Iceland approves new Icesave deal

Iceland’s parliament has approved plans to repay 3.8bn euros (£3.4bn) to savers in the UK and the Netherlands.

 

Icesave collapsed last October

The money will go to the British and Dutch governments, who partially compensated savers when the Icesave online bank failed.

More than 320,000 savers lost out when the bank collapsed in 2008.

A bill on the measure, narrowly approved against strong opposition, was seen as crucial to Iceland’s bid to join the EU and rebuild its economy.

The bill was passed by 33 votes to 30. The Icelandic government had threatened to resign if the measure was rejected.

“Approving the bill is the better option and will avoid even more economic damage,” Finance Minister Steingrimur Sigfusson said during the debate.

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Iceland to pay back Icesave cash

The Icelandic parliament has voted in favour of repaying more than $5bn (£3bn) to the governments of the UK and the Netherlands.

The governments will be reimbursed over 15 years

  

The so-called Icesave bill will reimburse funds paid by the governments to compensate those who lost money in the Icelandic online bank Icesave.

About 400,000 savers lost their money when its owner Landsbanki collapsed last year.

The bill has enraged many in Iceland, who fear it might bankrupt the nation.

The deal was agreed in June, but was only passed after an amendment was added setting various limits to the payments.

‘Fairness’

The Icesave bill’s passage means that the Icelandic government has agreed to guarantee the repayment of the £2.3bn loan the UK government made last year to ensure that none of its savers lost money.

The amendments will now have to be agreed by the UK and the Netherlands.

“It is my sincere hope after this vote, that the UK and Holland will show us understanding and fairness in this matter,” Iceland’s Prime Minister Johanna Sigurdardottir said after the vote in parliament.

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Iceland buys 51 Woolworth stores

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