According to a report from the U.K. Treasury, the Scottish banking system would be too big to save if Scotland were to become an independent nation. The hypothetically sovereign Scotland would have a banking system with assets 1,254% of GDP, which would rank even higher than Iceland and Cyprus before their respective banking crises. Each citizen would carry a liability of 65,000 pounds ($98,670) which is a level unsustainable for what would be a much smaller economy in an independent Scotland.
In their coverage, Bloomberg states that the Scottish banking system currently employs about 7% of the workforce while accounting for 10% of all economic activity on the island. The government is making the case for Scotland to remain a part of the U.K. while Scottish officials in Edinburg have again brought up their intentions of becoming an independent nation.