UK Icesave savers will get their money back

| October 8, 2008 | 0 Comments

Yesterday, it was warned that British savers of internet bank Icesave, an arm of Landsbanki, may struggle to claim their money.

Earlier this week, the Icelandic Financial Supervisory Authority announced that the country’s Government had seized control of Landsbanki, which owns Icesave.

However, today Chancellor Alistair Darling has guaranteed that UK savers will get their money back.

A spokesperson for the Government said ‘all Icesave retail deposits are 100% guaranteed, over and above the £50,000 limit‘.

Mr Darling told the BBC’s Today programme that he was guaranteeing the deposits of the 300,000 UK savers of Icesave because the Icelandic government said they have no intention of honouring their obligations here.

Mr Darling added the Government had reached the decision because these were ‘exceptional circumstances’. He also criticised the Icelandic Government for its treatment of British investors.

Tags: , Icesave, Landsbanki, ,

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