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

Banking: Iceland

Question: To ask Her Majesty's Government further to the Written Answer by Lord Myners on 22 February (WA 174), by how much the Financial Services Compensation Scheme (FSCS) is a creditor in theadministration of Landsbanki Islands HF in Iceland; and why the amount the bank paid to the Financial Services Authority to cover possible compensation is confidential information which cannot be disclosed.

Answer: The Financial Services Compensation Scheme (FSCS) is responsible for making compensation payments to Icesave retail depositors on behalf of the Treasury for deposit balances above £50,000. According to the FSCS there are 14 claimants with non-UK addresses (of whom three have secondary UK addresses) who had balances over £50,000. All of those claimants have now been paid. The amount of levy a financial institution pays to the Financial Services Authority (FSA) for contribution towards the FSCS compensation costs is a commercially confidential matter between the FSA and the financial institution in question. It would be a matter for a financial institution to decide whether to disclose such information through the usual regulatory reporting requirements. In response to the question about the amount the FSCS is claiming in the administration of Landsbanki in respect of the amount of compensation the FSCS paid out under the "top-up arrangements", ie for deposits above €20,887 but below £50,000, I refer to the Written Answer I provided on 22 February 2010 (WA 174).

Secondary information

Type: Written question
Reference: 2736; 718 c235-6WA
Session: 2009-10
Related items: Banking: Iceland
Monday, 22 February 2010
Written questions
House of Lords; Banking: Iceland
Monday, 22 February 2010
Written questions
House of Lords
Subjects: Disclosure of information Compensation Bank services Banks Finance Insolvency Financial Services Authority Financial Services Compensation Scheme Landsbanki
Link: View this Written question on www.publications.parliament.uk