Landsbanki depositors to receive chunk of trapped savings

The cash has been trapped in the Icelandic subsidiary since October last year when Landsbanki collapsed. In a statement, Deloitte says: "The Joint Administrators anticipate making a further substantial payment in late 2009 / early 2010, however the exact timing and quantum of this payment will depend on further recoveries from the Bank's loan portfolio and distributions from Heritable Bank." "The ultimate recovery for creditors is still anticipated to be in the region of between 70 to 80 pence in the pound but the Joint Administrators are more confident that the final outcome will be ...