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03 February 2012


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Angus McLellan

What are these "Scottish financial institutions" that might require bailing out by the Bank of England? They can only be the banks - fund managers and the like are not systemically important - but "Scottish" banks, Clydesdale and perhaps the reorganised RBS, will be retail/commercial operations. It has historically been hard - but not impossible as Hornsby's HBOS showed - for these kind of operations to fail catastrophically and it should be even more difficult now.

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