US-style scheme could have stopped Rock run

A US-style deposit insurance scheme would have been a "real help" in halting the run on Northern Rock, Britain's chief regulator said on Tuesday.

Speaking to lawmakers, Callum McCarthy, the chairman of the Financial Services Authority (FSA), said: "There are certain things that we can learn from the US experience. They can deal with failure rapidly."

Having a system like that in the United States "undoubtedly would have been a real help in preventing a retail run," he said.

McCarthy said it was

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