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The government has said that it will guarantee all deposits held by the embattled Northern Rock bank.The pledge by Chancellor Alistair Darling is an attempt to reinforce confidence in the beleaguered firm.More than £2bn has been withdrawn by customers since the bank applied for emergency funding from the Bank of England last week.Northern Rock shares were 40% down at one point on Monday and ended 35.4% lower as fears grew for its future.Banks are already covered by the Financial Services Compensation Scheme which protects 100% of the first £2,000 in any bank account and 90% of the next £33,000 - giving a maximum payout of £31,700 if a bank did go bust.Source
The government has said that it will guarantee all deposits held by the embattled Northern Rock bank.
The pledge by Chancellor Alistair Darling is an attempt to reinforce confidence in the beleaguered firm.
More than £2bn has been withdrawn by customers since the bank applied for emergency funding from the Bank of England last week.
Northern Rock shares were 40% down at one point on Monday and ended 35.4% lower as fears grew for its future.
Banks are already covered by the Financial Services Compensation Scheme which protects 100% of the first £2,000 in any bank account and 90% of the next £33,000 - giving a maximum payout of £31,700 if a bank did go bust.
Source
