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Icesave dispute - Wikipedia, the free encyclopedia
The Directive imposes a minimum guarantee of 20,000 per depositor: moves to increase this minimum to 50,000 or even higher had been agreed politically before the Icelandic crisis, but had not been incorporated into EU law, much less into EEA law. The Tryggingarsjóður guarantees 1.7 million krónur on the basis of a fixed euro-króna exchange rate, equivalent to 20,887. The Netherlands and the UK have higher guarantee levels, 100,000 and £50,000 (approx. 60,000) respectively: Landsbanki was a member of the Dutch and British compensation schemes for the purposes of guaranteeing this difference in cover, an arrangement known in Britain as the "passport system", and commonly used by banks throughout the EEA. In addition, the UK Treasury has exceptionally guaranteed retail deposits in excess of £50,000 which were held in Icelandic-owned banks in the UK at the time of the crisis, at a cost of some £1.4 billion (1.7bn).
What am I missing?
En un viejo país ineficiente,
algo así como España entre dos guerras
civiles, poseer una casa y poca hacienda
y memoria ninguna. -- Gil de Biedma
In the Icesave case the government of Iceland is liable for the 20,887 for private deposits that it has settled for with the British and Dutch.
It could legally have been liable for more (the equal amount that it guaranteed for its own citizens and organisations), but since there is a settlement, that is no longer relevant.
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