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Version 2 |
| Bank forced into administration |
Bank forced into administration |
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(about 1 hour later)
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| London Scottish Bank has gone into administration after the Financial Services Authority stepped in to stop it accepting deposits. | London Scottish Bank has gone into administration after the Financial Services Authority stepped in to stop it accepting deposits. |
| The FSA acted because the Manchester-based firm did not have the amount of cash it needed to continue operating. | The FSA acted because the Manchester-based firm did not have the amount of cash it needed to continue operating. |
| HM Treasury issued a statement saying that all retail depositors would get their money back, even those with more than £50,000 in their accounts. | HM Treasury issued a statement saying that all retail depositors would get their money back, even those with more than £50,000 in their accounts. |
| Officially, only the first £50,000 is supposed to be protected. | Officially, only the first £50,000 is supposed to be protected. |
| The accountancy firm Ernst & Young has been appointed as the administrator. | The accountancy firm Ernst & Young has been appointed as the administrator. |
| In February, London Scottish announced it was ending its lending business to focus on its debt collection unit, Robinson's Way. | In February, London Scottish announced it was ending its lending business to focus on its debt collection unit, Robinson's Way. |
| It specialised in council right-to-buy mortgages and those for high-rise flats. | It specialised in council right-to-buy mortgages and those for high-rise flats. |
| London Scottish had been looking for a buyer for the group, but said there was no certainty that its discussions would lead to an offer being made. | London Scottish had been looking for a buyer for the group, but said there was no certainty that its discussions would lead to an offer being made. |
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