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To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 29 August 2013 (HLWA387), what amounts the Treasury has recovered following the collapse of the Icelandic banks Kauphting Singer and Friedlander Ltd, Heritable Bank Plc and Icesave (Landsbaki h.f), and the compensation paid; how much remains...
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 29 August 2013 (HLWA387), what amounts the Treasury has recovered following the collapse of the Icelandic banks Kauphting Singer and Friedlander Ltd, Heritable Bank Plc and Icesave (Landsbaki h.f), and the compensation paid; how much remains...
In total, £8.64 billion was paid out by the Treasury to compensate UK retail depositors of the Icelandic banks Kauphting Singer and Friedlander Ltd (KSF), Heritable Bank Plc and Landsbanki (Icesave). The Treasury has recovered £7.71 billion to date. The Government expects to make a full recovery of the outstanding funds from the three estates.
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 18 March (WA 96-7), what recent developments there have been in relation to HM Treasury’s claims for £2.413 billion in the administration of Icesave (Landsbanki hf), Heritable Bank plc and Kaupthing Singer & Friedlander Ltd; how...
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 18 March (WA 96-7), what recent developments there have been in relation to HM Treasury’s claims for £2.413 billion in the administration of Icesave (Landsbanki hf), Heritable Bank plc and Kaupthing Singer & Friedlander Ltd; how...
Full details of HM Treasury’s claims in the administrations of Landsbanki hf, Heritable Bank plc and Kaupthing Singer & Friedlander Ltd and recoveries are set out in notes 15, 23.6 and 30 of the Treasury Annual Report and Accounts 2012/13, which were published on 16 July 2013. The report can be accessed via the Government's web pages1. A summary is given in the tables below.
| Forecast
recoveries | |||
| Institution | Total
amount lent
£m | Current
recovery % | Forecast recovery
(2012-13)
% |
| Kaupthing
Singer & Friedlander
(KSF) | 494 | 77 | 85 |
| Heritable | 92 | 78 | 88 |
| Icesave | 3,073 | 49 | 100 |
| Recoveries
from
administrators | |
| Institution | Dividends
received as at 31 March 2013
£000 |
| Kaupthing
Singer & Friedlander
(KSF) | 2,358,705 |
| Heritable
Bank
plc | 431,499 |
| Icesave | 2,233,429 |
In addition, the management commentary in chapter 4 of the Annual Report provides the following information on developments in relation to HM Treasury’s claims in the administration of Icesave:
“In relation to the failed Icelandic bank Landsbanki (Icesave), HM Treasury also intervened to ensure that depositors were compensated for the share of their deposits which should have been guaranteed by the Icelandic Depositors and Investors Guarantee Fund (DIGF).
In a judgment announced on 28 January 2013, the EFTA Court found that Iceland was not obliged to ensure payment of compensation to depositors after the collapse of the Icesave in 2008. This means that HM Treasury can only make recoveries from the administration and not from the Icelandic government. Therefore the loan has been transferred from DIGF to statutory debt with effect from 28 January 2013. HM Treasury had assumed that interest would not be chargeable on this loan and it continues to be treated as an interest free loan with full capital recovery”.1 https://www.gov.uk/government/uploads/system/uploads/ attachment_data/file/212752/hmtreasury_annual report_and_accounts_201213.pdf
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 25 February (WA 191), whether they are still seeking interest from Iceland for the £2.3 billion of compensation paid out to United Kingdom depositors of Landsbanki’s United Kingdom branch in place of the Icelandic Depositors’ and...
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 25 February (WA 191), whether they are still seeking interest from Iceland for the £2.3 billion of compensation paid out to United Kingdom depositors of Landsbanki’s United Kingdom branch in place of the Icelandic Depositors’ and...
On 28 January, the Court of the European Free Trade Association (EFTA) ruled that the state of Iceland was not in breach of its legal obligations under EU law in failing to ensure that depositors of Landsbanki received compensation payments under the deposit guarantee scheme directive. In light of the judgment, the UK Government recognise that the state of Iceland does not have a legal obligation to pay interest on the prefinancing of £2.3 billion of compensation paid out to UK depositors of Landsbanki hf’s UK branch.
