Icesave Debt Clock Ticks on New Website Skip to content

Icesave Debt Clock Ticks on New Website

The website, iceslave.is, opened this week, which features a so-called Icesave debt clock, estimating the status of Iceland’s Icesave obligations.

A screenshot of the website.

The clock bases its amount on the exchange rate of the Icelandic króna against the GBP and EUR at any given time and the interest on the loans granted to Iceland to honor these obligations.

“It is just something that my buddy and I decided to present in a visual manner so that people can understand the situation,” Saevar Gudmundsson, who runs the website with Einar Björgvin Sigurbergsson, told mbl.is.

Iceslave.is estimates that the Icesave obligations will have amounted to ISK 1,060 billion (USD 8.26 billion, EUR 6.89 billion) at the end of 2015 if the current agreement is accepted, given that the exchange rate remains stable as currently registered in the debt clock.

Prime Minister Jóhanna Sigurdardóttir said in a video interview with mbl.is that she is not uneasy about the Icesave agreement, adding that there is too much suspicion in society regarding it. A newly released legal opinion indicates strongly that the right path was chosen, the PM stated.

“I understand perfectly well that people are extremely dissatisfied […] about having to pay for this agreement; I am too, same as the entire nation,” Sigurdardóttir said. “But this is simply an obligation that we have to honor in order to remain a member of the international community—and we need to rebuild trust in the international community.”

Icesave was Landsbanki’s online savings unit in the UK and the Netherlands and the Icelandic government has now agreed to cover the minimum deposit insurance in the British and Dutch Icesave accounts and will be granted loans from these countries to do so.

The agreement is currently being debated at Iceland’s Althingi parliament. Sigurdardóttir told mbl.is that she is certain that the majority of members in the ruling parties will pass the bill on the Icesave agreement. If they do, support from the opposition is not required.

Click here to read the latest news about Icesave.

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