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UK moves to protect Icesave accounts

The British Government has stepped in to protect Icesave deposits held by UK savers with estimates that around 300,000 people had accounts with the UK operation of Icelandic bank Landsbanki.

Speaking on the radio this morning the Chancellor of the Exchequer Alistair Darling suggested that the Icelandic Government had no intention of covering British savers with their compensation scheme.

Theoretically the Icelandic scheme should have covered the first £16,170 with the rest, up to £50,000, covered by the FSCS in the UK although it had not been clear how this would have worked in practice. The bank account had been a market leader in the UK sitting at or near the top of the best buy tables for years.

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