"Fed Proposes Softening "Too Big To Fail" Rules on U.S. Consumers can be reassured that in the event of a future bank or building society failure, FSCS will protect them and ensure that they automatically receive their money back within seven days. ", CNBC. Bank of America had to take on losses related to those companies, including shouldering legal fees associated with Countrywide's questionable mortgage lending practices. Companies deemed "too big to fail" received cash infusions in exchange for stock, commercial bank status, and access to discounted loans from the Federal Reserve. In 2016, investing legends Carl Ichan and John Paulson called for its breakup. The bailouts of 2008 weren't just about the government buying shares, but also about changing the face of banking. The cost to FSCS of Bradford & Bingleys failure alone was 15.65 billion. From the seamless transfer of the accounts of 2.5m savers with Bradford & Bingley to Santander with no changes to their account details or terms to the online claims process developed specifically for more than 200,000 retail savers with Icesave. >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe. FSCS has also repaid the government in full for the money borrowed in 2008 to fund the payments made. Get this delivered to your inbox, and more info about our products and services.
Following the financial crisis, "too big to fail" put additional regulatory requirements on 44 banks with more than $50 billionin assets. Henry Paulson served as the 74th U.S. Secretary of the Treasury and gained international notoriety for his solution to the financial and mortgage crisis in 2008. The inherent weakness of the banks led to the development of stock and other securities markets that were far more robust than Canada's and to the rise of other intermediaries -- the so-called shadow banking system -- that were overseen by a patchwork of regulators. ", CNBC. Even before the pandemic, the company was having a tough time. The New York Times. Investopedia does not include all offers available in the marketplace. (NBER Working Paper No. ", Bank of America. However, its assets and deposits continue to steadily grow. Page 38. On top of that, becoming commercial banks has allowed them to tap into the consumer market in a way that they were unable to do before. JPMorgan isn't suffering too much, though. In the end, the government poured more than $180 billion into AIG. All Rights Reserved. 1063 0 obj <> endobj 1085 0 obj <>/Filter/FlateDecode/ID[<2E910C1814A84796ABD29E5D239D2AAE><5D590117FFE14ED8BA6A4F4A8EB681E9>]/Index[1063 37]/Info 1062 0 R/Length 104/Prev 732512/Root 1064 0 R/Size 1100/Type/XRef/W[1 2 1]>>stream Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or )? That led to constitutional disputes, an on-again-off-again national bank, and a dual system of federal- and state-chartered banks that were smaller, geographically confined, and thus more exposed to local economic conditions. All Rights Reserved. "American Gross Profit 2006-2020 | AIG. ", CNBC. hbbd``b`>$ H "$$XV Hh wAa@b=JGY,b`$ Q endstream endobj startxref 0 %%EOF 1099 0 obj <>stream Data is a real-time snapshot *Data is delayed at least 15 minutes. How Do Investors Lose Money When the Stock Market Crashes? A Division of NBCUniversal. We also reference original research from other reputable publishers where appropriate. For more than a century, the Canadian system has proven itself far more stable than its U.S. counterpart, the authors conclude. Since then we have made, and will continue to make, improvements to our service and systems so we are ready to respond if another major failure should occur. A financial crisis is a situation where the value of assets drop rapidly and is often triggered by a panic or a run on banks. ", Bankrate. "These Are the 15 Largest Banks in the U.S.", U.S. Department of the Treasury. Failed insurance companies who gets involved and what do they do? People Retire Later If They Understand Social Security Better, The 'CAPS' Prediction System and Stock Market Returns, Organ Allocation Policy and Organ Donation Decisions, Deregulation, Consolidation, and Efficiency in the U.S. Nuclear Power Industry. ", The Wall Street Journal. "Ten Years After the Bear Stearns Bailout, Nobody Thinks It Would Happen Again. Goldman Sachs. Earlier in 2018, Congress changed the definition of "too big to fail" to banks with at least $250 billion in assets, reducing the list to 13 banks. ", Business Insider. The financial crisis started with Bear Stearns and Lehman brothers. "Total Bailout Bill: $12.8 Trillion.
Although Canada's economy suffered a collapse equally as dramatic as America's in the 1930s, not one of its banks failed. Starting in the nineteenth century, Canada and the United States took divergent paths: Canada set up a concentrated banking system that controlled mortgage lending and investment banking under the watchful eye of a single, strong regulator. It did struggle during the pandemic, with both revenues and income down in 2020 from 2019. "There were major banking panics in 1837, 1857, 1873, 1893, and 1907, and minor panics in 1839, 1884, and 1890.". NBER periodicalsand newsletters are not copyrighted and may be reproduced freely with appropriate attribution. ", Morgan Stanley. AIG, which received the biggest bailout in history at $180 billion continues to operate today, though is a shell of its former self that is struggling in today's marketplace. With AIG, the infusions came in multiple stages, including a low-cost loan, preferred share purchases, and mortgage-backed securities. Total net income for the year was $11 billion, up from $9 billion the previous year; a 22% increase. Take a look at the failures of 2008 (in chronological order), as measured by total assets and the cost to the FDICs deposit insurance fund. In 2020, the company had $730 million in losses related to the Covid pandemic. We've updated our Privacy Policy, which will go in to effect on September 1, 2022. buy failing financial companies Countrywide Financial and Merrill Lynch, Revisiting the Lehman Brothers Bailout That Never Was, Lehman Brothers Files for Bankruptcy, Scrambles to Sell Key Business, Congress Approves $700 Billion Wall Street Bailout, A Decade After Its Fire-Sale Deal for Bear, a Look at What JP Morgan Got in the Bargain, Ten Years After the Bear Stearns Bailout, Nobody Thinks It Would Happen Again. ", Macrotrends. In Autumn 2008, in the midst of the financial crisis, five financial institutions collapsed affecting over 4.08 million retail bank accounts in the UK. She is the Co-host of Money Tree Investing. While that much money might not have been spent directly, thegovernment essentially offered itself as a backstop to dozens of banks considered essential to the U.S. financial system and economy. FSCS reflects on the 10 year anniversary of the failure of five banks includingBradford & Bingley and Icesave. Sign up for free newsletters and get more CNBC delivered to your inbox. The company used to have a triple A credit rating and now its senior debt has a BBB+ rating. On Sept. 15, 2008, Lehman Brothers, a well-known and respected investment bank, filed for bankruptcy protection after the Bush Administration'sTreasury Secretary, Hank Paulson, refused to grant them a bailout. ", The Financial Times. Investopedia requires writers to use primary sources to support their work. In the [United States] the fragmented nature of the banking system created financial institutions that were small and fragile. In 2020, net revenues increased to $44.5 billion from $36.5 billion the year before. The bank's assets were bought by JPMorgan Chase for $1.9 billion. Reuters. Why Canada Didn't Have a Banking Crisis in 2008, The 2021 Martin Feldstein Lecture: The Taxation of Business Income in the Global Economy, Joshua Angrist, David Card, and Guido Imbens Awarded 2021 Nobel Prize, Summer Institute 2021 Methods Lectures: Causal Inference Using Synthetic Controls and Regression Discontinuity Designs, The Bulletin on Retirement and Disability, Productivity, Innovation, and Entrepreneurship, Boosting Grant Applications from Faculty at MSIs, Conference on Research in Income and Wealth, Early Indicators of Later Work Levels, Disease and Death, Improving Health Outcomes for an Aging Population, Measuring the Clinical and Economic Outcomes Associated with Delivery Systems, Retirement and Disability Research Center, The Roybal Center for Behavior Change in Health, Training Program in Aging and Health Economics, Transportation Economics in the 21st Century, Postdoctoral Fellowships Awarded for 202223 Academic Year, VA Hospital Care Improves Health and Lowers Cost. A bailout is an injection of money from a business, individual, or government into a failing company to prevent its demise and the ensuing consequences. Goldman Sachs is still one of the most powerful banks in the world with an esteemed reputation. ", The New York Times. Seven years later, in 2015, JPMorgan Chase CEO Jamie Dimon said he regretted the decision to buy Bear Stearns, even at the discounted price. The Bear Stearns deal was meant to shore upfinancial markets and promote stability in a system increasingly recognized as unstable since the middle of 2007. Bear Stearns: The Harbinger of Too Big to Fail That Failed, Morgan Stanley and Goldman Sachs: Becoming Commercial Banks, Bank of America: Bailed out to Buy Failing Financial Institutions, Why October Is the Month of Market Crashes. How do banking licences affect FSCS protection?
