LSB Administrator Says Has Received Buyer Interest

The administrator for failed lender London Scottish Bank (LSB) on Tuesday said many potential buyers had expressed interest both in the company as a whole and in its profitable debt collection unit, the International Herald Tribune reported today. Accountants Ernst and Young was appointed as administrator for LSB on Sunday after the Financial Services Authority intervened to prevent the bank from accepting deposits because of a shortfall in its regulatory capital. In June this year, LSB reported a group loss of 7.4 million pounds for the six months to April 30, although its debt collection business, Robinson Way, had a profit of 4.3 million pounds. The UK Treasury has pledged that all LSB deposit holders that qualify for the government's deposit protection scheme will be refunded, even if their savings exceed the current 50,000 pound individual compensation limit. Read more.