Page last updated at 11:10 GMT, Thursday, 6 November 2008

800m for Icesave depositors deal

Icesave website
Icesave customers must wait several weeks before getting their cash back

The government is to lend 800m to the Financial Services Compensation Scheme to help depositors with savings in failed Icelandic bank Icesave.

Chancellor Alistair Darling said the government would ensure no individual UK depositor would lose any money as a result of the bank's failure.

The loan will go towards covering the cost of compensating those who lost their money.

Some may have to wait nearly five more weeks before getting their cash back.

The bank, owned by Landsbanki, closed in early October, leaving 230,000 customers without access to their savings.

E-mails are being sent out this week from the FSCS, explaining the refund process to the bank's UK customers.

Refunds will be given in batches over the next three to four weeks, with the cash arriving five days later.



Print Sponsor


SEE ALSO
Icesave refunds will take weeks
05 Nov 08 |  Business
Icesave compensation plan starts
04 Nov 08 |  Business
No result in Icelandic bank talks
23 Oct 08 |  UK Politics
Audit chiefs have 10m in Iceland
16 Oct 08 |  UK Politics

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific