Money Held in Icelandic Banks

Reference: 15001

Date Added: Wednesday, April 8, 2015

Category: Finance

Disclosure Details

Question

 

1. I would like to know how much money your organisation is still owed by Icelandic banks which collapsed in 2008. I would like figures for the past three years, for the financial years 2012-2013, 2013-2014, and the current figure in March, 2015 (or as recently as possible).

2. I would like to know how much your organisation had invested in the Icelandic banks or their subsidiaries when the financial collapse happened in 2008.

3. I would like to know how much compensation you have received to date from the Financial Services Compensation Scheme.

4. I would be interested in any information held by your organisation regarding my request. I understand that I do not have to specify particular files or documents and that it is the department’s responsibility to provide the information I required. If you need further clarification, please contact me by email which is my preferred form of contact for this application.

 

Answer

 

This email is to inform you that it will not be possible to respond to your request within the cost threshold by virtue of section 12(1) of the Freedom of Information Act 2000 (FOIA). Once part of the request goes over the cost limit the whole request is exempt and there is no obligation to answer any part of the request, therefore in accordance with section 17(5) FOIA, this email acts as a Refusal Notice and closure of this request, reference number 15/01.

Section 12(1) “does not oblige a public authority to comply with a request for information if the authority estimates that the cost of complying with the request would exceed the appropriate limit.” In the case of a police force, the appropriate limit is set at £450, which is calculated at £25 per hour (i.e. 18 hours).

The OPCC holds a lot of additional information as per question 4 of your request. It is estimated that the additional information would take more than 18 hours of staff time to find and review, therefore we are unable to answer this question and the exemption stated above is engaged.

Section 16 – Duty to provide advice and assistance

We could provide the response to questions 1-3 within the costs specified. In relation to question 4, are you able to narrow your requirements that would allow us to meet this section of your request within cost limits? If a response is received from you, this will be treated as a new request under the Freedom of Information Act 2000.