Lehman Brothers was a global financial services firm whose bankruptcy in 2008 was largely caused byand acceleratedthe subprime mortgage crisis. One important factor, the authors argue, is that from the outset Canada's federal government had the authority to charter and regulate banks while the U.S. Constitution did not specifically reserve that power for the federal government. It is the largest bank in the U.S. in terms of assets at the end of 2020, with just over three trillion dollars in assets. Two tools for this purpose that 2022 National Bureau of Economic Research.
>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Sanderson, Texas Closed: Dec. 12, 2008 Assets: $37 million Cost to FDIC: $12.5 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Duluth, Ga. Closed: Dec. 12, 2008 Assets: $572 million Cost to FDIC: $200 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Jackson, GA.Closed: Dec. 5, 2008 Assets: $237.5 million Cost to FDIC: $72.2 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Pomona, Calif. Closed: Nov. 21, 2008 Assets: $3.7 billion Cost to FDIC: $700 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Newport Beach, Calif. Closed: Nov. 21, 2008 Assets: $12.8 billion Cost to FDIC: $1.4 billion>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Loganville, Ga. Closed: Nov. 7, 2008 Assets: $681.0 million Cost to FDIC: $200 - $240 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Los Angeles, Calif. Closed: Nov. 7, 2008 Assets: $561.1 million Cost to FDIC: $210 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Houston, Texas Closed: Nov. 7, 2008 Assets: $5.1 billion Cost to FDIC: $1.4 - $1.6 billion>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Bradenton, Fla. Closed: Oct. 31, 2008 Assets: $287 million Cost to FDIC: $80 - $104 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Alpharetta, Ga.Closed: Oct. 24, 2008Assets: $354.1 million Cost to FDIC: $158.1 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Eldred, Ill.Closed: Oct. 10, 2008 Assets: $39.18 million Cost: $13 - $14.5 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Northville, Mich. Closed: Oct. 10, 2008Assets: $98 million Cost to FDIC: $33 - $39 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Henderson, Nev. Closed: Sept. 25, 2008Assets: $307 billion Washington Mutual is the largest bank failure in history. Rather than stopping the panic, the deal did little to allay fears, and ultimately more bailouts followed. While there had been market volatility during the preceding months, the fall of Lehman Brothers marks what many consider the beginning of a global financial crisis. For more information callMax Kelly at Hanover Communications on 07590 120 533 or fscs@hanovercomms.com. In the first week of October 2008, our compensation limit was increased twice to reassure consumers during a period of market uncertainty. A more concentrated and regulated financial system may have been slower to innovate, may have been slower to invest in emerging sectors, and may have provided services at monopoly prices.". hb```b``e`e`gb@ !G D&)S The U.S. government did not bailout Lehman and the institution filed for bankruptcy and eventually closed. While in 2008 and 2009 the United States experienced bank failures, bailouts, and the worst recession since the 1930s, Canada had no bank failures, no bailouts, and its recession was less severe than either that of the early 1980s or early 1990s. It's America's second-largest bank. Investment banks Morgan Stanley and Goldman Sachs couldn't get involved with commercial consumer banking until the financial crisis. Some analysts put the real number at $12.8 trillion. #3 Protecting your pension and your future, Supporting our communities this festive season and beyond, We are all vulnerable customers sometimes, Embracing responsible business in 2021/22, The worrying rise in online financial scams, Ready, debt, go: using automation to help our debt management customers, FSCS embraces artificial intelligence to help customers, Approximately 20.4 billion in compensation was paid by FSCS to customers of the five banks, 2.58 billion for Kaupthing, Singer & Friedlander, Approximately 4.08 million bank accounts were protected by FSCS following the failure of the five banks (Please note the below figures do not reflect payments made after 31 March2010), 163,822 for Kaupthing, Singer & Friedlander.
