Financial Times FT.com

War for deposits

Published: October 2 2008 09:36 | Last updated: October 2 2008 23:11

When bankers start moaning about unequal opportunities, hollow laughter is often the automatic response. It is also sometimes the appropriate one.

Current grievances over state support for bank deposits, expressed most vocally by the British Bankers’ Association, may seem legitimate. There is already evidence that savers have beaten a path to Ireland since the government, fearing a run on at least one of its banks, said on Monday it would protect deposits placed with the six largest lenders. Greek banks may experience a similar uplift, following Thursday’s pledge of a blanket guarantee.

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