Britain launches deposit insurance program review to boost confidence in banks

April 20, 2023April 19, 2023 Nordstrom

The Bank of England is looking into whether “improvements” need to be made to the program. The Bank of England (BoE) has stated that it is currently considering making “improvements” to the deposit insurance program that currently protects depositors who are customers of smaller banks. The coverage allows depositors at smaller banks to recover the money in their accounts if those banks fail. The country’s central bank has not yet released any details regarding what part of the deposit insurance program it is examining or what it is considering changing.…

Insurance news reports suggest $1-$1.5 billion in losses from Tianjin explosions

August 18, 2015November 6, 2016 Julie Campbell

These reports are based on the blasts that have rocked the Chinese port city and surrounding area. The two sets of explosions that devastated Tianjin, the Chinese port city, and that killed over 100 people, so far, are now making insurance news again as initial estimates are being released that indicated that covered losses will be anywhere from $1 to $1.5 billion. This initial estimate was released by Credit Suisse, based on early media reports from China. Tianjin is no small port. It is the third largest port on the…

FDIC files lawsuit against large banks responsible for small bank closures

May 23, 2012 S.Vagus

Large banks accused of causing the failure of Illinois banks The Federal Deposit Insurance Corp. (FDIC) has filed lawsuits against several large banks this week after seizing control of two smaller banks in Illinois. These banks failed in May of 2009, but the FDIC only recently filed civil suits against the banks once its investigation into the matter came to a conclusion. The lawsuit names Citigroup, JPMorgan Chase, Bank of America, Credit Suisse, Deutche Bank, Royal Bank of Scotland, UBS and HSBC as defendant in the case. FDIC aims to recover…