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Iceland to hold cash-freeze talks

Published:: 23 October 2008
Topic:: News,Money,Savings

Compensation for UK savers who lost money in collapsed Icelandic banks is being pursued by officials from the Treasury and the Bank of England.

They are to hold talks with Icelandic ministers after the Government froze all Icelandic bank assets in the UK in a bid to retrieve savers' cash.

The accounts of 300,000 UK customers in Icesave, the internet arm of Iceland's second largest bank Landsbanki, were frozen when the bank was nationalised, although the UK Government has said it will ensure consumers receive their money back in full.

The Treasury also arranged for £2.5 billion of deposits from 160,000 customers from Kaupthing Edge, part of Iceland's largest bank Kaupthing, and £538 million of savings held by 22,200 people with Heritable Bank, also part of Landsbanki, to be transferred to Dutch savings bank ING Direct.

A Treasury spokesman said: "Following conversations between the UK Chancellor and Icelandic prime minister, officials from the Treasury and Bank of England are going to Iceland to work on finalising an agreement that aims to compensate UK depositors and ensure fair treatment for creditors."