From 1p to £2m: FSCS reveals extent of Icesave payouts

The Financial Services Compensation Scheme (FSCS) has paid out more than £4.5bn compensating almost 230,000 customers of collapsed Icelandic bank Icesave, it has revealed.

Five years to the day of the banking giant's demise, the FSCS said its payouts had ranged from 1p to almost £2.1m, with the average compensation amount topping £15,000. Icesave became one of the biggest casualties of the financial crisis when it collapsed on 8 October 2008. The FSCS said it had now recovered £2,464,241,970.70 from the estate of Landsbanki, Icesave's parent. The loan taken out with HM Treasury to fund Icesave compensation payments is being repaid by British banks, building societies and credit unions. The loans are repayable by FSCS on 31 March 2016. On 1 September,...