Itsallgoingtobefine you are aware the biggest disater in UK banking was a Scottish bank?
The worst that can happen? The next time we're bailed out it's basically The Bank of England calling the shots
Scottish GDP in 2008 was an estimated £145 billion. The cost to the UK of the RBS / HBOS bail out in 2008 was £88 billion. However the actual Scottish share on a per capita basis was £8.8 billion, and on the debt accrued by the Scottish registered banks which would have been an independent Scotland's liability is estimated at £2.4 billion.
As Andrew Hughes Hallett. Professor of Economics at St Andrew’s University, put it, speaking on Radio Scotland.
"The real point here, and this is the real point, is by international convention, when banks which operate in more than one country get into these sorts of conditions, the bailout is shared in proportion to the area of activities of those banks, and therefore it’s shared between several countries. In the case of the RBS, I’m not sure of the exact numbers, but roughly speaking 90% of its operations are in England and 10% are in Scotland, the result being, by that convention, therefore, that the rest of the UK would have to carry 90% of the liabilities of the RBS and Scotland 10%. And the precedent for this, if you want to go into the details, are the Fortis Bank and the Dexia Bank, which are two banks which were shared between France, Belgium and the Netherlands, at the same time were bailed out in proportion by France, Belgium and the Netherlands."