The joint administrators of the Guernsey branch of the failed Icelandic bank Landsbanki said a third distribution to creditors of between 11 and 12.5p in the pound will take place in January.

They also updated their estimate for the ultimate recovery for creditors to be between 85 and 91p.

Deloitte said the increase reflected "the largely successful realisation of assets in 2009 driven, in part, by better-than-feared market conditions, and the intense efforts of the administration team".

It added that these estimated returns were still subject to "a wide range of factors primarily connected to the UK residential property market, many of which are outside of the joint administrators control, which may result in the actual return being lower or higher than this range".   International Adviser, 17-Dec-09

http://www.international-adviser.com/lwm/article/1019

Also: Deloitte to recover 90% for Landsbanki creditors, Accountancy Age, 18-Dec-09

http://www.accountancyage.com/accountancyage/news/2255271/deloitte-administrators-set