Iceland cash payout is still on the cards

SOME 32,000 members of Barnsley Building Society have been told they will still receive a windfall from its merger with the Yorkshire Building Society - but must wait up to 12 months.

Yorkshire Building Society is continuing to try to recoup 10 million invested in Icelandic banks which went bust.

But so far the society has only got half of its money back.

A spokesman for Yorkshire Building Society said: "We are expecting to get more from the two banks, although it is unclear whether this will be the full 10 million.

"When we have received as much as is thought possible, we will consider making an ex-gratia payment to Barnsley Building Society members although there is not a specific timetable on that."

The spokesman said: "We could make a payment now but if we did that, it is unlikely that another would be made if more cash came back, so we are waiting to ensure members get as much as possible."

Barnsley Building Society had invested the money in two of Iceland's banks - the Kaupthing, Singer and Friedlander Bank, and Heritable Bank, both of which failed in the recession.

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