Iceland losers receive a portion of lost funds from bank administrators

12 Aug 2009 News

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.”

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.

More on