Written question asked by Lord Mann (Labour) on Tuesday, 5 April 2011, in the House of Commons. It was due for an answer on Tuesday, 26 April 2011. It was answered by Mark Hoban (Conservative) on Tuesday, 26 April 2011 on behalf of the Treasury.

Banks: Iceland

Question: (2) what estimate he has made of the net cost to the economy of the collapse of Icelandic banks in 2008.

Answer: Treasury Ministers and officials have meetings with a wide variety of organisations, overseas governments and ministries as part of the process of policy development and delivery. As was the case with previous Administrations, it is not the Government's practice to provide details of all such meetings.The local authorities are creditors in the administrations of the failed Icelandic banks. The timing and quantum of recoveries will be determined by the administrators.Arrangements have been made for all eligible UK depositors in the Icelandic banks to be fully compensated by the Financial Services Compensation Scheme and HM Treasury.The failure of the Icelandic banks is part of the wider global financial crisis and is impossible to separate so the Government have made no separate assessment of the economic impact of this specific issue.Contact details for the administrators in the various resolutions are available on the HM Treasury website:"http://hm-treasury.gov.uk/fin_stability_icelandic_resolution.htm"

Secondary information

Type: Written question
Reference: 52147; 527 c306W
Session: 2010-12
Subjects: Banks Iceland
Link: View this Written question on www.publications.parliament.uk

Banks: Iceland

Secondary information

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