Call centre staff were busy telling worried customers that Santander was "not about to do a Northern Rock” and that the Financial Services Compensation Scheme would cover customers up to the limit of £85,000 in any event should the worst happen. A spokesman for Santander said that it has a small increase in withdrawals where customers have balances above £85,000 limit protected by the Financial Services Compensation Scheme and that it had seen an increase in enquiries into branches and call centres. He added: “Both Santander and Santander UK are strong businesses focused on retail banking with no exposure to toxic financial products. "Santander’s UK business is strong and has a standalone credit rating which is one of the highest credit ratings of any UK bank. Santander UK plc is also fully regulated by Financial Services Authority and all its deposits are covered under Financial Services Compensation Scheme. “Furthermore, Santander operates under a subsidiary model. This means that Santander UK plc is completely autonomous from its Spanish parent company; raising its own funding to lend to consumers and companies in the UK."
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