Darling reassures savers and businesses over Icesave

News Article - 10 October 2008
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Chancellor Alistair Darling has said that there will be no loss of savings for British customers who held savings in Icesave.

The internet bank, based in Iceland, collapsed this week and the chancellor criticised the Icelandic authorities for failing to honour their obligation to provide compensation for affected customers.

In addition to his pledge, the chancellor revealed that British investors' funds totalling £3 billion will be moved to ING Direct UK from two other Icelandic banks as a precautionary measure.

Mr Darling said: "We are pursuing Iceland and we will pursue it vigorously to make sure that we get the money due to us back."

Around 300,000 Britons held £4 billion in savings in the Icelandic bank and the government has announced plans to instigate legal action against the Icelandic authorities in order to secure the funds.

A number of Treasury officials have travelled to Iceland to discuss British funds held in Icesave.

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