You cannot have a banking system without strict safeguards. Iceland has a similar population to Coventry and is not an example to hold up. The SNP have convinced loads of Scots that they too can default, abandon pay as you go liquidate the economy and give everyone a one off windfall.
It's a bit like claiming compensation, free money which grows on trees! Enormously popular North of the border because they also think the rest of the UK will be liquidated and given to them. I call it the economics of Robert Mugabe.