
The Bank of England is considering a major overhaul of its deposit guarantee scheme, including boosting the amount covered for businesses and forcing banks to pre-fund the system to a greater extent to ensure faster access to cash when a lender collapses.
The UK’s Financial Services Compensation Scheme is being urgently reviewed after the rapid failure of Silicon Valley Bank last month, when billions were withdrawn in panic from SVB’s UK subsidiary overnight, people briefed on the BoE’s thinking told the Financial Times.
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