British savers with deposits in the Channel Islands have no protection for their money if their bank goes bust.
After the collapse of Icesave - and the failure of Iceland's deposit protection scheme - concern is growing that the tiny island tax havens will leave savers deeply exposed.
Let's be clear: these places need to provide guarantees for local depositors. Of course they cannot do so for anyone else. Any such guarantee would be meaningless.
The UK must not guarantee the deposits of those using these places. Most doing so are there for fraudulent purpose.
I hope this kills their banking for good. It is long overdue.
And I sincerely hope HMRC will be asking for information on all flows into the UK from such places this weekend. There will be a lot of tax to collect on the way.
Incidentally: after Iceland I would not put a penny's worth on the guarantee of Ireland either.
Note: this replaces a similar article of the same named deleted in error