U.K. Lenders to Make Payments to Cover Iceland Costs, BBA Says
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U.K. lenders will make the first of three multimillion-pound payments today to cover the costs of compensating customers for savings held in failed Icelandic banks, according to the British Bankers’ Association.
The payments, comprising three tranches of 363 million pounds ($563 million) each during the next three years, will be made to the Financial Services Compensation Scheme, the BBA said today in a statement on its website.