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You are here: Home i News i News 2013 i The Icesave conflict: Iceland did not break the rules

The Icesave conflict: Iceland did not break the rules

Icelanders rejoice. The Efta court says Iceland did not break EEA rules when refusing to pay compensation to customers of the Icelandic online bank Icesave. Prime Minister Jóhanna Sigurðardóttir is critical of the other Nordic countries for not supporting Iceland during the dispute.
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The court’s decision


Read the entire ruling here:

Facts

The online bank Icesave collapsed during Iceland’s banking crisis in the autumn of 2008.

Over 300,000 Dutch and British customers were left without compensation from Iceland. Instead Dutch and British authorities paid the customers and then asked for compensation from Iceland.

Iceland agreed to pay Britain and Holland four million euro, but the Icelandic public voted against another agreement with Holland and Britain in the spring of 2011. 

Efta’s surveillance authority ESA found Iceland to be in breach of the EEA agreement by not respecting a directive obliging Iceland to compensate for all lost savings. 

Iceland has so far paid 90 percent of the minimum amount payable to Britain and Holland.

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