‘Saver can forget about 100% deposit guarantee’, said Brown who at the same time blamed the Irish government, which does offer the guarantee, for pulling depositors money out of the UK.
Let me teach our ex-financial genius some facts. Like it or not, this is the reality of free-trade capitalist markets. When people don’t like what you offer they go somewhere else. For years we have been trying to achieve just that, as it was in our favour. Now it’s our turn to feel the other side of the stick. No foreign government is to be blamed, because if we could we would have done just the same. Again.
technomist
Gordon Brown thinks it won't hurt him voted because most people in the UK do not have 50K as cash in the bank. They invest in property and have been encouraged to invest in share ISAs or NS&I. Its actually very easy to split cash deposits between more than one bank in the UK.
The joke about the Irish offer is that they are guaranteeing not just the depositors, but the bond holders and the shareholders. The potential liability is three times the Irish GDP: so in fact, if Ireland ever does have to put its money where its mouth is and their 'system' comes tumbling down, there is a good chance people could lose two-thirds of their money.