Iceland owes UK £2.2bn

The UK is owed £2.2 billion by Iceland after the Treasury stepped in to guarantee British deposits in collapsed bank Icesave, it was disclosed.

The figure was the amount paid to Icesave to cover Britons' savings when its parent company Landsbanki went into receivership last month, a Treasury official said.

The money is now part of a 10.2 billion dollar (£6.8 billion) package of support for Iceland agreed by the International Monetary Fund.

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