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Monday 17th November 2008
Customers of the Icelandic bank Icesave have began receiving compensation, with a total of £0.25 billion paid out by last Friday (November 14th), the Financial Services Compensation Scheme (FSCS) has announced.
The organisation has used a modified version of the bank's website to create an online claims process for customers who had accounts with the bank.
It said that, during a low-volume trial last week, it was found that it took customers four minutes on average to receive their compensation, with "very few" needing to telephone the FSCS for assistance.
"Five weeks ago a lot of Icesave savers were worried that they were going to be left high and dry," said FSCS chief executive Loretta Minghella.
"Now they can be confident that the electronic process is underway and people are getting their money back."
The FSCS added that it was now increasing the rate of people who were being sent instructions on claiming back their money.
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