The ruling itself will have no impact on public spending plans as interest payments from Iceland were not scored in the national accounts. The Government retain a claim in the insolvency proceedings relating to Landsbanki and the Landsbanki winding-up board is currently projecting recoveries of 100% in respect of retail depositors.
Full details of HM Treasury’s claims in the administration of Landsbanki h.f., Heritable Bank Plc and Kaupthing Singer & Friedlander Ltd (KSF) are set out in Sections 30, 31 and 33 of the Treasury Annual Reports Accounts 2011-121. A summary is provided in the following table.
| Institution | Outstanding
HM Treasury claims as of March
2012 |
| Heritable
Bank
plc | £29.5
million |
| Kaupthing
Singer & Friedlander
(KSF) | £183
million |
| Icesave | £2.2
billion |
Further details will be published in the Treasury Annual Reports and Accounts 2012-2013 later this year.1www.hm-treasury.gov.uk/d/hm_annual_report_2012.pdf
HM Treasury and the Financial Services Compensation Scheme (FSCS) have agreed revised terms on the loans made by HM Treasury to the FSCS in 2008-09 in relation to the resolutions of Bradford and Bingley plc, Heritable Bank plc, Landsbanki Islands, Kaupthing Singer & Friedlander Ltd, and London Scottish Bank plc....
HM Treasury and the Financial Services Compensation Scheme (FSCS) have agreed revised terms on the loans made by HM Treasury to the FSCS in 2008-09 in relation to the resolutions of Bradford and Bingley plc, Heritable Bank plc, Landsbanki Islands, Kaupthing Singer & Friedlander Ltd, and London Scottish Bank plc....
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 14 February (WA 101), what charges have been made to date by Ernst and Young for their work on the administration process and recovery of money from Heritable Bank plc, Kaupthing Singer and Friedlander and the...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 14 February (WA 101), what charges have been made to date by Ernst and Young for their work on the administration process and recovery of money from Heritable Bank plc, Kaupthing Singer and Friedlander and the...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 25 May (WA 431), whether they will end their policy of guaranteed repayment of deposits of over £50,000 for those depositors in the Heritable and Kaupthing Singer and Friedlander Banks who have failed to claim back...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 25 May (WA 431), whether they will end their policy of guaranteed repayment of deposits of over £50,000 for those depositors in the Heritable and Kaupthing Singer and Friedlander Banks who have failed to claim back...
| 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 |
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 28 February (WA 211), how many depositors in each of the failed Icelandic banks have left a total of £420,000,000 unreclaimed; how many of those accounts contain over £50,000 and in which banks; and how many...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 28 February (WA 211), how many depositors in each of the failed Icelandic banks have left a total of £420,000,000 unreclaimed; how many of those accounts contain over £50,000 and in which banks; and how many...
| Default | No of accounts not claimed | Amount (£) |
| Landsbanki | 3 | 246,749.36 |
| Heritable and Landsbanki Wholesale | 32 | 167,554,213.58 |
| Heritable | 1 | 466,970.14 |
| KSF | 117 | 249,932,269.29 |
| Total | 153 | 418,200,202.37 |
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 15 December 2010 (WA 182–3), whether money has been recovered from the three failed Icelandic banks' administration processes; if so, how much; and what are the time spans estimated by Ernst & Young for recovering money...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 15 December 2010 (WA 182–3), whether money has been recovered from the three failed Icelandic banks' administration processes; if so, how much; and what are the time spans estimated by Ernst & Young for recovering money...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 19 October (WA 138), when they now expect to retrieve the full balance of the loans advanced in the Financial Services Compensation Scheme in relation to failed Icelandic banks; and what are the forecast amounts and...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 19 October (WA 138), when they now expect to retrieve the full balance of the loans advanced in the Financial Services Compensation Scheme in relation to failed Icelandic banks; and what are the forecast amounts and...
| £'000 | HMT Loan to FSCS | HMT Top Up Compensation | Total |
| Heritable | 307,354 | 58,005 | 365,359 |
| KSF | 1,766,936 | 291,248 | 2,058,184 |
| Icesave | 1,412,809* | 772,983 | 2,185,792 |
| Total | 3,487,099 | 1,122,236 | 4,609,335 |
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.
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.
SI 2009/310. Together with an explanatory memorandum from the Treasury. Coming into force 20 February 2009.
