Icesave Talks Resumed with the UK and the Netherlands Skip to content

Icesave Talks Resumed with the UK and the Netherlands

The Icelandic, British and Dutch Icesave negotiation committees met in Reykjavík late last week for the first time since Icelanders vetoed the Icesave legislation in a referendum on March 6. The main objective was to exchange information and prepare further talks.

The negotiation committees still disagree on many items regarding the terms of the loans Iceland is to be granted to cover the repayment of Landsbanki’s Icesave deposits in the UK and the Netherlands, reports.

ESA, the EFTA Surveillance Authority, sent a letter to the Icelandic government at the end of May, stating that Iceland is obligated to pay the minimum deposit insurance of the Icesave accounts.

The government was given two months to reply to the letter. If the ESA does not accept Iceland’s arguments or does not find the answer satisfying, the case could end up before the EFTA Court.

Minister of Finance Steingrímur J. Sigfússon said the Icelandic government will defend its position in its answer to the ESA. However, he hopes that the matter can be resolved at the negotiation table; there is a risk involved in taking the dispute to the EFTA Court.

Click here to read more about Icesave.

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