A European court has cleared the Icelandic government of failing to guarantee minimum levels of compensation for UK and Dutch savers in the collapsed Icesave bank.
Icesave, run by the Icelandic Landsbanki, collapsed in 2008 along with all of Iceland's banking system. The UK and Dutch savers were bailed out completely by their governments. The ruling may halt the UK's attempt to get all of its money back from the Icelandic government, the BBC reports. The Icelandic government said it took "considerable satisfaction" from the ruling from the European Free Trade Agreement (EFTA) Court. "Iceland has from the start maintained that there is legal uncertainty as to whether a state is responsible for ensuring payments of minimum guarantees to depo...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes