Breaking News: Landsbanki Legally Bound To Pay Icesave

Published October 28, 2011

A decision handed down by the Supreme Court has ruled that the so-called “emergency law” stands, meaning that the assets of Old Landsbanki will be used to pay off the Icesave debt.
In essence, the emergency law gave a preferential position to deposits when paying out of the former Landsbanki. In the various solutions to the Icesave matter that have arisen, that Landsbanki – of which Icesave was an online branch – pay the bulk if not all of the money owed has been argued strongly, both within the government and by those who objected to previous Icesave agreements.
Today, the Supreme Court has ruled that Landsbanki has the assets to pay the Icesave debt. This equals up to 21,000 euros for each Icesave account. The ruling is binding and cannot be appealed.
At a press conference held just minutes ago, the Landsbanki resolution committee explained the matter for the press. They emphasised that they could not give an exact date for when paying back Icesave will begin, as there are “many technical matters to go over”. However, they did see that they will present a general plan of payment by 17 November.
As has come up previously, Iceland has been looking at the possibility of going before EFTA court over Icesave. The resolution committee said that should EFTA move forward with this, Landsbanki will not be a defendant; that would be the Icelandic government.
A statement from the prime minister’s office welcomes the decision of the Supreme Court.



News
News In Brief: Eurovision, Capital Controls and the Sigmundur Davíð-Donald Collusion

News In Brief: Eurovision, Capital Controls and the Sigmundur Davíð-Donald Collusion

by

The top story of the past two weeks is without a doubt the lifting of the last of the capital

News
Petition Going To Protest Deportation

Petition Going To Protest Deportation

by

A petition is going protesting the impending deportation of asylum seeker Sid Ahmed Haddouche and his family. Sid is a

News
Bird Flu Breakout In Iceland Likely

Bird Flu Breakout In Iceland Likely

by

Preparations against a possible bird flu outbreak have been ramped up, reports RÚV. The Icelandic Food and Veterinary Authority (IFVA) has

News
Investigation Opened Into Chatty Bus Driver

Investigation Opened Into Chatty Bus Driver

by

An investigation has been opened into an incident in which a bus driver allegedly spoke on his mobile phone without

News
UPDATE: Man Just Couldn’t Wait To Shoot His Gun

UPDATE: Man Just Couldn’t Wait To Shoot His Gun

by

Police have arrested the man who shot off a gun in Kópavogur earlier this week, reports RÚV. Police confirm that the

News
Local Mink Shot Dead In The Streets

Local Mink Shot Dead In The Streets

by

The scuttling mink spotted in Reykjavík city centre yesterday morning has been shot by an animal control officer, reports Vísir.

Show Me More!