Icesave - UK Chancellor guarantees its' deposits Wednesday, October 08, 2008
Image via WikipediaAlistair Darling, the UK Chancellor, has just said on the radio that
- Iceland's Government informed him yesterday that they can't honour the deposit protection scheme for their UK branch, Icesave
- The UK Deposit Protection Scheme will cover £50,000 of each customer's deposits, but in a "one-off" move the Chancellor said the UK Government will cover all deposits with Icesave.
The first £50,000 to be covered will be funded from the banking industry, with the excess to be funded by the Government. Unlike Bradford & Bingley, there aren't any assets that can be seized/nationalised by the Government to offset the cost.
Labels: Alistair Darling