Britain’s banks are to fork out more than £1bn to cover the cost of compensation payments made to UK savers in failed Icelandic banks at the height of the financial crisis.

PROPERTY mogul, Sean Dunne, has been granted planning permission for a major residential, hotel and retail development at the D4Hotels site in Ballsbridge in Dublin.

Oxford University could face losses of up to £30m (€38.41m) which is tied up in Icelandic bank accounts, a spokesman confirmed today.