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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...

Asked by

Lord Laird (Non-affiliated)

Answering body

HM Treasury

Type

Written questions

Status

Answered

Date

13 July 2015

Reference

HL931

House

House of Lords

Landsbanki

To ask Mr Chancellor of the Exchequer, if HM Treasury will limit the amount of compensation paid to UK Icesave customers.

Asked by

Stephen Metcalfe (Conservative)

Answering body

HM Treasury

Type

Written questions

Status

Answered

Date

23 September 2014

Reference

208878

House

House of Commons

Banks: Iceland

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...

Asked by

Lord Laird (Non-affiliated)

Type

Written questions

Status

Answered

Tabled on

29 July 2013

For answer on

12 August 2013

Answered on

29 August 2013

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

Notes

Answer received between Tuesday 13 August and Monday 19 August 2013.

Date

29 August 2013

Reference

HL2069; 747 cc387-8WA

House

House of Lords

Banks: Iceland

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...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Answered on

18 March 2013

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

Date

18 March 2013

Reference

744 cc96-7WA; HL5926

House

House of Lords

Financial Services Compensation Scheme

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....

Member

Mark Hoban (Conservative)

Department

Treasury

Type

Written statements

Date

16 April 2012

Reference

543 c2WS

House

House of Commons

Banking: Iceland

To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 31 October (WA 192), whether and how they intend to levy on the United Kingdom financial services sector the shortfall of the unrecovered amount of compensationpaid to Landsbanki depositors; when they estimate the levy would be...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

21 November 2011

Reference

13220; 732 c176-7WA

House

House of Lords

Banking: Iceland

To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 31 October (WA 192), whether it remains their policy to levy on private United Kingdom financial services institutions any shortfall between what may be recovered and the £0.8 billion owing to HM Treasury after repayment of...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

21 November 2011

Reference

13139; 732 c176-7WA

House

House of Lords

Banking: Iceland

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...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

31 October 2011

Reference

12720; 731 c192WA

House

House of Lords

Banking: Iceland

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...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

11 July 2011

Reference

10690; 729 c123WA

House

House of Lords

Banking: Iceland

To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 26 April (WA 112), how much money deposited in Landsbanki was not reclaimed before the deadline of 30 October 2009 for repaying deposits of over £50,000; how many depositors were involved; whether HM Treasury will put...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

25 May 2011

Reference

9207; 727 c430-1WA

House

House of Lords

Banking: Iceland

To ask Her Majesty’s Government what sums were intended to be repaid to the United Kingdom under the agreement rejected in the recent second referendum in Iceland; how they intend to pursuethe matter, and in what courts and under which European regulatory framework; and what proportion and amount of the...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

16 May 2011

Reference

8923; 727 c273-4WA

House

House of Lords

Banking: Iceland

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...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

28 March 2011

Reference

7707; 726 c208WA

House

House of Lords

Banking: Iceland

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...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Answered on

14 February 2011

Details of dividends received in the 2009-10 financial year from the Icelandic bank administration processes are set out in the Treasury’s Resource Accounts for 2009-10 (HC261). In the 2009-10 financial year, about £194 million was received from the Heritable administration. Ernst & Young does not anticipate the residential mortgage book to be realised prior to October 2011 when the period of administration ends. To date, 50p in the pound has been paid. In order to recover the remainder of the forecast estimated outcome, the administrators will continue to discuss the strategy for maximizing the realisation of the remaining assets with the creditors’ committee. It has not yet been possible for them to forecast a date for the final return to creditors. In the 2009-2010 financial year, about £1 billion was received from the Kaupthing Singer & Friedlander administration. Ernst & Young expects that a significant proportion of the forecast dividends will be paid by October 2012. 53p in the pound has been recovered to date. Certain longer-term assets are not expected to be fully realised by October 2012. Ernst & Young will continue to work with the creditors’ committee on a strategy for the realisation of these assets. The company has stated that, consequently, it is not possible at the current time to forecast a date for the final return to creditors. Recoveries are yet to be received from the Icesave administration. The Financial Services Compensation Scheme has made a claim in the winding up in Iceland which is subject to litigation there. Details of dividends received in the 2010-11 financial year will be published in the Treasury’s Resource Accounts for 2010-11 later this year.

