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Banks told to calm customer fears
13 May 2008
A significant percentage of customers are worried their bank might not survive the credit crunch, according to research.
Research by Fool.co.uk revealed that one in seven people are not convinced their bank will endure the current economic slowdown.
Customers at Alliance and Leicester are the most concerned with 37 per cent unsure whether the bank will follow Northern Rock into financial difficulty.
Banks should dispel speculation about their solvency by revealing the size of bail-out that they accepted from the Bank of England's special liquidity scheme, claim Fool.co.uk.
David Kuo, head of personal finance at the website, said: "Banks can play a huge part in calming customers and avert a run on another British bank. Any bank can encounter problems if enough customers believe it may be in trouble, as seen with Northern Rock."
Young customers were the least anxious about their banks future with only a tenth of those aged between 18 and 25 feeling apprehensive.
