Monday, October 4, 2010

The Icesave Issue

Iceland will honour its international obligations. The Icelandic parliament has three times stated its intention to repay the UK and the Netherlands the mininum deposit guarantees paid out to Icesave retail depositors. Ordinary Icelanders have protested the severe economic burden falling on them for the failure of a commercial bank operating overseas, and many view the terms of the repayment as unfair and threatening to Iceland´s overall economic recovery. The Icesave Act, adopted on 30 December 2009, was rejected in a referendum on 6 March 2010. The government will continue to engage with the UK and the Netherlands to resolve the Icesave issue.

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