSCS have the funds to give everyone their guaranteed £50k back? Is there really that much money waiting in the wings or could it all go horribly wrong?
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Comments
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I dont think it would be unmanageable, it would simply mean every (or a lot) of Banks being nationalised, i.e the tax payer being responsible..
The only case it would become serious is if a significant proportion of depositors withdrew all there savings at pretty much the same time !! It would be a bit like that illustration of all the chinese jumping off there beds together & causing the earth to shift its orbit .. or something like that
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