BBC – Pestons Picks: Nationalisation by stealth

“The big vulnerability of British banks does not come from the danger that retail depositors, the likes of you and I, might shift our money around.

In the end, it’s not practical for most of us to move our funds abroad – although we can and do move our money from banks we deem to be weak to those we see as strong, which obviously undermines the weak banks.

No, the big flaw in the British banking system is the way it became massively dependent on the money markets and wholesale funds.”