Written question asked by Lord Laird (Ulster Unionist Party), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Monday, 31 October 2011.

Banking: Iceland

Question: To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 20 October (WA 91), how much compensation has been repaid to Landsbanki depositors; what they estimate the shortfall to be between what may be recovered and the amount owing to HM Treasury on such deposits; and whether they intend to levy any such estimated amount on the United Kingdom financial services sector.

Answer: The amount of compensation paid to depositors has been published in HM Treasury's accounts, which can be found online at the following webpage: http://www.hm-treasury.gov.uk/d/annual_report_ accounts140711.pdf. As at 31 March 2011, £4.5 billion had been paid to UK depositors. HM Treasury expects full repayment of the £2.3 billion loan to the Icelandic Depositors and Investors Guarantee Fund and of the £1.4 billion loan to the Financial Services Compensation Scheme. Recoveries on the £0.8 billion payment for deposit balances above £50,000 will be determined by the returns from the Landsbanki administration. Details of the administration can be found on the Landsbanki Resolution Committee's website: http://www.lbi.is/.

Secondary information

Type: Written question
Reference: 12720; 731 c192WA
Session: 2010-12
Related items: Banking: Iceland
Monday, 21 November 2011
Written questions
House of Lords; Banking: Iceland
Monday, 21 November 2011
Written questions
House of Lords; Banking: Iceland
Thursday, 20 October 2011
Written questions
House of Lords
Subjects: Compensation Banks Insolvency Repayments Iceland Financial Services Compensation Scheme Landsbanki
Link: View this Written question on www.publications.parliament.uk