Huge wrote:

On 2013-09-20, Terry Fields wrote:

They have made it a law to keep the news of
possible bank failures secret,

You have a cite for this nonsense, of course?

Wish I did, but that would mean keeping a searchable record of all
news items I read, and I don't know anyone that does that.

This describes the approximate equivalent in the US:

"Deposit insurance systems insure each depositor up to a certain
amount, so that depositors' savings are protected even if the bank
fails. This removes the incentive to withdraw one's deposits simply
because others are withdrawing theirs.[1] However, depositors may
still be motivated by fears they may lack immediate access to
deposits during a bank reorganization.[6] To avoid such fears
triggering a run, the U.S. FDIC keeps its takeover operations secret,
and re-opens branches under new ownership on the next business
day.[21] Government deposit insurance programs can be ineffective if
the government itself is perceived to be running short of cash.[20]"

https://en.wikipedia.org/wiki/Bank_run

The secrecy to which I referred might not relate to a failing bank per
se, but the BoE/government's actions in preventing said bank
collapsing. In any case, it stops the queues of wrinkies because they
don't know their bank is going under.

Anyone know any different?

--
Terry Fields