Date

14 February 2011

Reference

6592; 725 c101-2WA

House

House of Lords

Banking: Iceland

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...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Answered on

15 December 2010

The table below shows the outstanding loan balances the Treasury has provided to the Financial Services Compensation Scheme (FSCS) in order to pay compensation up to £50,000 to retail depositors in Icelandic banks, and the value of compensation paid by the Treasury to cover balances above £50,000. These figures show the net position at 31 March 2010 and are taken from page 162 of the Treasury's Resource Accounts for 2009-10 (HC261).

£'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

"*Excludes £2.2 billion compensation paid on behalf of the Icelandic Depositors' and Investors' Guarantee Fund (DIGF)." This table corrects some of the numbers set out in my Written Answer to the noble Lord on 19 October 2010. The numbers in that Answer were in respect of 1 April 2009, rather than 31 March 2010 as stated, and failed to take account of adjustments made during the 2009-10 financial year to reflect further drawdowns, due diligence exercises and repayments arising from dividends received from the administration process. Compensation payments, including those for deposits over £50,000, are administered by the FSCS. According to the FSCS, as at 24 November 2010, 14,652 depositors had been compensated in the three banks for deposits over £50,000, of which 14,618 depositors were UK residents and 34 depositors were non-UK residents. No compensation payments were made to residents of Iceland in respect of deposits over £50,000. The FSCS is not able to disclose the names of depositors receiving compensation for dataprotection purposes. As at 24 November 2010 there were 45 depositors with balances above £50,000 in all three Icelandic banks combined that were yet to submit a claim to the FSCS The current agreement in place between HM Treasury and FSCS sets a final repayment date of 31 March 2012 for repayment of the £3.487 billion loan detailed above. This deadline is extendable at the FSCS's discretion, subject to agreement with HM Treasury. With regard to the HM Treasury top-up element, the Treasury will seek to recover these amounts from the respective administration processes of each bank. On 28 January 2010, Ernst & Young published two forecast rates of recovery for Heritable Bank PLC, a base case recovery of 79 to 85 pence in the pound and a stress scenario recovery of 63 to 73 pence in the pound. http://www.heritable.co.uk/Uploads/Documents/news/Heritable_Bank_Plc_Creditors_Update_ 2010.01.28.pdf. On 3 November 2010, Ernst & Young published an Administrators Progress Report on Kaupthing and Singer and Freidlander (KSF) in which it announced a forecast return of 75 to 84 pence in the pound. http://www.kaupthingsingers.co.uk/Files/CustomerCreditorinformation/Administrators% 20Progress%20Report%20Oct%202010. pdf The Landsbanki Resolution Committee announced in a creditors meeting on 1 December an expected rate of recovery of 86 per cent. http://www.lbi.is/Home/News/News-Item/2010/12/01/News-announcement-from-LBI-Creditors-Meeting/.

Date

15 December 2010

Reference

5030; 723 c182-3WA

House

House of Lords

Banking: Iceland

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.

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

16 June 2010

Reference

118; 719 c111WA

House

House of Lords

Banking: Iceland

To ask Her Majesty's Government how many depositors in the United Kingdom branch of Landsbanki with balances above £50,000 that were repaid by HM Treasury had addresses outside the United Kingdom; how many remain unpaid; and for what reasons.