Following the financial crisis, "too big to fail" put additional regulatory requirements on 44 banks with more than $50 billionin assets. Henry Paulson served as the 74th U.S. Secretary of the Treasury and gained international notoriety for his solution to the financial and mortgage crisis in 2008. The inherent weakness of the banks led to the development of stock and other securities markets that were far more robust than Canada's and to the rise of other intermediaries -- the so-called shadow banking system -- that were overseen by a patchwork of regulators. ", CNBC. Even before the pandemic, the company was having a tough time. The New York Times. Investopedia does not include all offers available in the marketplace. (NBER Working Paper No. ", Bank of America. However, its assets and deposits continue to steadily grow. Page 38. On top of that, becoming commercial banks has allowed them to tap into the consumer market in a way that they were unable to do before. JPMorgan isn't suffering too much, though. In the end, the government poured more than $180 billion into AIG. All Rights Reserved. 1063 0 obj <> endobj 1085 0 obj <>/Filter/FlateDecode/ID[<2E910C1814A84796ABD29E5D239D2AAE><5D590117FFE14ED8BA6A4F4A8EB681E9>]/Index[1063 37]/Info 1062 0 R/Length 104/Prev 732512/Root 1064 0 R/Size 1100/Type/XRef/W[1 2 1]>>stream Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or )? That led to constitutional disputes, an on-again-off-again national bank, and a dual system of federal- and state-chartered banks that were smaller, geographically confined, and thus more exposed to local economic conditions. All Rights Reserved. "American Gross Profit 2006-2020 | AIG. ", CNBC. hbbd``b`>$ H "$$XV Hh wAa@b=JGY,b`$ Q endstream endobj startxref 0 %%EOF 1099 0 obj <>stream Data is a real-time snapshot *Data is delayed at least 15 minutes. How Do Investors Lose Money When the Stock Market Crashes? A Division of NBCUniversal. We also reference original research from other reputable publishers where appropriate. For more than a century, the Canadian system has proven itself far more stable than its U.S. counterpart, the authors conclude. Since then we have made, and will continue to make, improvements to our service and systems so we are ready to respond if another major failure should occur. A financial crisis is a situation where the value of assets drop rapidly and is often triggered by a panic or a run on banks. ", Bankrate. "These Are the 15 Largest Banks in the U.S.", U.S. Department of the Treasury. Failed insurance companies who gets involved and what do they do? People Retire Later If They Understand Social Security Better, The 'CAPS' Prediction System and Stock Market Returns, Organ Allocation Policy and Organ Donation Decisions, Deregulation, Consolidation, and Efficiency in the U.S. Nuclear Power Industry. ", The Wall Street Journal. "Ten Years After the Bear Stearns Bailout, Nobody Thinks It Would Happen Again. Goldman Sachs. Earlier in 2018, Congress changed the definition of "too big to fail" to banks with at least $250 billion in assets, reducing the list to 13 banks. ", Business Insider. The financial crisis started with Bear Stearns and Lehman brothers. "Total Bailout Bill: $12.8 Trillion.
