Icesave savers are getting their money back.
The Financial Services Compensation Scheme (FSCS) has confirmed that so far £0.25 billion has been paid out to customers of the collapsed Icelandic bank Icesave. The compensation process kicked off last weekend, with customers given specific times to log in and transfer their deposits to their linked accounts.
Icesave is an online bank which was wound up when its parent company Landsbanki was nationalised by the Icelandic government in early October. Since then, Icesave customers in the UK have been unable to access their money.
Chancellor Alistair Darling moved to guarantee the deposits of British savers soon after the collapse and the FSCS said it would work to ensure that the "vast majority" of those affected would get their money back by the end of November.
The organisation has now revealed that it is on track to meet this goal after paying out £0.25 billion in compensation to tens of thousands of depositors.
FSCS chief executive Loretta Minghella said: "Five weeks ago a lot of Icesave savers were worried that they were going to be left high and dry. Now they can be confident that the electronic process is underway and people are getting their money back."
The news comes after the Icelandic government confirmed it had reached an agreement with a number of European countries, including the UK, to repay savers.
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