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Banking: Iceland

House of Lords written question – answered on 20th July 2011.

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Photo of Lord Laird Lord Laird UUP

To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 11 July (WA 123), whether they have extrapolated and accumulated the amounts so far recovered from each of the failed Icelandic banks and the respective administrators' charges; and whether they will publish the totals in the Official Report.

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

Recoveries from the Icelandic Accounts are provided in HM Treasury's 2010-11 annual accounts. Information on the Icelandic Banks can be found on pages 188 - 191. The accounts are available online at: www.hm-treasury.gov.uk/d/annual_report_accounts 140711.pdf

As of 31 March 2011, a total of £275.5 million had been paid by the Heritable administrators and £1.6 billion by the KSF administrators, in respect of combined Financial Services Compensation Scheme and HM Treasury claims.

The administrators' charges are deducted from the administration directly and are not paid by HM Treasury. These can be found in the administrators' reports, available online at:

KSF

www.kaupthingsingers.co.uk/Files/ CustomerCreditorInformation/KSF_Progress_Report_April_2011.pdf

Heritable

www.heritable.co.uk/Uploads/Documents/news/Eighth_Report.pdf

Landsbanki

www.lbi.is/library/Opin-gogn/skyrslan/Creditors_Meeting_19may2011_eng%20-%20open%20site.pdf

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