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
“Home Of Leifur Eiríksson” Mourns Beginning Of Trump Presidency

“Home Of Leifur Eiríksson” Mourns Beginning Of Trump Presidency

by

Today, Donald J. Trump officially becomes the 45th President of the United States of America. The entire world is aware

News
Icelanders Love Sugar, Not So Keen On Fruits And Vegetables

Icelanders Love Sugar, Not So Keen On Fruits And Vegetables

by

Icelanders eat more sugary foods and fewer fruits and vegetables than other Nordic peoples. At the same time, they also

News
Asylum Applications Triple Between The Years

Asylum Applications Triple Between The Years

by

Over 1,100 applications for asylum were submitted in 2016; about three times more than the year previous. Most of these

News
Faroese Conservatives Want To Host Trump-Putin Summit

Faroese Conservatives Want To Host Trump-Putin Summit

by

A conservative opposition party in the Faroese parliament believes their country would be the ideal hosts for a possible summit

News
First Poll Of New Year: Left-Greens Surge, Ruling Coalition Dips

First Poll Of New Year: Left-Greens Surge, Ruling Coalition Dips

by

The first Market and Media Research (MMR) poll of 2017 on levels of party support shows the ruling coalition taking

News
Arrests Made In Connection With Missing Woman

Arrests Made In Connection With Missing Woman

by

Three crew members of the Greenlandic ship Polar Nanoq were arrested by Icelandic police yesterday in connection with the disappearance

Show Me More!