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Landsbanki depositors to receive further 25%

Landsbanki Guernsey depositors have been told they will receive a further 25% of their money back by early next year at the latest.

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Landsbanki Guernsey depositors have been told they will receive a further 25% of their money back by early next year at the latest.

Deloitte, administrator of the collapsed bank, said the exact level of the latest payment would depend on loan repayments and distributions from Landsbanki’s Icelandic parent company Heritable Bank.

It added the payment could be made as early as the end of this year.

The administrator added the final expected recovery rate for depositors of up to 80 pence in the pound remained unchanged.

In a separate development, Guernsey chief minister Lyndon Trott said he would be visiting Iceland in a bid to secure an improved outcome for depositors.

Depositors in the bank, which failed at the height of the credit crisis last Ocotber, have already received a 30% payment from the administrator.

At the time of the bank’s collapse, Guernsey had no depositors’ compensation scheme. It has since installed one, though it does not provide retrospective coverage to Landsbanki depositors.

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