Officials set for Iceland visit

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The visit by officials from the Treasury and the Bank follow talks between the UK and Icelandic government over securing compensation for savers.

A Treasury spokesman said: "Following conversations between the UK Chancellor and Icelandic prime minister, officials from the Treasury and Bank of England are going to Iceland to work on finalising an agreement that aims to compensate UK depositors and ensure fair treatment for creditors."

Around 300,000 UK customers had their accounts Icesave, the internet arm of with Iceland's second largest bank Landsbanki's frozen when the bank was nationalised, although the Government has said it will ensure consumers receive their money back in full.

The Treasury also arranged for £2.5 billion of deposits and 160,000 customers from Kaupthing Edge, part of Iceland's largest bank Kaupthing, and £538 million of savings held by 22,200 people with Heritable Bank, also part of Landsbanki, to be transferred to Dutch savings bank ING Direct.

It has since frozen all of the UK assets of Icelandic banks in a bid to retrieve savers' money.