Written question asked by Lord Laird (Ulster Unionist Party), in the House of Lords. It was answered by Lord Myners (Labour) on Monday, 22 February 2010.

Banking: Iceland

Question: To ask Her Majesty's Government further to the Written Answer by Lord Myners on 27 January (WA 329–30), how much Landsbanki paid to the Financial Services Authority to exercise the top-up offered by the United Kingdom Financial Services Compensation Scheme to protect depositors' investments between the €20,887 guaranteed by Iceland's Depositors' and Investors' Guarantee Fund and £50,000; and what proportion of the £1.8 billion repaid to depositors within those limits is expected to be recovered from the bank's assets.

Answer: This is a matter for the Financial Services Compensation Scheme (FSCS). We understand the amount cannot be disclosed as this is confidential information. Firms in each class or sub-class contribute to the related compensation costs, in line with their FSA tariff data as was the case for Landsbanki. The FSCS is a creditor in the administration of Landsbanki Islands HF in Iceland. The position on possible recoveries in relation to the firm is not clear. We cannot provide a figure for the likely recoveries as a result.

Secondary information

Type: Written question
Reference: 1900; 717 c173WA
Session: 2009-10
Related items: Banking: Iceland
Monday, 22 March 2010
Written questions
House of Lords; Banking: Iceland
Wednesday, 27 January 2010
Written questions
House of Lords
Subjects: Compensation Bank services Banks Finance Insolvency Iceland Financial Services Compensation Scheme Landsbanki
Link: View this Written question on www.publications.parliament.uk