I don't understand the meanings of the underlined sentences. Please help.
Where would this compensation money come from?
Ultimately, the UK's regulated banks cover the cost of the compensation scheme as it is funded by compulsory levies on the financial services industry.
But the banks have raised concerns that if they pay into a pot just in case an institution gets into trouble then this would take money from the system at a time when the credit crunch means money is already tight.
As a result the money would initially come from the public sector to compensate customers of a closed bank, Chancellor Alistair Darling has said.
Originally Posted by peter123
If the banks are required by the Chancellor to put capital into a reserve account which will be implemented when they or one of their competitors is in trouble, the money will not be available for current urgent needs.
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