Jón Steinar Gunnlaugsson, a judge on the Supreme Court of Iceland, would like a court to establish whether the Icelandic nation is legally obligated to compensate depositors in Icesave, Landsbanki’s online savings unit in the UK and the Netherlands.
The headquarters of Landsbanki in Reykjavík. Copyright: Icelandic Photo Agency.
Gunnlaugsson argues that if Iceland’s Althingi parliament accepts the agreement between Icelandic, British and Dutch authorities on Icesave, which is currently being debated, Iceland gives up its right to have a court determine its legal obligation—a right held sacred to all civilized countries, Morgunbladid reports.
According to Gunnlaugsson, it is the duty of Icelandic authorities to secure the nation the right to have an independent and objective court determine its obligation in this matter.
The agreement provides the Icelandic state with loans from the UK and the Netherlands so that the Icesave depositors in these countries can be compensated.
Click here to read more about the Icesave agreement and debate.