More than 2,000 savers with accounts in the Guernsey subsidiary of a failed Icelandic bank are unlikely to recover all of their money, administrators warned on Thursday.

Depositors have been offered a preliminary pay-out worth just 30 per cent. An initial survey of Landsbanki Guernsey’s assets and liabilities by the administrators from accountancy firm Deloitte reported that £41m ($71m) of the £121m owed to depositors and others was available for distribution.