Although Canada's economy suffered a collapse equally as dramatic as America's in the 1930s, not one of its banks failed. Starting in the nineteenth century, Canada and the United States took divergent paths: Canada set up a concentrated banking system that controlled mortgage lending and investment banking under the watchful eye of a single, strong regulator. It did struggle during the pandemic, with both revenues and income down in 2020 from 2019. "There were major banking panics in 1837, 1857, 1873, 1893, and 1907, and minor panics in 1839, 1884, and 1890.". NBER periodicalsand newsletters are not copyrighted and may be reproduced freely with appropriate attribution. ", Morgan Stanley. AIG, which received the biggest bailout in history at $180 billion continues to operate today, though is a shell of its former self that is struggling in today's marketplace. With AIG, the infusions came in multiple stages, including a low-cost loan, preferred share purchases, and mortgage-backed securities. Total net income for the year was $11 billion, up from $9 billion the previous year; a 22% increase. Take a look at the failures of 2008 (in chronological order), as measured by total assets and the cost to the FDICs deposit insurance fund. In 2020, the company had $730 million in losses related to the Covid pandemic. We've updated our Privacy Policy, which will go in to effect on September 1, 2022. buy failing financial companies Countrywide Financial and Merrill Lynch, Revisiting the Lehman Brothers Bailout That Never Was, Lehman Brothers Files for Bankruptcy, Scrambles to Sell Key Business, Congress Approves $700 Billion Wall Street Bailout, A Decade After Its Fire-Sale Deal for Bear, a Look at What JP Morgan Got in the Bargain, Ten Years After the Bear Stearns Bailout, Nobody Thinks It Would Happen Again. ", Macrotrends. In Autumn 2008, in the midst of the financial crisis, five financial institutions collapsed affecting over 4.08 million retail bank accounts in the UK. She is the Co-host of Money Tree Investing. While that much money might not have been spent directly, thegovernment essentially offered itself as a backstop to dozens of banks considered essential to the U.S. financial system and economy. FSCS reflects on the 10 year anniversary of the failure of five banks includingBradford & Bingley and Icesave. Sign up for free newsletters and get more CNBC delivered to your inbox. The company used to have a triple A credit rating and now its senior debt has a BBB+ rating. On Sept. 15, 2008, Lehman Brothers, a well-known and respected investment bank, filed for bankruptcy protection after the Bush Administration'sTreasury Secretary, Hank Paulson, refused to grant them a bailout. ", The Financial Times. Investopedia requires writers to use primary sources to support their work. In the [United States] the fragmented nature of the banking system created financial institutions that were small and fragile. In 2020, net revenues increased to $44.5 billion from $36.5 billion the year before. The bank's assets were bought by JPMorgan Chase for $1.9 billion. Reuters. Why Canada Didn't Have a Banking Crisis in 2008, The 2021 Martin Feldstein Lecture: The Taxation of Business Income in the Global Economy, Joshua Angrist, David Card, and Guido Imbens Awarded 2021 Nobel Prize, Summer Institute 2021 Methods Lectures: Causal Inference Using Synthetic Controls and Regression Discontinuity Designs, The Bulletin on Retirement and Disability, Productivity, Innovation, and Entrepreneurship, Boosting Grant Applications from Faculty at MSIs, Conference on Research in Income and Wealth, Early Indicators of Later Work Levels, Disease and Death, Improving Health Outcomes for an Aging Population, Measuring the Clinical and Economic Outcomes Associated with Delivery Systems, Retirement and Disability Research Center, The Roybal Center for Behavior Change in Health, Training Program in Aging and Health Economics, Transportation Economics in the 21st Century, Postdoctoral Fellowships Awarded for 202223 Academic Year, VA Hospital Care Improves Health and Lowers Cost. A bailout is an injection of money from a business, individual, or government into a failing company to prevent its demise and the ensuing consequences. Goldman Sachs is still one of the most powerful banks in the world with an esteemed reputation. ", The New York Times. Seven years later, in 2015, JPMorgan Chase CEO Jamie Dimon said he regretted the decision to buy Bear Stearns, even at the discounted price. The Bear Stearns deal was meant to shore upfinancial markets and promote stability in a system increasingly recognized as unstable since the middle of 2007. Bear Stearns: The Harbinger of Too Big to Fail That Failed, Morgan Stanley and Goldman Sachs: Becoming Commercial Banks, Bank of America: Bailed out to Buy Failing Financial Institutions, Why October Is the Month of Market Crashes. How do banking licences affect FSCS protection? Lehman Brothers was a global financial services firm whose bankruptcy in 2008 was largely caused byand acceleratedthe subprime mortgage crisis. One important factor, the authors argue, is that from the outset Canada's federal government had the authority to charter and regulate banks while the U.S. Constitution did not specifically reserve that power for the federal government. It is the largest bank in the U.S. in terms of assets at the end of 2020, with just over three trillion dollars in assets. Two tools for this purpose that 2022 National Bureau of Economic Research.
