Iceland Responds to ESA over Icesave Dispute Skip to content

Iceland Responds to ESA over Icesave Dispute

A response from the Ministry of Economic Affairs to the EFTA Surveillance Authority’s (ESA) Letter of Formal Notice regarding the Icesave dispute was submitted by the Ambassador of Iceland in Brussels yesterday.


The Icelandic government offices. Photo by Páll Stefánsson.

In the response, Iceland maintains that it did not fail to comply with its obligations under Directive 94/19/EC. The government urges the ESA to conclude the matter without any further action, a press release from the Ministry of Economic Affairs reads.

Payments from the estate of the failed Landsbanki to priority claimants, including the British and Dutch governments, will commence as scheduled.

The Icelandic government is optimistic that in due course all depositor claims will be paid in full.

Unilateral action by the British and Dutch authorities has not helped in this respect, as the press release states.

The response lays out Iceland’s position on the issue, the background and facts of the matter, and the government’s legal argument.

Click here to read Iceland’s response to the ESA and here to read more about Icesave.

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