![]() ![]() “We have had no concerns from our customers,” a spokesperson for Metro Bank said. Several British banks focused on retail products such as consumer savings said they had seen no change in customer behavior since the collapse of SVB, adding that the vast majority of customer balances sat well below the 85,000 pound government guarantee and were therefore protected. Revolut’s customers in the EU are protected by the euro zone’s 100,000 euro guarantee, the spokesperson said. The company – which has applied for a banking license in Britain but is not yet protected by the government’s deposit guarantee – said it was not able to share figures for this week. Article contentĭigital banking platform Revolut saw a 5% increase in new sign-ups from businesses, particularly larger companies, last week compared to previous weeks, and a “substantial increase” in overnight balances, a spokesperson said. This advertisement has not loaded yet, but your article continues below. That means SVB UK’s customer deposits are safe and their loans supported, HSBC’s top bosses have said.īut the collapse of the Californian bank has drawn additional scrutiny of the safety of uninsured deposits above an 85,000 pound guarantee granted to licensed banks in Britain, particularly for businesses, as they are more likely to have larger deposits. The British government and the Bank of England have said the country’s banking system is safe, sound and well capitalized, while the UK arm of SVB was rescued by Europe’s largest bank HSBC on Monday. SVB’s failure has roiled global markets over the past week, with contagion concerns spreading to Swiss lender Credit Suisse, forcing the country’s central bank to shore up its liquidity on Thursday in a move that brought some respite. The next issue of Financial Post Top Stories will soon be in your inbox. ![]() If you don't see it, please check your junk folder. ![]()
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