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News : UK Economy Last Updated: Feb 11, 2014 - 8:00 AM

British and Dutch governments claim £5.3bn from Iceland's bank deposit fund
By Michael Hennigan, Finfacts founder and editor
Feb 11, 2014 - 7:57 AM

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The British and Dutch governments have filed a claim of up to £5.3bn against Iceland's deposit insurance fund over money that savers in the UK and the Netherlands were compensated for when the Icesave online bank collapsed in 2008.

The Icelandic fund (TIF) says today that the Dutch Central Bank (DNB) and the British Financial Services Compensation Scheme (FSCS), have filed suit against the Icelandic Depositors and Investors Guarantee Fund - TIF, before the District Court of Reykjavík. The DNB and the FSCS paid compensation to depositors in the Netherlands and the UK at the collapse of Landsbanki Íslands hf. (currently LBI hf.). The compensation was due to deposits in LBI hf.’s Icesave accounts in the Netherlands and the UK.

"The DNB and FSCS demand that the TIF be ordered to pay, or confirmation that the TIF was obligated to pay in full a minimum guarantee or up to €20,887 per depositor, with interest and costs. The principal without interest and costs amounts to just under ISK 556bn. The FSCS’s claim amounts to ISK 452.1bn and the Dutch Central Bank’s claim amounts to ISK 103.6 billion. The court cases were filed on 28 November 2013."

TIF said it has only funds to pay 2% of the claims. "Should their claims be successful it is clear that the TIF will have difficulties in fulfilling its primary obligation of guaranteeing deposits in Iceland in the future. It should be noted that both the DNB and FSCS disbursed funds to depositors in their countries on their own initiative and without a request or consent of the TIF," said TIF.

Iceland's voters have twice rejected sovereign responsibility for the debts and the liquidation of the failed Landsbanki (the government took control of the old bank and it established a new bank with a similar name), Icesave's parent, has been gradually paying money back to the UK and Dutch authorities, returning about half of their claims so far.

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