Banks: York

Treasury written question – answered on 30th March 2010.

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Photo of Hugh Bayley Hugh Bayley NATO Parliamentary Assembly UK Delegation

To ask the Chancellor of the Exchequer what estimate he has made of the number of people resident in City of York constituency who have benefited from the Government's guarantee to depositors with Icelandic banks; and what estimate has been made of the average monetary value of their deposits.

Photo of Sarah McCarthy-Fry Sarah McCarthy-Fry Parliamentary Secretary, HM Treasury

Using orders made under the Banking (Special Provisions) Act 2008, the retail deposit business of the UK subsidiaries of Kaupthing and Landsbanki respectively, Kaupthing Singer and Friedlander (KSF) and Heritable, were transferred to ING.

At the time of the transfer approximately £3.6 billion was paid to ING by the Financial Services Compensation Scheme (FSCS) and the Treasury to facilitate the transfer of the retail deposit business. No estimate has been made specifically of the number of KSF and Heritable retail depositors living in York and the corresponding value of their deposits.

Retail depositors with Landsbanki (Icesave) are being compensated on an individual depositor-by-depositor basis by the FSCS. According to the FSCS about 2,369 retail depositors living in York have received payments from the FSCS. The total sum paid to retail depositors living in York is about £47.3 million, an average of £20,000 per depositor.

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