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Savers to receive 100% of their money back
The Bank of England has agreed to lend the Financial Services Compensation Scheme £800 million to provide compensation to the 240,000 UK savers who lost their money during the collapse of the Icesave bank. Savers have been told they will receive all of their money back by the end of November.
The FSCS will email Icesave customers this week with details of how to reclaim their money. The money will be paid to savers’ linked bank accounts. A spokesman for the FSCS said “The process will only take a short while for depositors to complete and will enable them to see their money transferred to their established nominated accounts within five working days.
The money will be financed by the Treasury which will try to recover the millions through continuing negotiations with the Icelandic authorities if it fails to honour its obligations towards British savers.
Depositors have been prevented from withdrawing their money since Icesave’s parent bank Landsbanki collapsed in October and has since been nationalised.
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