Banking: Iceland

House of Lords written question – answered on 15th March 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government what actions are being taken to recover funds placed on deposit by United Kingdom charities and local authorities with Icelandic banks and not repaid.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The local authorities and charities are creditors in the administrations of the failed Icelandic banks. The timing and quantum of recoveries will be determined by the administrators.

Contact details for the administrators in the various resolutions are available on the HM Treasury website: http://hm-treasury.gov.uk/fin_stability_icelandic _resolution.htm.

Certain charities may be able to claim through the Financial Services Compensation Scheme (FSCS). Details are available on the FSCS website and via the Charity Commission: http://www.fscs.org.uk/industry/consumer- awareness-toolkit/questions-for-firms/2-q-as-for-deposit-firms/http://www.charity-commission.gov.uk.

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