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wumpus
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wumpus (Rank: Archimedes)

Who is going to underwrite the data loss?

Mr. Darling's original speech on the subject indicated that the government would cover any losses.

However, the BBC website quotes him as saying "If someone is the innocent victim of fraud...people can be assured they have protection under the Banking Code"

Which I take to mean that he expects the banks to cover the financial cost of his department's mistake.

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Asked in bank, child, support asked on: 11/20/2007 10:28pm
closed on: 11/23/2007 10:28pm

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CGA

CGA

Rank: Juniorprofessor (3,567) | government (21)

14 minutes after the question was opened (11/20/2007 10:41pm)

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I can just hear AD saying to Gord 'That will get the banks back for borrowing 25 billion to support Northern Rock!!'

You are right - it is the latter. The banks will be expected to clean up this mess. Not often I feel sorry for banks but this mess from the Government is worse.

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bikeman

bikeman

Rank: Pythagoras (11,535) | government (12), support (5)

115 minutes after the question was opened (11/21/2007 12:22am)

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It was only earlier this year when some banks were just putting computer print outs of peoples accounts into Wheelie bins at the back of the bank!
The government would cover any losses is more likely to be the government would cover UP any losses!

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funrunna

funrunna

Rank: Student (295) | government (10)

3 hours after the question was opened (11/21/2007 01:02am)

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Bikeman is spot on! The ordinary man/woman will pay for this. Just like we paid the capital injection into Northernrock!!

The potential fallout may not be fully realised for several years... Plenty of time to "spin" the blame away from where it'll rightfully belong!!!

Supplement from 11/21/2007 01:05am:

A.D hasn't hinted at, over what timescale. Or, have I missed something?

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rasputin1309

rasputin1309

Rank: Albert Schweitzer (7,975) | government (20)

9 hours after the question was opened (11/21/2007 07:02am)

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The govt have suggested that the banks will not have to shell out for it if anyone loses money due to this fiasco, (quite rightly - the banks have done nothing wrong) - so that means of course the dear old cash cow taxpayer will foot the bill - so the govt lose our data and then we have to pay for the privilege of it. What should happen is that those who caused this should be held personally liable for the losses.

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