Up from £35K guarantee. An important point identified by the BBC: "At the moment, customers are only covered for one account under each banking licence so if you have two accounts with banks that are owned by the same parent company you will only have a total of £50,000 guaranteed". Joint accounts are covered for double.
Payments are made through the Financial Services Compensation Scheme (FSCS). Banks outside EU are also covered since they contribute to the scheme as well.
US bank Wells Fargo will buy rival Wachovia in a $15.1bn (£8.5bn) deal, spoiling an earlier proposal for a Wachovia-Citigroup takeover.
On the recent $50bn BoA-Merrill deal, Ken Lewis commented on the future for Merrill's. "Merrill was paying typical Wall Street pay. Their staff people were making a lot more than our staff people. That won't last. We intend to pay market instead."
The most historical intervention of the US government in the economy since the Great Depression happened today as the Senate-amended bailout is passed. FedReserve Chairman Ben Bernanke said he welcomed the news. Could this be the start of the end of the worst financial storm since 1929?
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