SI 2009/310. Together with an explanatory memorandum from the Treasury. Coming into force 20 February 2009.
My noble friend will know that I have tabled Questions raising that issue about two other banks. The reality is that in Iceland the bank was run by three people—the governor and two others—with a supervisory board, elected by the Members of Parliament, that clearly did not know what was...
My noble friend will know that I have tabled Questions raising that issue about two other banks. The reality is that in Iceland the bank was run by three people—the governor and two others—with a supervisory board, elected by the Members of Parliament, that clearly did not know what was...
A slightly misleading answer there from the Minister, who is new to his brief. The guidance under which local authorities place deposits is actually joint guidance from the Treasury and the Department for Communities and Local Government. I know that because my honourable friend Vince Cable and I got that...
A slightly misleading answer there from the Minister, who is new to his brief. The guidance under which local authorities place deposits is actually joint guidance from the Treasury and the Department for Communities and Local Government. I know that because my honourable friend Vince Cable and I got that...
I believe that that was precisely what drove the Chancellor of the Exchequer to write to the European Commission asking for a careful and considered review of the implications of the EEA passporting regulations in respect of regulatory oversight and the adequacy of compensation arrangements. I am not in a...
I believe that that was precisely what drove the Chancellor of the Exchequer to write to the European Commission asking for a careful and considered review of the implications of the EEA passporting regulations in respect of regulatory oversight and the adequacy of compensation arrangements. I am not in a...
I join other noble Lords in thanking the Minister for his explanations this afternoon. I draw attention to my interest as a director of a financial institution that holds significant policyholder funds invested in financial institutions, including Bradford & Bingley. I think we all recognise the difficult circumstances that arose...
I join other noble Lords in thanking the Minister for his explanations this afternoon. I draw attention to my interest as a director of a financial institution that holds significant policyholder funds invested in financial institutions, including Bradford & Bingley. I think we all recognise the difficult circumstances that arose...
The range of questions asked was considerable. If I fail to answer any, I will carefully examine Hansard and ensure that I provide full answers to Members of the Committee who raised them, with copies to all those who participated in the debate. I start with the comments from the...
The range of questions asked was considerable. If I fail to answer any, I will carefully examine Hansard and ensure that I provide full answers to Members of the Committee who raised them, with copies to all those who participated in the debate. I start with the comments from the...
If I used the word ““negotiation””, I apologise; I was referring more to communication and discussions. The FSA’s position—with which I have sympathy—is that, notwithstanding what might happen, it would prejudice its ability to have open and full communications with a regulated entity if that entity were to believe that...
If I used the word ““negotiation””, I apologise; I was referring more to communication and discussions. The FSA’s position—with which I have sympathy—is that, notwithstanding what might happen, it would prejudice its ability to have open and full communications with a regulated entity if that entity were to believe that...
I am sure the noble Lord, Lord Oakeshott, appreciates that the responsibility for regulatory oversight of the Icelandic banks lies with the home state authorities, and that is where the primary focus of questioning to understand the failure of these institutions must be.
I am sure the noble Lord, Lord Oakeshott, appreciates that the responsibility for regulatory oversight of the Icelandic banks lies with the home state authorities, and that is where the primary focus of questioning to understand the failure of these institutions must be.
I thank the Minister for introducing these three orders. My remarks will mostly concern the Bradford & Bingley order, but I will start with a few remarks on the Heritable and KSF orders. As the Minister has explained, those two orders set the compensation at zero; it would be difficult...
I thank the Minister for introducing these three orders. My remarks will mostly concern the Bradford & Bingley order, but I will start with a few remarks on the Heritable and KSF orders. As the Minister has explained, those two orders set the compensation at zero; it would be difficult...
That the Grand Committee do report to the House that it has considered the Kaupthing Singer & Friedlander Limited (Determination of Compensation) Order 2008. My Lords, today there are three instruments before the Committee: the draft compensation orders for Bradford & Bingley plc and the UK subsidiaries, Kaupthing Singer &...
That the Grand Committee do report to the House that it has considered the Kaupthing Singer & Friedlander Limited (Determination of Compensation) Order 2008. My Lords, today there are three instruments before the Committee: the draft compensation orders for Bradford & Bingley plc and the UK subsidiaries, Kaupthing Singer &...