Charities that were affected by the collapse of Kaupthing Singer and Friedlander have so far recovered 35 per cent of their deposits through the administration process.

According to Dominic Sullivan, director of legal services at Cats Protection, the charities are expecting a further reimbursement of at least 5 per cent in late July.

“The administrators currently estimate that the total recovery over the next couple of years could be between 65 per cent and 78 per cent of the money deposited,” he added.

Cats Protection lost £11.2m when KSF went under but has now recovered nearly £4m. It took the lead in establishing Save Our Savings, a group of 30 UK charities fighting to retrieve all lost funds, estimated at around £50m.