Kent County Council in the U.K. has withdrawn its funds from Santander UK for fear of the financial crisis. The council had three million pounds, some 3.6 million € deposited in the bank. Santander UK, the British subsidiary of the Grupo Santander in Britain, has now found itself oblige to guarantee the solvency of the bank to ease the concerns of its clients. Doubts about its solvency come from the announcement of the nationalisation of Bankia, and fears that the provisions needed by the Spanish banks to cover their real estate risks will up in a liquidity crisis. Kent Country Council said it was a precautionary measure, but the council is probably far more wary because in 2009 they had 62.5 million € in an Icelandic bank which went bankrupt, and they have recovered only part of the money.
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