British banks pay out for Iceland rescue deal

The British Bankers' Association announced in September 2013 that British banks had paid out the first in a series of multi-million pound cheques to cover the bill for savers hit by the Icelandic banking collapse in 2008.

The payments, which will be made in three annual tranches of £363 million, will go to the Financial Services Compensation Scheme (FSCS) which insures deposits in UK banks. The FSCS will then repay a loan from the UK government due in April 2016.

ESO: Background information: Iceland wins court case against UK, Dutch savers http://www.europeansources.info/record/iceland-wins-court-case-against-uk-dutch-savers/

British Bankers' Association: Press Release, 01.09.13: UK Banks pay £1 billion to compensate Icelandic savers http://www.bba.org.uk/media/article/uk-banks-pay-1-billion-to-compensate-icelandic-savers

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