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Bank Services

Volume 483: debated on Tuesday 18 November 2008

To ask the Chancellor of the Exchequer (1) if he will take steps to restore assets belonging to UK depositors of Kaupthing, Singer and Friedlander (Isle of Man) following the freezing of Icelandic assets; (233556)

(2) what estimate he has made of the losses in excess of £50,000 incurred by UK depositors in Kaupthing, Singer and Friedlander (Isle of Man) following the freezing of Icelandic assets; and if he will make a statement.

[holding answer 6 November 2008]: On 8 October, the Treasury made Landsbanki Freezing Order 2008 in order to freeze funds and financial assets relating to Landsbanki. Landsbanki is the only Icelandic bank which has been made the subject of a freezing order.