| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

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

Email this article
 Printer friendly page

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.

Check out our subscription service, Finfacts Premium , at a low annual charge of €25

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

UK Economy
Latest Headlines
UK in 28th rank of 30 advanced OECD nations for health resourcing: Economist Intelligence Unit
Business on a Shoestring: Keeping startup costs low in UK and Ireland
UK "underlying growth has stopped"
41,000 London properties held by foreign companies - 90% in tax havens
UK GDP rose 2.6% in 2014 up from 1.7% in 2013
Northern Ireland private economy contracted in December 2014
Northern Ireland may have a 12.5% corporation tax rate from 2017
UK moves ahead on 'Google tax' despite criticism
PwC charged with "selling tax avoidance on an industrial scale"; indulging in "scams"
Income inequality damages economies; Rich-poor gap highest in 30 years
Cameron warns of risk of another global recession
Only 80,000 of 1.1m UK jobs added since 2008 were full-time employee positions
UK added 112,000 jobs in third quarter; Pay inches above inflation - first time in 5 years
Germany and UK agree to restrict 'patent box' tax incentives to local R&D
German retailer Aldi to create 35,000 new jobs in UK by 2022
UK GDP growth slowed in the three months to September
UK retail sales fell in September; Tesco, Debenhams, Foxtons report market stress
UK faces more austerity and less chance of tax cuts
Globalization, the underclass and the need for a new model - Part 2
Northern Ireland PMI shows sharp increase in activity
UK economic growth revised up - above pre-recession level
London world’s most expensive city for companies to locate employees
UK retail sales in August best performance since January
UK economy added more net jobs in past 4 years than rest of the EU combined
UK to announce stiffer penalties for offshore tax evaders
UK economy since launch of the euro in 1999
IMF says British pound overvalued
UK profit warnings reach highest first half total since 2011
UK GDP up 3.1% in 12 months to end Q2 2014; Economy overtakes pre-crisis 2008 peak
Wealthy foreign students overtake finance professionals as renters in prime Central London areas
UK attracts most inward investment projects since records began in 1980s
Trends in UK and US part-time and self employment since 2008
UK labour participation at 73% - highest in decade; US at 63% - lowest since 1978
More than 20,000 client names of Jersey tax haven bank leaked
UK house prices overtook their 2007 peak in Q2 2014
UK recovery continues at robust pace
UK employment rose again at a record pace in the three months to April
UK tax revenues rose to record in 2013/2014 with help from tax dodgers
Overseas visits to London in 2013, up 43.5% in 10 years
UK economy grew 0.8% in Q1 2014; Almost back to 2008 peak