Landsbanki Has More Than Enough To Cover Icesave - The Reykjavik Grapevine

Landsbanki Has More Than Enough To Cover Icesave

Published September 2, 2011

Landsbanki has come to the conclusion that their assets more than cover the Icesave debt.
As reported, the clock is ticking for Iceland to pay up the 670 billion ISK being asked for by the European Free Trade Association Surveillane Authority (ESA), who ruled last June that Iceland was obliged to pay this amount to the UK and Holland or face going to EFTA court.
The deadline for payment is 10 September, and even though Minister of Economics and Business Árni Páll Árnason has been considering asking for an extension, Iceland’s taxpayers – who twice voted against paying back the Icesave debt according to the terms agreed upon by their government, Britain, and the Netherlands – might not have to pay a single crown over the matter.
Eyjan reports that after a meeting yesterday, officials at Landsbanki came to the conclusion that their available assets total some 1.332 trillion crowns. This would be more than enough to cover the Icesave debt.
Icesave was effectively an “electronic branch” of Landsbanki, and its collapse in 2008 led to an international dispute that has persisted to this day.

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