Apparently, the problems of the bank are not always the problems of its clients. Even revoking of a license does not mean that the bank's clients will lose their funds. There are regulators who really try to protect ordinary citizens from financial losses as much as possible.
For example, one of the oldest financial institutions in the world, the Bank of England, introduced new rules in the best interests of the UK taxpayers. The new requirements for the banks operating in the UK include a reserve stock of 4 billion pounds. Banks have to find these funds by 2022. These rules are aimed at shielding taxpayers when lenders go bust, the Bank of England said. Without such a cushion, for example, during the financial crisis, the state had to save the affected companies among which large banks such as the Royal Bank of Scotland and Lloyds were. The new BOE rules will allow even very large financial institutions to go bankrupt without attracting taxpayers' money.
The Bank of England is rightly proud of its reputation as a global financial center and intends to retain this title even after leaving the EU. "We don’t want a financial center that doesn’t take risks," said Bank of England Deputy Governor Jon Cunliffe. Apparently, that is why many officials, politicians, business owners and other prosperous people from developing countries prefer English banks to the local ones.
