Icesave dispute reopened, Dutch and British demand €3.5bn
The Dutch and British authorities have reopened their dispute with Iceland over the bankruptcy of online bank Icesave by filing claims for up to €3.5bn from the Icelandic bank guarantee fund.
The Netherlands and Britain chose to compensate savers who lost billions when Iceland bank Landsbanki collapsed in 2008 from their own domestic guarantee schemes. At the time, this was seen as a sort of loan to Iceland.
However, last year a European court ruled Iceland itself was not responsible for repaying the cash.
Last November, the Dutch and British authorities launched legal action against Iceland’s guarantee fund for up to €3.5bn, excluding interest and legal costs. The case has only just been made public.
The Landsbanki estate has repaid around half of the money lost by savers to the Dutch and British governments.
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