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UK banks to pay £1.1bn to savers over Icelandic failings
by Sarah Miloudi on Sep 02, 2013 at 07:38
British banks face forking out £1.1 billion to reimburse savers who lost access to their accounts when Icelandic lenders failed during 2008.
The money will go to the Financial Services Compensation Scheme (FSCS) and banks will pay the sum in three parts, starting this month.
The FSCS will then use the cash to repay a loan it took from the government to honour deposits of up to £50,000 per person, according to reports.
At the time, the compensation body was unable to meet the sum because of insufficient funding.
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