|Financial Market Development|
|5.0 (max 7.0), 13th out of 138 countries|
|5.2 (max 7.0), 59th out of 138 countries|
According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in United Kingdom is scored 5.0 out of maximum 7.0 and ranked 13th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 5.1 (25th place).
Chart 1. Financial Market Development in United Kingdom. Source: WEF.
Soundness of banks is scored 5.2 bringing United Kingdom into the 59th place.
Chart 2. Soundness of Banks in United Kingdom. Source: WEF.
|Maximum Protected Amount|
|85 000 GBP|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in United Kingdom are summarised in Table 1.
|Scheme Participants||all credit institutions operating in United Kingdom (including branches of foreign banks), branches of the United Kingdom's banks abroad|
|Eligible Depositors||private individuals, small companies|
|Maximum Protected Amount||85 000 GBP|
|Paid In Currency||GBP|
Table 1. Deposit guarantee scheme in United Kingdom.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
|Local Currency (Pound sterling)|
|Aa2 (high grade)|
Local currency (Pound sterling) deposit ceiling for United Kingdom is set to Aaa (prime), foreign currency deposit ceiling is Aa2 (high grade).
|Average Deposit Rate (Dec 2017, GBP)|
|0.84 % (Nov 2017: 0.94 %)|
Chart 3. Deposit Rates in United Kingdom. Source: ECB.
|Number of Banks|
|Consolidated Assets (2016)|
|10 935.75 bln EUR (-4.81%)|
|Recent Changes (2016)|
|new banks: 18, closed banks: 13|
Currently there are 383 credit institutions operating in United Kingdom.
In 2016 consolidated banking assets in the United Kingdom were 10 935.75 bln EUR. The consolidated banking assets' evolution is shown at Chart 4 below.
Chart 4. Consolidated banking assets in United Kingdom.
Recent structural changes (2013 - 2016) of the banking sector of United Kingdom are summarised in Table 2.
|Number of Opened Banks||9||8||5||18|
|Number of Closed Banks||22||9||7||13|
Table 2. Recent structural changes in the banking sector of United Kingdom.
The list of the most recently opened banks in United Kingdom is provided in Table 3.
|Monzo Bank Ltd (new)||December 2016|
|BFC Bank Ltd (new)||November 2016|
|Caceis Bank France (new)||October 2016|
|Clearstream Banking S.A. (new)||September 2016|
|Mirabaud and Cie (Europe) SA (new)||August 2016|
|China Merchants Bank Co Ltd (new)||July 2016|
|Bank of Communications Co Ltd (closed)||July 2016|
|Starling Bank Limited (new)||July 2016|
|BARCLAYS CAPITAL SECURITIES LIMITED (new)||July 2016|
|Bank Leumi (U.K.) P.L.C. (new)||July 2016|
Table 3. The most recently opened banks in United Kingdom.
All the credit institutions operating in United Kingdom can be classified into several categories. Table 4 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||149|
There are 149 branches of foreign banks from 38 different countries in United Kingdom. Table 5 shows 10 countries having the biggest number of branches in United Kingdom.
|Country of Origin||Number of Branches|