>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Sanderson, Texas Closed: Dec. 12, 2008 Assets: $37 million Cost to FDIC: $12.5 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Duluth, Ga. Closed: Dec. 12, 2008 Assets: $572 million Cost to FDIC: $200 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Jackson, GA.Closed: Dec. 5, 2008 Assets: $237.5 million Cost to FDIC: $72.2 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Pomona, Calif. Closed: Nov. 21, 2008 Assets: $3.7 billion Cost to FDIC: $700 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Newport Beach, Calif. Closed: Nov. 21, 2008 Assets: $12.8 billion Cost to FDIC: $1.4 billion>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Loganville, Ga. Closed: Nov. 7, 2008 Assets: $681.0 million Cost to FDIC: $200 - $240 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Los Angeles, Calif. Closed: Nov. 7, 2008 Assets: $561.1 million Cost to FDIC: $210 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Houston, Texas Closed: Nov. 7, 2008 Assets: $5.1 billion Cost to FDIC: $1.4 - $1.6 billion>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Bradenton, Fla. Closed: Oct. 31, 2008 Assets: $287 million Cost to FDIC: $80 - $104 million >Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Alpharetta, Ga.Closed: Oct. 24, 2008Assets: $354.1 million Cost to FDIC: $158.1 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Eldred, Ill.Closed: Oct. 10, 2008 Assets: $39.18 million Cost: $13 - $14.5 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Northville, Mich. Closed: Oct. 10, 2008Assets: $98 million Cost to FDIC: $33 - $39 million>Safety Nets For Savers And Investors>How to Know If Your Money Is Safe, Henderson, Nev. Closed: Sept. 25, 2008Assets: $307 billion Washington Mutual is the largest bank failure in history. Rather than stopping the panic, the deal did little to allay fears, and ultimately more bailouts followed. While there had been market volatility during the preceding months, the fall of Lehman Brothers marks what many consider the beginning of a global financial crisis. For more information callMax Kelly at Hanover Communications on 07590 120 533 or fscs@hanovercomms.com. In the first week of October 2008, our compensation limit was increased twice to reassure consumers during a period of market uncertainty. A more concentrated and regulated financial system may have been slower to innovate, may have been slower to invest in emerging sectors, and may have provided services at monopoly prices.". hb```b``e`e`gb@ !G D&)S The U.S. government did not bailout Lehman and the institution filed for bankruptcy and eventually closed. While in 2008 and 2009 the United States experienced bank failures, bailouts, and the worst recession since the 1930s, Canada had no bank failures, no bailouts, and its recession was less severe than either that of the early 1980s or early 1990s. It's America's second-largest bank. Investment banks Morgan Stanley and Goldman Sachs couldn't get involved with commercial consumer banking until the financial crisis. Some analysts put the real number at $12.8 trillion. #3 Protecting your pension and your future, Supporting our communities this festive season and beyond, We are all vulnerable customers sometimes, Embracing responsible business in 2021/22, The worrying rise in online financial scams, Ready, debt, go: using automation to help our debt management customers, FSCS embraces artificial intelligence to help customers, Approximately 20.4 billion in compensation was paid by FSCS to customers of the five banks, 2.58 billion for Kaupthing, Singer & Friedlander, Approximately 4.08 million bank accounts were protected by FSCS following the failure of the five banks (Please note the below figures do not reflect payments made after 31 March2010), 163,822 for Kaupthing, Singer & Friedlander.