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UK taxpayers have been left more than £100m out of pocket after a European court ruled that the Icelandic government had no obligation to repay Britain and the Netherlands for rescuing depositors in failed bank Icesave....Read more here
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Britain's banks and building societies will be hit for more than £1bn to cover the cost of compensating savers in failed Icelandic bank. The British Bankers' Association (BBA) said the first of three multi-million pound payments will be made to the Financial Services Compensation Scheme (FSCS) this week. The scheme had to foot the bill after the then government stepped in to guarantee the savings of hundreds of thousands of savers in Icelandic banks and ended up £1.4bn out-of-pocket. British banks must now help repay the costs.....Read more here