Joy for hospice at news Iceland bank will repay £200,000

Published on Wednesday 9 December 2009 22:05

A CHARITY is in line to recover 30 per cent of the nearly £700,000 it invested in a collapsed Icelandic bank, it revealed yesterday.

The Inverness-based Highland Hospice said it is to receive 66,147 of the 661,468 deposited with the UK-based subsidiary of Iceland's Kaupthing Singer & Friedlander (KSF).

This means it will have recovered a total of 198,441, and the hospice says it is confident that further repayments will be made next year following a creditors announcement yesterday.

Highland Hospice fundraising director David Welch said: "We are delighted to receive a further 10 per cent of our investment and are optimistic we will eventually receive between 60 and 75 per cent of the funds held with KSF.

"However, we strongly believe that the government should be compensating charities in our position, and are continuing our meetings with MPs and MSPs who support our feeling that charities should be reimbursed for the money donated by the public and lost by bankers."

Since discovering KSF had gone into administration in October 2008 the hospice has been working with local MPs and MSPs to recover the funds.