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Deposits

Is my money safe?
Depositors will receive their money in full. They will need to apply to the Financial Services Compensation Scheme to receive their deposit. Further detail can be found on the FSCS website www.fscs.org.uk/consumer/ or by phoning 0207 892 7300.

The Financial Services Compensation Scheme (“FSCS”) will be working with the Administrators to endeavour to contact these individuals and make payments to them as soon as possible.

What has happened?
On 30 November 2008 the High Court made an Administration Order in relation to London Scottish Bank Plc (“the Company”). Maggie Mills, Tom Burton, Tom Jack and Simon Allport of Ernst & Young LLP were appointed as Joint Administrators of the Company.

As the Company is now in administration, its business is being run by the Joint Administrators. This does not mean that the Company’s remaining business will be immediately closed down or sold.

Why was administration necessary?
The administration was necessary because of the Company’s financial position in order to ensure that the Company could continue to operate. It was also necessary in order to maintain the stability of the UK financial system.

Finally, we would like to re-iterate that your deposit is safe and that our key objective is to stabilize the underlying businesses. We will keep you informed as matters progress.

Maggie Mills, Tom Burton, Tom Jack and Simon Allport
Joint Administrators 

The Institute of Chartered Accountants in England and Wales authorises Margaret Elizabeth Mills, Thomas Andrew Jack and Simon Allport to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986 and the Institute of Chartered Accountants of Scotland authorises Thomas Merchant Burton to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986.

The affairs, business and property of the Company are being managed by the Joint Administrators, M E Mills,
T M Burton, T A Jack and S Allport. The Joint Administrators act as agents of the Company only and without personal liability.