Iceland losers receive a portion of lost funds from bank administrators

Finance | Vibeka Mair | 12 Aug 2009

Charities who lost deposits in Icelandic bank Kaupthing Singer and Friedlander have got back 20 per cent of their lost funds from the administrators.

A Cats Protection spokesman told Charity News Alert: “As far as we are aware the administrators of Kaupthing Singer and Friedlander paid out 20p in the pound to all charities on the same day.”

Cats Protection lost £11.2m as a result of KSF's demise and has had £2.24m returned to it. It is leading Save Our Savings, a group of 30 UK charities fighting to retrieve all losts funds, estimated at £50m.

The charities were hoping to get at least 50p in the pound back. A spokeswoman for administrators Ernst & Young said it was possible that a further distribution would be declared in the fourth quarter of this year.

Inverness-based Highland Hospice confirmed that it had received an initial £132,293 of the £661,468 it lost following the collapse of the Icelandic bank this week.

Who's Who: Vibeka Mair

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