30 October 2009


If all this comes about as planned (which is a fairly big if), then my reading of what is proposed could be seen as the resurrection of the Scottish Trustee Savings Bank, taken over by Lloyds in the 1990s. All those who fought so bitterly to maintain the independence of the Scottish TSB in the 1970s and the 1990s must smile at the twists of financial fate.

Of course, it would not have the community ethos of the old TSB, still less its devotion to the interests of depositors. But older citizens who remember the TSB fondly might still be persuaded to switch allegiance from the cold-hearted, bonus-grabbing, big five commercial banks. Much would depend upon the new owner.

This pre-supposes of course that Richard Branson is kept well out of the picture.

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