PE01527: bank deposit protection


Petitioner: Margaret Mackenzie


Date Lodged: 02 July 2014

Calling on the Scottish Parliament to urge the Scottish Government to declare unquivocally that in the event of Scottish independence it will act to ensure that bank deposits in Scotland shall be protected to at least the same extent as they are currently protected by the UK government's guarantee while Scotland remains in the UK.

At the moment, bank deposits in all parts of the UK are underwritten by a UK government guarantee which ensures that accountholders will be paid compensation of up to £85000 per account in the event that a bank becomes insolvent. This is called the Financial Services Compensation Scheme.

In these times when nobody can be certain that any major bank will stay solvent, we call on the Scottish Parliament to urge the Scottish Government to declare, no later than 2 months before the independence referendum,

1) that the Scottish Government will act to ensure that such protection shall continue, in respect of all bank accounts to which it currently applies, in the event of a 'yes' result in the referendum; and

2) that its promise is not conditional on any future position which may be adopted by the government of the rump UK or by any other body or on whether or not Scotland becomes a member state of the EU.

In its 'Scotland's Future' white paper, the Scottish Government does not give such a hard-and-fast promise. Instead, it makes the assumption that an independent Scotland will be a member of the EU, which for reasons which lie outside of its control may turn out not to be the case. The purpose of this petition is to urge the Scottish Government to make an unambiguous statement on this matter, and in particular, to make it absolutely clear that if Scotland becomes independent then the protection of people's bank deposits will not depend on what may or may not be done by either the government of the rump UK or by the EU. In short, we are asking for a clear promise to protect people's bank deposits to the tune of at least the first £85000, as is currently done by the UK government. 


Petition History:


28 October 2014: The Committee agreed to close the petition, under Rule 15.7, as the petition was dependent on the outcome of the Referendum being a vote for independence. Link to Official Report 28 October 2014

Advice to NO people. 1) Don't be put off from saying independence would be unsafe. That statement is true, as the issue of bank account protection demonstrates. 2) Don't get scared when the YES crowd say they're closing the gap. It's true they've got to win over the Don't Knows. But we should be fighting on THEIR home ground: we should be persuading the non-diehards among the intending YES voters that YES means they'll be worse off. This is the TRUTH. And this petition raises exactly the main issue we should use. 3) Publicise this petition. Don't wait for it to close. If your MSP is a Lab,Con, or LIbDem, bring this issue to their attention. Get onto your local newspaper or any journalists you know. We need to force a statement from Salmond as soon as possible. Then we can watch the support for YES collapse in the polls. Sure of a NO victory, we can then have a nice summer. Face it - the NO campaign has been 'lacklustre' so far. We need to liven it up and focus it. Practically EVERYONE can understand the bank account issue. Practically EVERYONE knows that another crash is possible. So let's do our utmost to publicise bank account protection and how our position will be MUCH safer in the UK than as an independent state.

Anna Lawrence-Robinson

2:06 on 24 May 2014

The SNP *must* be made to respond to this. And the way to achieve that is if as many of us sign it as possible. This really is common sense. Everybody wants their bank account to stay protected. For goodness sake, let's make this an issue!

Alison Mitchell

22:44 on 22 May 2014

This petition puts its finger right on the big point: independence may sound like a nice idea but it would be extremely risky financially for almost everyone who lives in Scotland. Another financial crash like Lehman's can't be far off. PLEASE TWEET THIS AND CIRCULATE IT AS MUCH AS YOU CAN!

Michael McLeod

14:39 on 22 May 2014

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