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

22 March 2010

Reference

2735; 718 c235-6WA

House

House of Lords

Banking: Iceland

To ask Her Majesty's Government further to the Written Answer by Lord Myners on 22 February (WA 174), by how much the Financial Services Compensation Scheme (FSCS) is a creditor in theadministration of Landsbanki Islands HF in Iceland; and why the amount the bank paid to the Financial Services Authority...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

22 March 2010

Reference

2736; 718 c235-6WA

House

House of Lords

Banking: Iceland

To ask Her Majesty's Government further to the Written Answer by Lord Myners on 27 January (WA 329–30), whether their objective of minimising costs to the taxpayer in relation to the United Kingdom branch of Landsbanki was met by HM Treasury's repayment to depositors of £4.5 billion.

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Answered on

22 February 2010

On 8 October 2008 the FSA announced that the UK branch of Landsbanki was in default for the purposes of the FSCS. The Chancellor announced that all retail depositors with the UK branch of Landsbanki would receive their money in full. In taking this action the Government had several objectives including maintaining financial stability and the interests of taxpayer protection. In November 2008 the FSCS began the payout of compensation to UK depositors, which consisted of three elements: (i) under the EC Deposit Guarantee Scheme Directive, deposits up to £16,872, which should be paid by the Icelandic Dpeositors and Investors Guarantee Fund (DIGF); (ii) FSCS eligible deposits above £16,872 and below £50,000 paid by the FSCS; and (iii) balances above £50,000 paid by HMT. In total, around £4.5 billion has been paid. It is estimated that this includes £2.35 billion that the UK Government paid out to depositors on behalf of the DIGF, £1.4 billion paid out by the FSCS for deposits above €20,887 and below £50,000, and £800 million paid out by the UK Government in respect of deposits above £50,000. On payout to a depositor, the claim of that depositor against Landsbanki is transferred to the FSCS. However, HMT has a contractual right to recover from the FSCS recoveries referable to the HMT portion (that is, payments to deposits above £50,000). The rights that relate to the depositors' claims of no more than £16,872 will be transferred to the DIGF. However, any such transfer will only take effect upon the coming into force of the "Icesave Refinancing Loan Agreement", Information provided by the Resolution Committee for Landsbanki indicates that the FSCS and HM Treasury will make significant recoveries of the compensation paid to depositors through the winding up of Landsbanki. In relation to the compensation paid out on behalf of the DIGF, on 5 June 2009, the UK Government reached agreement with the Icelandic authorities on a process to ensure the UK is refunded. The terms of the loan arrangements are set out in my letter to the House of 13 January (WA154). They include a state guarantee which, under Icelandic law, must be authorised by the Icelandic Parliament in order to take effect. A Bill was passed in August to this effect but with a number of conditions introduced by the Icelandic Parliament. Following further negotiations, the loan agreement was amended to take account of these conditions. On 30 December, the Parliament in Iceland endorsed the loan arrangement and agreed a state guarantee. However, on 5 January 2010 the Icelandic President announced that he would not sign the Bill that the Parliament had approved, and instead proposed a referendum. A referendum has been scheduled for 6 March 2010. The UK Government have received assurances from the Icelandic Government that they remain committed to meeting their obligations and intend to repay the loan in full.

Date

22 February 2010

Reference

1901; 717 c173-4WA

House

House of Lords

Banking: Iceland

To ask Her Majesty's Government further to the Written Answer by Lord Myners on 27 January (WA 329–30), how much Landsbanki paid to the Financial Services Authority to exercise the top-up offered by the United Kingdom Financial Services Compensation Scheme to protect depositors' investments between the €20,887 guaranteed by Iceland's...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

22 February 2010

Reference

1900; 717 c173WA

House

House of Lords

Banking: Iceland

To ask Her Majesty's Government how much money was lost by retail investors when Landsbanki Guernsey failed; how much remains unreturned to such investors by Kaupthing Singer and Friedlander (Isle of Man); how much was transferred by Kaupthing Singer and Friedlander (Isle of Man) to Kaupthing UK in the period...

Asked by

Lord Laird (Ulster Unionist Party)

Type

Written questions

Status

Answered

Date

8 February 2010

Reference

1763; 717 c77-8WA

House

House of Lords

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

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