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UK savers set for full refund from Icelandic account

In a move which was welcome as it is unexpected it has been revealed that UK savers are likely to receive a full refund on the funds held through Icesave, the online division of Landsbanki, the Icelandic bank which went under.

The compensation scheme has been arranged by the FSA in the UK and in conjunction with the Newcastle Building Society it looks as though UK savers will be compensated in full plus interest up to the 7th October, the day the bank went into receivership. While the full details of how the scheme was arranged have not been revealed it is known that the authorities have been working very hard behind the scenes for some time.

While this is great news for those who had their funds with Icesave it is not known whether other Icelandic bank customers will be as 'lucky'. To say that this has been a nightmare time for both domestic and business savers is an understatement and while the fight is over for some, it still carries on for thousands more.

It has been noted by many that the EU has been very quiet on the compensation front as even though Iceland was not a full member, they have stepped in with rescue funding for the country.

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