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BoE to raise deposit "insurance" after pound's Brexit plunge
November 21, 2016 / 11:12 AM / a year ago

BoE to raise deposit "insurance" after pound's Brexit plunge

LONDON, Nov 21 (Reuters) - The Bank of England has proposed raising “insurance” on bank account deposits to 85,000 pounds ($104,839)from January 30, 2017, after a sharp fall in the value of sterling following Britain’s decision to leave the European Union.

“Restoring the limit to 85,000 pounds - the level in effect for almost five years prior to 3 July 2015 - is intended to provide a measure of memorability and consistency,” the BoE’s Prudential Regulation Authority arm said in a statement.

Lenders would have until the end of June 2017 to implement the necessary changes to systems. ($1 = 0.8108 pounds) (Reporting by Huw Jones, editing by Carolyn Cohn)

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