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Mon Jan 28, 2013, 07:55 AM

Icesave: Icelandic government wins compensation ruling

Source: BBC

A European court has cleared the Icelandic government of failing to guarantee minimum levels of compensation for UK and Dutch savers in the collapsed Icesave bank.

Icesave, run by the Icelandic Landsbanki, collapsed in 2008 along with all of Iceland's banking system.

The UK and Dutch savers were bailed out completely by their governments.

The ruling may halt the UK's attempt to get all of its money back from the Icelandic government.

Read more: http://www.bbc.co.uk/news/business-21231535



6 replies, 1590 views

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Arrow 6 replies Author Time Post
Reply Icesave: Icelandic government wins compensation ruling (Original post)
Bosonic Jan 2013 OP
bemildred Jan 2013 #1
dipsydoodle Jan 2013 #2
Valdi Jan 2013 #3
dipsydoodle Jan 2013 #4
Valdi Jan 2013 #5
dipsydoodle Jan 2013 #6

Response to Bosonic (Original post)

Mon Jan 28, 2013, 08:02 AM

1. Good. nt

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Response to Bosonic (Original post)

Mon Jan 28, 2013, 08:21 AM

2. That refers to private individual accounts

Not local authorities , pension funds and charities etc.

It doesn't really matter unless at a future date Iceland had any notion of joining the EU - the UK and / or Holland would probably veto it in the absense of the debts not being settled.

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Response to dipsydoodle (Reply #2)

Mon Jan 28, 2013, 08:58 AM

3. and other.

The debts have mostly been settled already, local authorities, pension funds and charities included.
This is from the Financial times of today:

"Iceland has nonetheless been repaying the British and Dutch governments. Officials in Reykjavik said Iceland has paid IKr585bn ($4.55bn) of the IKr1,166bn claims from Icesave, equivalent to more than 90 per cent of the minimum deposit guarantee the two governments were obliged to pay.

“It is expected that the Icesave claims will be paid out in full by the actual debtor, the estate of the failed Landsbanki,” the Icelandic government confirmed on Monday."

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Response to Valdi (Reply #3)

Mon Jan 28, 2013, 09:11 AM

4. Surely that refers

to the minimum deposit guarantees ? Those guarantees of £80,000 max per account wouldn't have covered the local authority stuff and pension funds etc.

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Response to dipsydoodle (Reply #4)

Mon Jan 28, 2013, 09:30 AM

5. Yes, they do

I remember reading about councils and organizations that had already recived compensation and were expected to be reimbursed in full.
I do not have citations handy at the moment but repayment is not limited to the minimum guarantees, these have been covered to 90% already as it says in the article.

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Response to Valdi (Reply #5)

Mon Jan 28, 2013, 10:17 AM

6. I'll take your word it.

Thanks and

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