British And Dutch Welcome Supreme Court Decision On Icesave - The Reykjavik Grapevine

British And Dutch Welcome Supreme Court Decision On Icesave

Published October 31, 2011

Officials from Holland and the UK have welcomed last Friday’s Supreme Court decision legally obliging Landsbanki to pay the Icesave debt.
As reported, the Supreme Court ruled that the “emergency law” – which gave a preferential position to deposits when paying out of the former Landsbanki – would remain in effect. This means the court has determined that Landsbanki has the assets to cover the Icesave debt, for up to 21,000 euros for each Icesave account. The ruling is binding and cannot be appealed.
The Dutch central bank welcomed the ruling, as have British authorities. But even on a municipal level, people in the UK are celebrating.
Town council in Kent were especially happy with the court decision. This town had about 50 million GPB in an Icesave account when the bank collapsed. John Simmonds, of Kent town council, told reporters that he was delighted by the news of the court ruling, and expect the return of the town’s deposits within a few weeks.
However, the resolution committee of Landsbanki has made no definitive date for when Icesave deposits will be paid back, citing “many technical matters” that need to be settled. They have said, however, that they will introduce a general plan in November.

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