Written question asked by Lord Laird (Ulster Unionist Party), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Wednesday, 16 June 2010.

Banking: Iceland

Question: To ask Her Majesty’s Government how much financial support they have paid to depositors in Icelandic banks; and how much of that has been retrieved.

Answer: Details of the financial support provided to retail depositors in Icelandic banks for the 2008-09 financial year are set out in the Treasury's resource accounts for 2008-09 (HC611). Total gross support in respect of Heritable Bank, Icesave and Kaupthing Singer & Friedlander amounted to just under £8.1 billion. This £8.1 billion constitutes just under £6.7 billion of loans to the Financial Services Compensation Scheme (FSCS) to cover depositors' claims within £50,000, and £1.4 billion of statutory debt (HMT top-up payments) to cover depositors' claims above the £50,000 cap. Further details of the position at 31 March 2010, including recoveries made to that date, will be published in the Treasury's Resource Accounts for 2009-10.

Secondary information

Type: Written question
Reference: 118; 719 c111WA
Session: 2010-12
Subjects: Compensation Banks Insolvency Iceland Financial Services Compensation Scheme Landsbanki Kaupthing Singer and Friedlander Heritable Bank
Link: View this Written question on www.publications.parliament.uk