Christie makes up £6.5m lost in Iceland banking collapse

Finance | Vibeka Mair | 9 Jun 2009

The Christie charity has recouped the £6.5m it lost in the Icelandic banking collapse thanks to a funding injection from NHS North West, ending its nine-month battle to retrieve its funds.

NHS North West today announced that with the start of its new financial year it had identified sufficient funds to bail out the Christie.

The charity had filed for a judicial review against the Financial Services Compensation Scheme after it turned down its claim for £6.5m this March. However, Caroline Shaw (pictured), chief executive of the Christie, confirmed it would no longer pursue High Court action in view of the cash offer.

The collapse of Kaupthing, Singer and Friedlander has highlighted widespread confusion about what levels of protection are offered to charities under the Financial Services Compensation Scheme.

John Low, chief executive of the Charities Aid Foundation has long called for charities to have a separate depositor class to clarify the voluntary sector's position.

A survey of 280 charities by CAF revealed that only a quarter are certain they know how much of their funds are protected under the Financial Services Compensation Scheme should their bank fail.

Over a third of charities find the scheme is unclear about the level of protection given to charity funds and a further third of respondents neither agreed nor disagreed that they were clear about the level of protection.

Elsewhere, other charities that lost money in Iceland, including Cats Protection and Naomi House, are still awaiting the Treasury's response to recommendations for full compensation for charities which lost funds in Iceland.

Directory: Charities Aid Foundation
Who's Who: Vibeka Mair

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