Iceland’s PM on Icesave: We Expect Victory in Court Skip to content

Iceland’s PM on Icesave: We Expect Victory in Court

Prime Minister of Iceland Jóhanna Sigurðardóttir and Minister of Finance Steingrímur J. Sigfússon said ESA’s decision to take the Icesave dispute to the EFTA Court is not surprising. Now Iceland’s defense will be prepared with the goal of winning the case, the PM said.


Prime Minister Jóhanna Sigurðardóttir. Photo by Páll Kjartansson.

Steingrímur said it is necessary to keep a cool head in this case and it is an important factor how strong the position of Landsbanki’s bankruptcy estate is, reports.

“We will defend our case forcefully and object that [the deposits] should be covered by a state guarantee. We will respond to accusations on discrimination and will use the information that the estate will be able to cover the principal of priority claims,” the minister added.

When asked whether ESA’s decision was disappointing, Steingrímur responded, “Of course it is a disappointment. I always found it more sensible to solve the issue with an acceptable agreement.”

Jóhanna said she had hoped that the case would be dismissed once clear that the bank’s estate could cover priority claims, “But now there is legal uncertainty and so the case must be solved before the courts.”

“It is hard to predict what will happen, how long it will take and so on, but one thing is certain, that we will put all our effort into our defense,” Jóhanna continued, adding that she is optimistic. “Of course we expect to win. We will handle the case such that we will win.”

Click here to read more about ESA’s arguments.


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