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Yorkshire Building Society is distributing payments to eligible savers and borrowers of Barnsley Building Society following the recovery of significant sums invested in two Icelandic banks which went into administration in 2008.
The Yorkshire is making the payments after a four year process which has led to the successful recovery of just over £8.8 million of the £10 million invested by Barnsley Building Society with two Icelandic banks, Kaupthing Singer & Friedlander Ltd and Heritable Bank plc, prior to its merger with the Yorkshire on December 31, 2008.
The Yorkshire made a commitment at the time of the merger to pursue recovery of these investments and, if successful, consider an ex-gratia payment from the proceeds to eligible Barnsley Building Society members. The Yorkshire is confident that £8.8m is the largest possible amount it could reasonably expect to be recovered from the investments.
All eligible Barnsley Building Society members, approximately 28,000 account holders, will receive a payment as part of the distribution. Eligible savers are defined as sole or first-named account holders with a combined savings balance of at least £100 on October 21, 2008. Eligible borrowers are defined as sole or first-named borrowers on a Barnsley Building Society mortgage who owed at least £100 on October 21, 2008.
In addition, to qualify as eligible members, savers and borrowers are required to have maintained continuous saving or borrowing membership between October 21, 2008 and October 21, 2012 with one or more of the brands in the Yorkshire Group*.
Eligible savers will receive payments equivalent to 3.31 per cent of the total savings balance held with the Barnsley Building Society on October 21, 2008. Under the Scheme Rules the minimum gross payment will be £25 with payments capped at a maximum gross sum of £5,000. All eligible borrowers will receive a gross payment of £250. Eligible members have already started to receive payments and the distribution process should be completed December 21, 2012.
*The Yorkshire Group comprises Yorkshire Building Society, Barnsley Building Society, Chelsea Building Society, Norwich & Peterborough Building Society and Egg mortgage and savings books (however only mortgage and savings accounts held with Egg on or after 31 October 2011 count towards continuous membership).
Barnsley Building Society and the Barnsley are trading names of Yorkshire Building Society. Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.
Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority and are entered in the FSA register and our FSA registration number is 106085.
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