Civil Society plays an increasingly important role in international human and social welfare. The most important prerequisite for the development of the NGO sector is a steady level of trust and engagement from society. This public trust and engagement is based the organization’s level of accountability.

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Charities in Iceland Recovering Funds Lost in the 2008 Financial Collapse

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Charities who lost £50m in 2008 Iceland banking collapse expect payout in May

Article posted on Civilsociety.co.uk by Vibeka Mair 4 April 2012

Charities who lost their deposits following the 2008 collapse of Icelandic bank Kaupthing Singer and Friedlander have so far recovered 63 per cent of their funds through the administration process, with another payout of further funds expected in May.

Dominic Sullivan, Cats Protection’s director of legal services told civilsociety.co.uk that the administrators, Ernst & Young, has announced that they will make a further distribution at the start of May.

“This will take recover of funds for all charities affected to over 72 per cent,” he said.

The Administrators currently put total recover at between 78 per cent and 86 per cent.

Cats Protection has so far recovered £7.1m of its original investment of £11.4m. By May it will have recovered more than £8.2m of the original sum.

Cats Protection and many other UK charities lost millions in deposits when Icelandic bank Kaupthing Singer and Friedlander went under four years ago. Cats Protection took the lead in establishing Save Our Savings, a group of 30 UK charities fighting to retrieve all lost funds, estimated at around £50m. Cats Protection was one of a handful of charities which went public on its loss at the time.

Children’s hospice Naomi House, who also went public on its loss, led an investigation after fellow charity Christie got compensated its lost deposits of £6.5m by NHS North West.

According to Christie’s most recent annual accounts it is recovering its funds from administrators.

 

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