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Banking: Iceland

Answer

The Government do not have any current plans to end their policy of repayment of deposits of over £50,000 for those depositors in the Heritable and Kaupthing Singer and Friedlander Banks who have not yet reclaimed their assets. The Financial Services Compensation Scheme manages the process of repayment to all depositors and is liable for repayment of deposits under £50,000. They will continue to pay compensation provided that the relevant bank in question owes a legal liability to its customer. At such a time as this ceases, the Government will review their policy of repayment of deposits over £50,000. The table below sets out the number of unclaimed accounts with amounts over £50,000 in each bank and the total amount of money deposited as at 4 January 2011.

Default	No of accounts not claimed	Amount £
Heritable and Landsbanki Wholesale	32	167,554,213.58
Heritable	1	466,970.14
KSF	117	249,932,269.29
SFCM (Part of KSF)	-	-
Total	153	418,200,202.37

Secondary information

Type

Written question

Reference

9769; 728 c225WA

Session

2010-12

Related items

Banking: Iceland
Thursday, 7 July 2011
Written questions
House of Lords

Banking: Iceland
Wednesday, 25 May 2011
Written questions
House of Lords

Subjects

Compensation Banks Insolvency Iceland Kaupthing Singer and Friedlander Heritable Bank

Contains statistics

Yes

Link

View this Written question on www.publications.parliament.uk